Parliament passes Budget tax bill

The bill introducing tax changes announced in Budget 2010 passed its final stages in Parliament today. The Taxation (Budget Measures) Bill introduced under urgency on 20 May gives effect to personal and company tax cuts, a rise in the GST rate, and changes to the investment property rules. At the Committee of the Whole House stage the bill was split by Supplementary Order Paper No.124 into six amending Acts. The new legislation is expected to receive Royal assent early next week.