SOPs to the June 2018 tax bill released

Supplementary Order Papers to the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Bill were released yesterday.

Supplementary Order Paper No. 188 contains proposals to make directly funded disability support payments exempt from income tax, ensure that the company demerger rules are effective in providing tax relief for New Zealanders who receive shares because of a demerger by an ASX listed Australian company, add income tax, Working for Families tax credits and donation tax credits to the definition of START tax type, and broaden the grandparenting protection for certain cross border debt issued by registered banks. The SOP also contains a number of minor remedial adjustments and corrections. For more information see the revised departmental disclosure statement.

Supplementary Order Paper No. 189 proposes granting the New Zealand Memorial Trust – Le Quesnoy temporary donee status with effect from 1 April 2018 and ends three years after enactment of the Bill. For more information see the revised departmental disclosure statement, and the regulatory impact assessment.