Tax Bill receives assent

The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) legislation has been enacted, receiving Royal assent, Thursday 28 March 2024. This includes a range of policy and remedial changes we have been preparing for as part of April Release 2024 (AR24). These changes along with several enhancements and other policy and remedial changes have now taken effect.

This includes:

• phasing back in the ability to claim interest deductions for residential property
• new marketplace rules for GST on listed services
• flood response measures for the North Island flooding events
• changes to the layout of trust returns
• tax calculation changes for qualifying back-dated lump sum payments from ACC and MSD

New and updated website content, guides and resources are available on our website. Topic based webinars are also available:

Changes coming in April 2024

A marketing campaign is underway for the new GST rules. It is targeting ride-sharing drivers and accommodation hosts who may be impacted by the changes.