The Ministers of Finance and Revenue have indicated they will seek to include remedial amendments to address this issue in an upcoming omnibus tax bill for Parliamentary consideration. Enactment would not be until 2025 at the earliest.
To enable Inland Revenue to process FamilyBoost applications for people with income from schedular payments before that bill becomes law, the Commissioner of Inland Revenue is considering issuing an Exemption Notice (under section 6E of the Tax Administration Act 1994) to exempt the application of the law in these circumstances.
The exemption would mean that schedular payments are not considered as part of reportable income for the purpose of determining a person’s tax credit income for FamilyBoost. The exemption would be time-limited and people could choose to opt out of the exemption applying. The exemption would not impact any other tax or tax credit.
Making a submission
Submissions are invited on any aspect of the draft Exemption Notice.
Include in your submission a summary of the major points and recommendations you have made.
Please indicate if officials from Inland Revenue can contact you to discuss the points raised, if required.
The Commissioner has set a closing date for submissions of 25 September 2024. Submissions made by this date will be considered before the Commissioner decides whether to issue an Exemption Notice in these circumstances.
Submissions can be made by email to [email protected] with ‘Exemption to FamilyBoost income rules’ in the subject line.
Release of submissions
Submissions may be the subject of a request under the Official Information Act 1982, which will result in their publication unless there are grounds for the submission (in whole or in part) to be withheld. The withholding of responses on the grounds of privacy, or for any other reason, will be determined in accordance with that Act. If you consider that any part of your submission should properly be withheld under that Act, please clearly indicate this.