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The Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill passed its third reading in Parliament today. The Bill contains measures to improve, strengthen and update the rules for closely held companies, non-resident withholding tax and the approved issuer levy, and the GST rules. It also proposes a large number of technical changes to ensure the tax rules work as intended. The Bill now awaits Royal assent. For more information see the media statement.
Special reports on changes to the NRWT rules, closely held companies, and GST services connected with land, will be published here soon, while full coverage of the new legislation will be published in an upcoming Tax Information Bulletin.
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