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.