News and information about the Government's tax policy work programme

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class="banner-subtitle-tereo" aria-hidden="true">Nau Mai ki te Kaupapahere Taake</span> </div> </div> </div> </div> <div class="tp-tagline"> <div class="container"> <div class="row"> <div class="col-md-12 tp-tagline-desktop">This website contains the latest tax policy updates, including announcements, publications and details on tax-related bills. It also provides information on tax treaties, such as double tax agreements and exchange agreements. <a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/about-us">Read more</a></div> <div class="col-md-12 tp-tagline-mobile">This website contains the latest tax policy updates, including announcements. <a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/about-us">Read more</a></div> </div> </div> </div>    <main id="main-content-tp">  <div id="search-interface"> <div class="CoveoAnalytics" data-anonymous="true" data-auto-push-to-gtm-data-layer="true"></div> </div>  <div id="content" class="container"> <div class="row"> <div class="component container col-xs-12 tp-news"> <div class="component-content"> <div class="row component column-splitter"> <div class="col-xs-12 col-md-8 tp-news__item-wrapper"> <div class="component row-splitter"> <div class="container-fluid"> <div class="row"> <div class="component title"> <div class="component-content"> <div class="tp-news__header"><h2 class="field-recentnewscomponenttitle">Tax policy news</h2></div> </div> </div> </div> </div> <div class="container-fluid"> <div class="row"> <div class="tp-news__item"> <a class="tp-news__title" href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/news/2024/2024-special-reports-on-new-measures">Special Reports on new measures</a> <div class="tp-news__date"> 02 April 2024 </div> <div class="tp-news__content"> <p style="background: white;">Inland Revenue has produced Special Reports on three of the measures in the newly enacted <a href="https://web.archive.org/web/20240516033458/https://www.legislation.govt.nz/act/public/2024/0011/latest/LMS844218.html">Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024</a> to provide early guidance.</p> <p> </p> <p><strong>Trustee tax rate</strong></p> <p>The trustee tax rate has been aligned with the top personal tax rate of 39%. A $10,000 threshold has been introduced to help prevent the over-taxation of lower-income trusts. </p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-sr-39-trustee-tax-rate">Special report: 39% Trustee tax rate</a></p> <p> </p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-sr-39-trustee-tax-rate"></a><strong>Further changes to the rules for the platform economy</strong></p> <p><span style="background-color: #ffffff;">In March 2023, new GST rules for marketplace operators involved in the supply of ride-sharing/ride-hailing and delivery services for food and beverages, as well as for marketplace operators and listing intermediaries involved in the supply of accommodation services. Additional changes have been made to those rules to ensure the rules are workable and consistent with the policy intent.</span></p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-sr-marketplace-rules-listed-services">Special report: GST on accommodation and transportation services supplied through online marketplaces </a></p> <p> </p> <p> </p> <p><strong>Offshore gambling duty</strong> </p> <p> The new legislation also introduces a new gaming duty. From 1 July 2024, offshore operators will be required to pay a 12% gaming duty,</p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-sr-offshore-gambling-duty">Special report: Offshore gambling duty</a></p> <p> </p> <p style="margin-left: 0cm;">These will be included in full coverage of the new legislation in an upcoming Tax Information Bulletin. </p> </div> </div> <div class="tp-news__item"> <a class="tp-news__title" href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/news/2024/2024-govt-familyboost">Govt announces FamilyBoost </a> <div class="tp-news__date"> 25 March 2024 </div> <div class="tp-news__content"> <p>The Government has announced that it intends to introduce a FamilyBoost payment as part of Budget 2024. The proposed FamilyBoost will be a new childcare payment made to families with young children to help with the rising costs of early childhood education (ECE).