New tax act – summary of changes

Back in October 2021, Deloitte looked at the proposed Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Bill and Supplementary Order Paper 64. The Bill introduced several changes and amendments, including; the modernisation of GST, the introduction of the interest limitation rules and changes to the property bright-line test. With the Bill just squeaking in before the 31 March 2022 deadline by receiving its final reading in Parliament on 29 March 2022 and Royal Assent on 30 March 2022, we summarise some of the changes and their application dates for the new Act.

For more information on the GST , FBT and residential property tax changes in the Bill please refer to our separate articles.

Below is a list of some of the changes made in the Taxation (Annual Rates for 2021-22, GST and Remedial Matters) Act 2022 which may have widest application to taxpayers, it is not an exhaustive list.

For more advice about these changes please contact your usual Deloitte advisor.