What’s coming up?Tax Alert - October 2009 |
On 25 September 2009, the Revenue Minister, Peter Dunne, released the updated 2009-10 tax policy work program. In the next three months, we can expect a new tax bill and several issue papers for consultation.
The next new tax bill will be introduced in November and it is likely to include the following issues:
- Amendments to the student loan scheme to simplify administration aspects
- Remedial amendments to the binding rulings system which follows consultation on the issues paper released in August 2009
- Further refinements to the KiwiSaver scheme. The document comments that these include possible opting out rules
- Measures to progress the Trans-Tasman retirement savings portability issue which was announced in July 2009
The following issues papers are expected to be released for consultation before the end of this year:
- Disputes - this paper will address concerns about the disputes process and challenge procedures
- Non-portfolio FIF issues - a paper to extend the active income exemption to non-portfolio FIF branches and entities
- GST - Business to Business - this paper follows the one released last year and further refines specific proposals aimed at protecting the tax base and improving the GST rules