Tax Tips: June 2020

New omnibus tax bill introduced

Earlier this month, the Government introduced the Taxation (Annual Rates for 2020-21, Feasibility Expenditure and Remedial Matters) Bill. It’s a bumper tax bill containing changes to several areas of tax law, many of which have been signalled for some time. The Bill is currently awaiting its first reading in Parliament.

 

In our June edition of Tax Tips, we provide a detailed discussion of the key changes in the Bill, including:

 

  • tax deductions for feasibility expenditure on new investments
  • tightening of the land rules for those that habitually buy and sell land 
  • new rules for the allocation of purchase price when buying and selling a business
  • income tax treatment of leases subject to NZ IFRS 16, and
  • further changes to GST.

For more information on what’s in the Bill, go to Inland Revenue’s Tax Policy website.

 

Please get in touch with your usual PwC adviser if you’d like to discuss how any of these upcoming changes might affect you and your business.

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