Budget 2011 tax announcements
Budget 2011 announced changes to KiwiSaver, Working for Families and Student Loans. The proposed changes to these schemes are intended to make the schemes more sustainable.
Fact sheets and media statements providing information on these changes are listed below.
For information on changes proposed for Student Loans, please visit: www.beehive.govt.nz
As part of Budget 2011, the Government also made announcements on the following issues.
Thin capitalisation rules
The minimum equity percentage for foreign-owned banks is to rise from 4% to 6%.
The Government has announced reviews of the livestock valuation election rules, the taxation of assets used for mixed business and private use, and certain aspects of the tax and social assistance treatment of non-cash benefits.
Compliance and debt update
The Government also issued a media statement providing an update on funding allocated to Inland Revenue in Budget 2010 for compliance and debt recovery operations.
For information about the proposed changes, please call 0800 109 080.
The full set of Budget 2011 documents can be found at: www.treasury.govt.nz/budget/2011 and at www.beehive.govt.nz.