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Taxation (Annual Rates For 2020-21, Feasibility Expenditure, And Remedial Matters) Bill

Have your say on the Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill

The Finance and Expenditure Committee is calling for submissions on the Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill. The closing date for submissions is Wednesday 12 August 2020.

The purpose of this bill is to set the annual rate of income tax for the 2020-21 tax year. The bill includes a number of proposals aimed at improving current settings for tax administration, the GST regime, KiwiSaver, and social policy rules administered by IRD.

The Minister of Revenue released Supplementary Order Paper 510 on 16 June 2020. This SOP proposes various changes to the bill that would update the law regarding unclaimed money. The Unclaimed Money Act 1971 has not been reviewed since its enactment, and does not reflect new developments in technology and other changes to administrative practice. The SOP also provides for a temporary increase to the individual tax write-off threshold for automatically calculated assessments. This temporary increase would benefit taxpayers, and is part of the Government’s COVID-19 response.

Tell the Finance and Expenditure Committee what you think

Make a submission on the bill by 12:00 noon, Wednesday 12 August 2020.

For more details about the bill:

· Read the full content of the bill

· Get more details about the bill

· Follow the committee’s Facebook page for updates

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