New Zealand: Amendments to May 2023 Tax Bill
The government added number of additional measures via an amendment paper to the recently reported back Taxation Bill.
Amendments to May 2023 Tax Bill
The government added a number of additional measures via an amendment paper to the recently reported back Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. Read TaxNewsFlash
The additional measures include a number of the government’s election tax policies, such as:
- Phasing-in interest deductibility for residential investment properties from 1 April 2024, when 80% of interest deductions will be reinstated, with complete deductibility reinstated from 1 April 2025
- Restoring the two-year rule if a binding contract for sale is entered into on or after 1 July 2024 (the 10, or in some cases, five year bright-line rule would apply to earlier contract dates).
- Removing tax depreciation deductions for buildings from the 2024/2025 income year
Read a March 2024 report prepared by the KPMG member firm in New Zealand
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