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.

- 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

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why New Zealand Needs To Change Its Defence Habits


In a flashback to the military displays of days gone by, one of our frigates recently joined a Carrier Strike show of force in the South China Sea, en route to a joint military exercise in Singapore with our traditional allies, called BersamaGold21. Reportedly, Anna Powles, from the Centre of Defence and Security Studies at Massey University felt this to be a case of us doing our bit to uphold international law, and the right of free transit through the region in question... More>>

Government: New COVID-19 Protection Framework Delivers Greater Freedoms For Vaccinated New Zealanders


Vaccinated New Zealanders will regain everyday freedoms when the country moves to a new simplified COVID-19 Protection Framework that doesn’t rely on nationwide lockdowns as the main measure to stop the virus spreading. In a suite of announcements that establish a pathway out of restrictions the Government is also providing up to $940 million per fortnight to support businesses through the challenging period... More>>

ALSO:





 
 


Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>

Government: New Zealand Secures Historic Free Trade Deal With The United Kingdom
New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will further accelerate our COVID-19 economic recovery say Prime Minister Jacinda Ardern and Minister for Trade and Export Growth Damien O’Connor... More>>

ALSO:

Ombudsman: Launches Investigation Into MIQ Booking System
The Chief Ombudsman Peter Boshier is launching a broad investigation into the Managed Isolation and Quarantine (MIQ) booking system after receiving hundreds of complaints... More>>

ALSO:


Pay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>


Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>


Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels