Tax bills passed

Parliament today passed legislation introduced in April in the Taxation (Annual Rates, Taxpayer Assessment and Miscellaneous Provisions) Bill, later split into two bills. Royal assent is expected within a few days.

Main features of the new legislation include amendments relating to the tax treatment of R&D; unit trusts; interest deductibility for companies; taxpayer self-assessment; the application of GST before 1999 to certain services contracted for outside New Zealand; transfers of overpaid tax; and removal of the six-month deadline for claiming donation and housekeeper-childcare rebates. The legislation will be described in detail in a forthcoming Tax Information Bulletin.