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Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill

Introduced on Dec 5. The Bill sets the tax rates for 19/20. It also brings in new rules for the collection of GST on low value goods (under $1000) imported into NZ, the ring fencing of of losses on rental accomodation, changes to the administration of social policy related tax administration and remedial amendments. First reading completed on Dec 11 with National and ACT opposed mainly on the grounds of the ring fencing measures as they were unfair to those with rental properties. Reported back on May 31 with a large number of mainly technical changes. These included delaying the commencement date for the proposed new GST rules to December to give time for suppliers to make changes. Also exemptions to the ring fencing rules are extended to government enterprises and non-close companies. MPs also agreed to give the IRD power to make minor modifications to tax legislation with provisos, including giving the taxpayer has the right either to choose to accept the modification or not and any errors the Commissioner wishes to remedy need to be addressed in primary legislation within 3 years. Second reading completed on June 13 with National opposed. The govt made a number of changes at committee stage on June 18 including requiring most people who buy and sell properties to supply their IRD number on land transfer documentation. Third reading completed on June 20 with National opposed. Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill