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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