Tax Alert - November/December 2009A focus on topical tax issues |
The Christmas wrap
As is usual for this time of year, the government has been very busy of late from a tax point of view. Since our last issue in October, a new tax bill has been introduced, while another one has been reported back on, added to by way of a supplementary order paper and passed. Inland Revenue too has also been busy issuing discussion documents, rulings and exposure drafts.
In this issue, we outline the very important changes to the rules for paying supplementary dividends to non-residents and NRWT changes. We cover the proposed changes to the GST treatment on sales of land and other high-value assets. The Inland Revenue has won a test case in the TRA against a LAQC which was set up by the shareholder to hold her residential property to enable deductions for interest and property expenses to be claimed. We comment on the reported back changes to the RWT and PIE tax rate alignment measures and briefly outline the contents of the new tax bill introduced which permit retirement savings to be transferred between Australia and New Zealand and tinker with the KiwiSaver rules. There is an article on the finalised list of eligible expenses that can be claimed when relocating employees which may give rise to opportunities when structuring packages. Hopefully there is something for everyone in this bumper issue, which is our last for 2009.
The partners and staff of Deloitte wish all our readers a very merry Christmas, a safe, relaxing holiday and happy New Year. Tax Alert will return in February 2010.
In this issue:
- Important changes to supplementary dividend rules and NRWT introduced
- GST - Major changes on the horizon
- IFRS for Income Tax Update
- Rental of home via LAQC arrangement deemed tax avoidance
- RWT tax rate alignment bill passed
- Relocating, tax free
- New Tax Bill introduced
Tax Alert - November/December 2009
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