June 2015 has seen a hive of activity by the government with respect to proposed changes to New Zealand’s tax system. Activity included the introduction of two new bills.

Here’s a snapshot of the activity that occurred during the month:

30 June: The Taxation (Transformation: First Phase Simplification and Other Measures) Bill was introduced, simplifying administration through changes to several Acts.

29 June: Officials’ issues paper was released by Policy and Strategy, Inland Revenue and the Treasury, on the proposed bright-line test for sales of residential property.  Submissions can be made by 24 July 2015.

29 June: The government announced relief for taxpayers affected by flooding in the lower North Island and the West Coast.

25 June: The Taxation (Land Information and Offshore Persons Information) Bill was referred to the Select Committee.

23 June: The Taxation (Land Information and Offshore Persons Information) Bill was introduced, requiring some investors in New Zealand real estate to open a bank account and obtain an IRD number as part of a clampdown on previously non-taxed capital gains.

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