Last month, Inland Revenue Officials released an issues paper, Recognising salary trade-offs as income, seeking feedback on possible options for broadening the tax rules relating to non-cash benefits received by employees as a substitute for salary or wages. The Issues Paper has far-reaching consequences that are not apparent at first glance.
New Zealanders who reside in Australia temporarily will not lose their entitlements to concessionary Australian tax treatment just because they ‘go home for the weekend’.
New Zealand and Canada have signed a new double tax agreement (DTA) to replace the existing DTA, which was signed in 1980.
Inland Revenue has provided further clarification of its approach to investigating taxpayers who have used Penny and Hooper style arrangements.
The Taxation (International Investment and Remedial Matters) Bill has been enacted.
The Australian Government announced in its 2012/2013 Federal Budget that it is removing the 50 percent capital gains tax (CGT) discount for non-residents effective 8 May 2012 (the date the Budget was delivered).