Over 310 000 New Zealand families could soon experience significant tax reliefs, if new legislations are passed allowing income sharing for the purpose of tax calculation. Couples with children could be given the option of working fewer or more flexible hours, if a new legislation passes through Parliament. On the 16th of August the Taxation (Income-sharing Tax Credit) Bill was tabled in Parliament. The bill proposes that a couple with dependent children be able to choose to be taxed on an equal ... Read More

In an effort to create a “world-class” tax system, the Government is seeking public feedback on concerns taxpayers currently have with older legislations. The New Zealand Rewrite Advisory Panel (RAP) requires public comment legislations surrounding the taxation of beneficiary income of trusts and the issue of Available Subscribed Capital on corporate reorganizations. The request was raised by Peter Dunne, Revenue Minister of New Zealand, late last week. The two issues are the initial cases that will be investigated by the RAP its new ... Read More

The New Zealand Revenue Minister has revealed that he is weighing up the idea instating tax rebates for health insurance premium payments for the elderly. Speaking at a meeting of Grey Power Bay of Plenty on July 9th, Peter Dunne, Revenue Minister and associate Health Minister of New Zealand, stated that he is currently planning to release a proposal for “a tax rebate for health insurance premium payments for over 65s.” According to Peter Dunne, many elderly New Zealanders have taken out health insurance ... Read More