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Tax Tips: November 2020
Tax Tips | November 2020
In our latest Tax Tips, we discuss:
Frucor: Court decides in favour of the Commissioner in tax avoidance case
On 2 September, the Court of Appeal released its long-anticipated decision in Commissioner of Inland Revenue v Frucor Suntory New Zealand Ltd, a case concerning the application of New Zealand’s general anti-avoidance rule to a structured finance arrangement entered into by the taxpayer in 2003. In its decision, the Court of Appeal reversed the 2018 decision of the High Court in favour of the taxpayer. We provide a detailed analysis and our comments on the Court of Appeal's reasoning.
Tax bills update
When Parliament was dissolved on 6 September, all the business of Parliament officially ceased, including two tax bills. Now that the election is over, New Zealand’s 53rd Parliament will open with two ceremonies on 25 and 26 November. The new Parliament will then decide what business will be reinstated. We expect this to include the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill. We provide an update on the status of this bill and other changes including the Government's plans to introduce a 39% tax rate on individual income over $180,000.
Inland Revenue’s technology upgrade
Inland Revenue has spent the last four years and $1.8 billion overhauling its systems and processes. Each year has seen a significant new upgrade. It’s worth looking back to see what progress has been made and what it means for your organisation.
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