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Tax Tips Alert: September 2021
Government introduces omnibus tax bill
On 8 September 2021, the Government introduced the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill (“the Bill”) to Parliament. The Bill will be referred to the Finance and Expenditure Select Committee shortly for public consultation, and is expected to be passed by 31 March 2022. The Bill contains a variety of policy and technical changes. This Tax Tips covers some of the key proposals:
GST changes
- Excluding cryptocurrencies from GST
- Modernising the GST invoicing rules and recordkeeping requirements
- Changes to the GST apportionment rules
- Allowing a second hand goods input tax credit on supplies between associated persons
- Zero-rating the domestic leg of the international transport of goods
- Changes to the GST grouping rules
Income tax changes
- Proposed changes to stop councils from transferring their tax exempt status benefits to taxable council controlled organisations
- Excluding cryptocurrencies from the financial arrangements rules
- Key remedial changes with respect to New Zealand’s hybrid and branch mismatch rules
- Allowing tax pooling where there is no existing tax assessment or quantified obligation
The Tax Tips also includes an update on the latest OECD Pillar 1 and 2 developments and what they mean for New Zealand.
If you would like any further detailed advice on what these announcements mean for you, please reach out to your usual PwC advisor.
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