Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

More Time For Business Recommendations Become Law

16 October Media Statement

More Time For Business Recommendations Become Law

The first cluster of tax simplification recommendations from the ‘More Time For Business’ discussion document have become law with the enactment of the Taxation (Relief, Refunds and Miscellaneous Provisions) Act earlier this week.

“Tackling business compliance costs, especially for small business owners, is a major focus for this government and this Act is another step in the right direction,” said Associate Minister of Revenue and Minister for Small Business Paul Swain.

“One measure that will particularly help small business owners is the removal of the requirement to value amounts of trading stock of less than $5,000. This will save small business owners that don’t hold much stock, a fish and chip shop owner or part-time tradesperson for example, time and worry about getting it exactly right when they don’t actually need to.”

A second cluster of ‘More Time For Business’ recommendations is in the Taxation (Annual Rates, Maori Organisations, Taxpayer Compliance and Miscellaneous Provisions) Bill, currently before Parliament.

As well as the the trading stock rule-change the other measures enacted this week are:

- The threshold below which individuals who are provisional taxpayers are removed from the use-of-money tax rules has been raised from $30,000 to $35,000 of residual income tax.

- Banks and other financial institutions will have more flexibility in how they communicate resident withholding tax information to interest earners.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

- The requirement to file a tax return or request an income statement on behalf of a taxpayer who dies, but who would not have had to file a return or request a statement had they lived, has been removed.

- Companies will no longer have to file multiple imputation returns to obtain income tax refunds.

- Changes to the family tax credit will allow better targeting and make the application process easier.

- The determination of family assistance entitlements has been simplified by removing the need to make a number of complex adjustments when calculating them.

- Taxpayers with income totalling $200 or less from which tax has not been withheld will no longer have to file a tax return.


“Simplifying the tax system is a complex task and there is no one-size-fits-all solution that reduces tax-related compliance costs for everyone,” said Mr Swain. The most effective approach is to tackle the problem by making incremental changes targeted at different problems. The measures in this bill reflect that approach to tax simplification.”

A more detailed commentary on the changes is available on the web site of the Inland Revenue’s Policy Advice Division at:

HTTP://www.taxpolicy.ird.govt.nz/publications/index.php?catid=1

ends

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The Flaws In Anti-gang Laws


Google “Christopher Luxon“ and “mojo” and you get nearly 60,000 matching responses. Over the past 18 months – here and here and again, here – Luxon has claimed that New Zealanders have either lost their mojo and/or are in the process of re-finding it. With mojo in hand, New Zealanders will once more become a nation of over-achievers, blessed with the feisty Kiwi can-do spirit of yore.

But here’s the thing. According to Luxon, we’re naturally bold, inventive and self-reliant. Yet according to him, we’re also “wet, whiny and inward-looking”...
More


 
 

Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:


ACT: New Zealand Dodges Dopey Experiment In Prohibition

“Labour’s attempted crackdown on smokers would have delivered criminal groups a near-monopoly over the cigarette trade,” says ACT Health spokesman Todd Stephenson... More

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.