Inland Revenue has become aware of a technical error following changes to simplify the GST adjustment rules in 2023. The error prevents some taxpayers who acquired an asset before 1 April 2023 from using the simplified one step adjustment calculation when there was a permanent change of use of that asset on or after 1 April 2023.

The draft Order in Council, which aims to provide a temporary remedy to the error, is provided for public feedback.  A permanent solution will be included in an upcoming taxation bill.Submissions are due by 12 August 2024. 

Please address submissions to [email protected] with 'Modification to GST adjustment rules' in the subject line.  

The Taxation (Budget Measures) Bill was passed today in the House. The Bill contains measures announced in the Government’s 2024 Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers.

The new legislation now awaits Royal assent. Inland Revenue will provide detailed coverage of the new measures in an upcoming Tax Information Bulletin.

The Minister of Finance today introduced the Taxation (Budget Measures) Bill into the House. The Bill contains measures announced in today’s Budget, including changes to personal income tax thresholds, adjustments to tax credits, Family Boost and an increase to the student loan interest rate for overseas based borrowers. For details, on these, see:

• Taxation (Budget Measures) Bill
• Bill commentary
• Regulatory Impact Statements
• Disclosure Statement