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On 8 September 2021 the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill was introduced to Parliament. We discuss below some of the more relevant changes included in the Bill.  A Supplementary Order Paper was introduced on 28 September which contained the long awaited proposals for limiting interest deductions for residential property investments and a proposed 5 year new build bright-line test. A supplementary commentary providing more detailed information on the proposed amendments included in the SOP will be published in early October.

nsaTax will be covering these proposals in an upcoming webinar.

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Many of you will be aware of the Government’s “policy initiative” to gather financial data in relation to the wealth of high wealth individuals (HWI’s).  The purpose in collecting the data is to develop tax policy in the future and ensure the tax system is operating fairly.  The data is to be collected by a special team from IRD’s Tax Policy division.

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We can assist with the valuation of businesses and shares to support shareholder transactions, merger and acquisition activities and relationsihp property matters.

Please contact Bruce Watt (brucew@nsatax.co.nz or phone on 09 309 6505).