Business Accountants: Recent Developments in Tax Legislation and Policy: A Snapshot


Regulatory Impact Statement: FamilyBoost 

On April 3, 2024, the Treasury released a Regulatory Impact Statement on the FamilyBoost tax credit.

Information Release: Reportable Jurisdictions for Application of CRS Standard 

On April 5, 2024, Inland Revenue published an information release on the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2024.

Inland Revenue Statements and Guidance 

Special Reports on New Measures 

Inland Revenue has issued special reports on three new measures in the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Act 2024: 39% trustee tax rate GST on accommodation and transportation services supplied through online marketplaces Offshore gambling duty

ITR 35: 2024 International tax disclosure exemption 

On March 31, 2024, Inland Revenue issued ITR35, outlining exemptions for residents from disclosing interests in foreign entities.

Tax Toolbox Campaign 

Between April and June 2024, Inland Revenue will launch a campaign targeting construction customers to remind them of their tax obligations and encourage action on outstanding returns and debts.

FDR 2024/01: A Type of Attributing Interest in a Foreign Investment Fund 

Inland Revenue issued FDR 2024/01 on April 2, 2024, outlining attributing interest types for which the fair dividend rate method cannot be used.

Determination 24/01: Amortisation Rates for Listed Horticultural Plants 

On April 3, 2024, Inland Revenue issued Determination 24/01, setting amortisation rates for listed horticultural plants.

Extensions and Law Changes 

Inland Revenue announced an extension for late deposits for the income equalisation scheme until June 30, 2024, for farmers and growers affected by drought conditions.

Law changes were implemented for disposal or donation of trading stock to approved donee organizations, as well as for charity deregistration rules.

Technical Decision Summaries 

Inland Revenue published TDS 24/06 and TDS 24/07, addressing issues related to the bright-line test, suppressed cash sales, GST, and evasion shortfall penalties.

Fringe Benefit Tax Overview 

Inland Revenue added an FBT page to its tax technical overviews, providing comprehensive information on FBT.



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