Public views are sought on a proposed temporary remedy to an error in recent FamilyBoost tax credit legislation. The error affects people who receive schedular payments and incorrectly includes this income in the FamilyBoost income calculations before allowing for claimable business expenses. This would result in a person receiving less, or no FamilyBoost payment. 

An Order in Council has been made which corrects a legislative error that prevented GST-registered taxpayers from being able to receive a refund of input tax on certain assets acquired before 1 April 2023 that had a permanent change of use on or after 1 April 2023. The change comes into effect from 10 September and has retrospective effect. This Special Report provides full details of the amendment, and how it can be applied.

A new double tax agreement with the Slovak Republic has been ratified, as well as an amendment to the existing double tax agreement with Austria. The agreements have been implemented in New Zealand by Order in Council. 

The Minister of Revenue introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House today.

Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.

Long-term insights briefings provide information on future trends, risks and opportunities as well as possible policy responses. Inland Revenue is proposing that its next briefing explore what broad structure of the tax system would be suitable for the future, given what we know about long-term fiscal pressures and current tensions in our system. 

The closing date for feedback is 4 October 2024.

See more information below.

Scope of Inland Revenue’s long-term insights briefing