Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


New tax legislation delivers clarity and fairness

Revenue Minister Todd McClay today welcomed the passing of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill which will contribute to a fairer and more accessible tax system.

“The Government is committed to fostering growth and delivering better public services. This new legislation continues the work of further improving the fairness of the tax system and providing a better service to taxpayers,” Mr McClay says.

“It is important that taxpayers are asked to comply with tax rules that are cohesive, fair and applied consistently.”

A major change ushered in by the new legislation is to simplify the rules for taxing foreign superannuation.

“The old tax treatment of interests in foreign superannuation was complex and difficult to understand. Different sets of rules could apply and as a result, some people paid more tax than others depending on how their foreign superannuation scheme was structured.”

“The changes provide a much simpler and fairer approach for taxing foreign superannuation interests held by New Zealand residents,” Mr McClay says.

The change will come into effect on 1 April 2014.

Another key feature of the new legislation is aimed at providing greater consistency in the tax treatment of mining certain minerals such as gold, silver and iron sands.

“It’s important that the tax system is applied as fairly as we can. Mining is an important and valued part of our economy but the old rules were unjustifiably concessionary and needed to be brought more into line with the rules applying to other industries.

This change will apply from the beginning of the 2014–15 income year.

“This Government aims to raise its required revenue not through raising tax rates, but by ensuring that the existing tax bases are applied efficiently and fairly. The legislation passed today contributes to this ongoing programme,” Mr McClay says.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Issue 49: Werewolf Weekender

Philip Matthews: From The Lost Continent
It’s a case of better late than never for Olivier Assayas’ marvellous After May/Apres Mai, which first screened at Venice in 2012, had a couple of North Island screenings last year during the International Film Festival’s “Autumn Events” season, got a theatrical release in Australia – but not here – and only now appears on DVD, after Assayas himself has moved on. More>>

The Complicatist: Blue Eyed & Soulful
For a while in June, the top two singles on the US Billboard charts featured Iggy Azalea, an Australian model turned hip hop performer. To some, this may seem like just the latest chapter in a long saga of whites ripping off black culture, while enriching themselves in the process. Obviously, there’s some truth in the stereotype. Yet it can also obscure the positive collaborations – in jazz, soul music and hip hop – between musicians who treated each other as creative equals, race regardless. More>>

Satire: Carry On Captaining
Oh hello. Scanner Technician Davis. To what do I owe the pleasure?
You think we’re what?
Oh, pish. This vessel has been travelling along smoothly for generations – particularly smoothly in the last few years though I say so myself – and I happen to know we have never once been hit by an asteroid... More>>

 

Parliament Today:

False Electoral Return: John Banks Sentenced To Community Detention, Community Work

“The conviction of John Banks today is another sad chapter for John Banks and the ACT Party”, says Labour candidate for Epsom Michael Wood. More>>

ALSO:

Gordon Campbell: On The Rise Of ISIS And Labour

While global attention got distracted by the fate of MH17 and the atrocities in Gaza, the world’s other mega ‘bad news’ story – the rise of ISIS-led fundamentalism in Iraq – has reached a tipping point. More>>

ALSO:

Rebuild: Christchurch City Council Releases Milestone Report

The Cameron Partners report says the Council may need to find an additional $783 million to $883 million by 2019... Options Cameron Partners proposed include increasing rates, borrowing more, maximising insurance payments, and freeing up capital from its commercial assets. More>>

ALSO:

Parliament Today: Parliament Adjourns

The 50th Parliament has adjourned for the final time. After the completion of the adjournment debate, MPs left for the campaign trail with Parliament to be dissolved on August 14 ahead of the September 20 election. More>>

ALSO:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news