New Zealand

Details

  • Service: Tax
  • Type: Business and industry issue
  • Date: 26/11/2010

Tax

Our tax advisory team has the skills and commitment to help you to be competitive and compliant in all areas of business tax.

Taxmail - Tax Administration Bill introduced 

Issue 2, November 2010

 

On 23 November, Government introduced the Taxation (Tax Administration and Remedial Matters) Bill. 

 

There are three headline changes in the Tax Bill (see: www.taxpolicy.ird.govt.nz).

 

  • The repeal of gift duty.
  • Changes to Inland Revenue’s taxpayer secrecy requirements and information sharing powers.
  • Changes to the tax disputes process. 
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The attached taxmail discusses the Tax Bill changes in greater detail.

 

The taxmail is a “hodge podge” of different items. The repeal of gift duty will be welcome, as this is an impediment to family and commercial restructuring.

 

This together with the changes being proposed for closely-held companies provide an ideal opportunity to plan the future succession and structure of your business.

 

The changes to taxpayer secrecy and information sharing are aimed at generating greater efficiencies, although taxpayers will rightly be concerned at the uses to which information collected by Inland Revenue will be put, while the timeliness and cost of the tax disputes process is a recurring theme for taxpayers and advisers.

 

In KPMG’s view, the disputes changes do not go far enough in fixing some fundamental deficiencies in the system.  

 

Condolences

 

The staff and partners of KPMG express our sincere condolences to the families, friends and colleagues of the victims of the Pike River Mine disaster. Our thoughts are with

 

If you have any questions on the above, please

speak to your usual KPMG advisor or contact:

 

Paul Dunne
Partner - Tax
KPMG
Phone: +64 9 367 5991

pfdunne@kpmg.co.nz

John Cantin
Partner - Tax
KPMG
Phone: +64 4 816 4518

jfcantin@kpmg.co.nz

Taxmail - Comment on topical tax issues from KPMG NZ Tax. 

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