</p> <p>The FamilyBoost payment will be equal to 25% of ECE fees already paid by households. This would be a maximum weekly refund of up to $75. </p> <p>FamilyBoost will be available for ECE fees paid from 1 July 2024, with the first FamilyBoost refunds being made in October. Further details will be released as part of the Budget 2024 announcements on 30 May. </p> <p>For more information about FamilyBoost and how you can access it see:</p> <ul style="list-style-type: disc;"> <li>the <a href="https://web.archive.org/web/20240516033458/https://www.beehive.govt.nz/release/families-receive-75-week-help-ece-fees">Government’s FamilyBoost announcement</a></li> <li><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-qa-familyboost">FamilyBoost questions and answers</a></li> <li><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-ris-familyboost">Regulatory Impact Assessment</a></li> </ul> <p> </p> </div> </div> <div class="tp-news__item"> <a class="tp-news__title" href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/news/2024/2024-ap-multinational-tax-bill">Amendment Paper No 20</a> <div class="tp-news__date"> 14 March 2024 </div> <div class="tp-news__content"> <p>An Amendment Paper for the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been released by the Minister of Revenue. It contains proposals to: </p> <ul> <li>Restore the ability to claim interest deductions for residential investment properties</li> <li>Repeal the current ten and five-year bright-line tests and replace with a two-year bright-line test</li> <li>Remove the ability to depreciate commercial buildings</li> <li>Improve the tax treatment of the disposal of trading stock at below market value</li> <li>Introduce a new gaming duty Introduce a transitional rule relating to platform economy rules</li> </ul> <p><a href="https://web.archive.org/web/20240516033458/https://www.legislation.govt.nz/sop/government/2024/0020/latest/LMS939610.html">Amendment Paper No 20</a></p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-ap-commentary-multinational-tax-bill">Commentary to the Amendment Paper No 20</a></p> <p><a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-ria-pack-multinational-tax-bill">Regulatory Impact Statements relating to Amendment Paper No 20</a></p> </div> </div> <div class="tp-news__item"> <a class="tp-news__title" href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/news/2024/2024-03-11-bill-report-back">Tax Bill reported back</a> <div class="tp-news__date"> 11 March 2024 </div> <div class="tp-news__content"> <p><span style="background-color: #ffffff; color: #37424a;">The <a href="https://web.archive.org/web/20240516033458/https://www.taxpolicy.ird.govt.nz/bills/53-multinational-tax-23">Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill, </a>introduced on 18 May 2023</span>, was reported back to Parliament on 11 March 2024.</p> <p>For more information see:</p> <ul> <li>the <a href="https://web.archive.org/web/20240516033458/https://legislation.govt.nz/bill/government/2023/0255/latest/LMS844218.html">Bill as reported back</a></li> <li>the <a href="https://web.archive.org/web/20240516033458/https://selectcommittees.parliament.nz/v/SelectCommitteeReport/efaa3c44-7d2f-4caf-5654-08dc41540983">Finance and Expenditure Committee’s report on the Bill</a>, and</li> <li>the <a href="https://web.archive.org/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/2024/2024-or-multinational-tax-bill">Departmental Report</a> on submissions received on the Bill.</li> </ul> </div> </div> <a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/news" class="tp-news__more-button">More News</a> </div> </div> </div> </div> <div class="col-xs-12 col-md-4"> <div class="component content col-xs-12"> <div class="component-content"> <div class="tp-highlight field-highlights"><h4>Information releases</h4> <p>View the <a href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/publications/browse-by-type/information-release">latest information releases</a> available (includes Cabinet papers, minutes, and key supporting papers for tax policy related decisions).</p> <h4>Tax Working Group (2017–2019)</h4> <p>For the terms of reference, news, reports, and other information see the <a href="https://web.archive.org/web/20240516033458/https://taxworkinggroup.govt.nz/">Tax Working Group website</a>. (This site is now archived.)</p> <h4>Newsletter subscription service</h4> <p><a href="https://web.archive.org/web/20240516033458/https://www.ird.govt.nz/subscription-service" id="IR Subscription Service">Find out about our subscription service</a></p></div> </div> </div> </div> </div> </div> </div> </div> </div> </main>    <footer> <div id="footer" class="container"> <div class="row"> <div class="component container col-xs-12"> <div class="component-content"> <footer class="tp-footer"> <div class="tp-footer__wrapper"> <div class="container"> <div class="tt-footer-menu"> <ul class="tt-footer__text-list tp-footer__primary-links" role="menu"> <li class="tt-footer__text-list-item" role="menuitem"> <a class="tt-footer__text-list-item-link " href="/web/20240516033458/https://www.taxpolicy.ird.govt.nz/keep-up-to-date" rel="" target="" title="Keep up to date"> Keep up to date </a> </li> <li class="tt-footer__text-list-item" role="menuitem"> <a class="tt-footer__text-list-item-link " 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