Budget 2018 announcements
The Government has announced Budget allocations to the IRD:
- $23.5 million over the next four years to improve Inland Revenue’s ability to ensure outstanding company tax returns are filed
- $3 million for Inland Revenue to identify legislative opportunities over the next four years to improve tax compliance in specific industries, and
- $4.3 million over four years to implement and administer the recently announced research and development tax credit
The Minister for Racing has also announced a proposal that the costs of a stand-out yearling acquired by an investor with an intention of breeding for profit would be deductible.
More information is available at the Tax Policy website and on the Treasury website.