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10 Months at Lightspeed
The Government's Budget Day announcement took many by surprise with an increase of the trustee tax rate to 39%, paralleling the top individual marginal income tax rate effective from April 2024.
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Government releases interest limitation proposal
This week the Government has released draft legislative proposals with respect to limiting the deductibility of interest expense for residential property investments and a number of changes to the bright-line rules. This proposal is the Government’s attempt to make residential properties a less attractive investment option and to help level the playing field for first home buyers.
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Government Announcement: Bright-line test changes & interest deductions on investment property
Today the Prime Minister announced a huge package of policies aimed at increasing housing affordability that includes changes to the bright-line test and interest deductions on investment property.
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In Summary: The Future of Tax – interim report by The Tax Working Group
Last night, I read through the 194-page interim report from The Tax Working Group (TWG), which is a culmination of months of work reviewing submissions. Having given the report the sleep test overnight, here are my first impressions. The report claims it is for a national conversation about tax. If this is true, it appears to be a one-sided conversation. The interim suggestions are anything but taxpayer friendly, nor do they promote or support business growth and regional investment, which future-proofs New Zealand in so many regards.
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Governments “Foundations for the Future” budget signals further tax crackdown
Listening to the Minister of Finance Grant Robertson in the budget lock-up this morning highlighted to me the importance tax plays. Most people want to pay their fair share of tax, but the complexity of tax continues to evolve where even the simplest of mistakes can cost you dearly in penalties and interest – given the increased funding the Inland Revenue Department will receive you need to ensure you have your tax affairs in order.