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New anti-money laundering laws introduced On 13 March 2017, the Minister of Justice, the Hon Amy Adams, introduced the Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill (248-1). The Bill is intended to bolster New Zealand’s existing anti-money laundering laws which help to protect businesses and make it harder for criminals to profit […]
Read MoreNZ Superannuation age going up to 67 On 6 March 2017, the Prime Minister, the Rt Hon Bill English, announced that the Government will progressively lift the age of eligibility for NZ Superannuation by six months each year from July 2037 until it reaches 67 in July 2040. This means everyone born on or […]
Read MoreBill replacing Customs and Excise Act introduced On 23 November 2016, the Customs and Excise Bill (209-1) was introduced into Parliament. The Bill will replace the Customs and Excise Act 1996. The Bill significantly modernises both the language and structure of the legislation while preserving the current law apart from making certain changes. Some detail […]
Read MoreEarthquake legislative instruments available The following legislative instruments relating to the Hurunui/Kaikoura earthquakes were notified in the New Zealand Gazette on 21 November 2016: Goods and Services Tax (Grants and Subsidies) Amendment Order 2016 (2016/269) This Order, which comes into force on 21 November 2016, amends the Goods and Services Tax (Grants and Subsidies) Order […]
Read MoreClarifying the tax treatment of foster care payments On 10 November 2016, the Social Development Minister, the Hon Anne Tolley, and the Revenue Minister, the Hon Michael Woodhouse, announced that changes to tax laws will clarify that payments to foster carers for the care of children and young people cannot be treated as income and […]
Read MoreRevamp to 60-year old trust law On 10 November 2016, the Justice Minister, the Hon Amy Adams, released draft legislation that will update New Zealand’s trust law and aid in their administration. Ms Adams noted that trusts play an important part in New Zealand. Between 300,000 and 500,000 trusts are operating today. New Zealanders use […]
Read MoreGST threshold for online purchases progresses On 30 June 2016, the Minister of Customs, the Hon Nicky Wagner, announced that the Government wants to lower the threshold on online purchases that qualify for GST from mid-2018 but said that Customs needs to look into more detail around what some of the collection mechanism options could […]
Read MoreGovernment releases foreign trusts inquiry On 27 June 2016, the Minister of Finance, the Hon Bill English, and the Minister of Revenue, the Hon Michael Woodhouse, released tax expert John Shewan’s independent inquiry into Foreign Trust Disclosure Rules, and the steps the Government is taking to strengthen the tax rules as part of its work […]
Read MoreSpecial report on residential land withholding tax On 13 June 2016, Policy and Strategy, Inland Revenue, released a special report on residential land withholding tax. The Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016, enacted on 13 May 2016, introduced a new withholding tax – residential land withholding tax […]
Read MoreTPP Bill introduced to Parliament On 9 May 2016, the Minister of Trade, the Hon Todd McClay, announced the introduction of the Trans-Pacific Partnership Agreement Amendment Bill (133-1) to Parliament as an omnibus Bill. The Bill amends New Zealand law as part of the implementation of the free trade agreement named the Trans-Pacific Partnership (TPP) […]
Read MoreOmnibus tax Bill introduced The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Bill (130-1) was introduced to Parliament on 3 May 2016. The Bill proposes to improve, strengthen and update the rules for closely held companies, non-resident withholding tax and the approved issuer levy, and the GST rules. It also proposes […]
Read MoreProposals to simplify tax released At a Pre-Budget 2016 speech to a Business New Zealand event in Wellington on 13 April 2016, the Prime Minister, the Rt Hon John Key, announced the release of a business tax package which includes proposals to simplify business tax. In a media release, the Finance Minister, the Hon Bill […]
Read MoreOECD Secretary-General issues statement on “Panama Papers” On 4 April 2016, the OECD Secretary-General Angel Gurría issued the following statement on the “Panama Papers”. “The ‘Panama Papers’ revelations have shone the light on Panama’s culture and practice of secrecy. Panama is the last major holdout that continues to allow funds to be hidden offshore from […]
Read MoreMinister responds to tax haven suggestion The Minister of Revenue has responded to suggestions that New Zealand is a tax haven after revelations of the use of New Zealand-registered foreign-controlled trusts uncovered by a massive leak of documents that are being called “the Panama Papers”. The documents all relate to the records over more than […]
Read MoreCourt of Appeal provides guidance on “permanent place of abode” In a decision reported as C of IR v Diamond (2015) 27 NZTC ¶22-035, the Court of Appeal has provided guidance in establishing whether a taxpayer has a “permanent place of abode” in New Zealand for tax purposes. The Court of Appeal rejected the Commissioner’s […]
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