Omnibus tax bill introduced on Aug 30 to set the annual rates of income tax for the 2022-23 tax year. The bill also includes 190 provisions for changes to tax administration. This included a proposal to standardise the application of GST to fees and services of managed fund providers. Following a backlash over the impact of the GST changes on KiwiSaver fees the bill was withdrawn and reintroduced on Sept 8 with those provisions removed. First reading on Sept 21 with National and Act opposed, referred to the Finance and Expenditure Committee. Reported back on March 1 with a number of changes particularly around the regime for charging GST on the “platform economy”, taxation of cross-border workers, and allowing build-to-rent housing to claim interest. Second reading on March 8 with National and Act opposed.
Taxation (Annual Rates for 2022-23, Platform Economy, and Remedial Matters) Bill