The Minister of Revenue introduced the Taxation (Annual Rates for 2022-23, Platform Economy, and Remedial Matters) Bill (No 2) in September 2022. The Bill includes several proposed changes expected to take effect on or before 1 April 2023.
There are also some rate changes and residual items (introduced in 2021 and 2022), that come into effect in April 2023.
Major changes include:
Goods and Services Tax (GST)
- New rules for GST invoicing and record keeping.
- Changes to the apportionment and adjustment rules.
- Clarifications for business-to-business compulsory zero-rating of land rules.
- A new build-to-rent exclusion from the interest limitation rules.
- Clarifications for several other residential property tax rules.
- Increases to the thresholds that determine whether a trust or estate is required to file an income tax return.
Other tax products
- A new fringe benefit tax exemption for certain public transport fares.
- A 4-year time bar for student loans.
We will provide more information on these and other changes in our new webinar series that starts at the end of the month.
We'll update you when our first webinar is available. You'll be able to find it and the others at ird.govt.nz/aprilchanges