[ad_1]
Today Minister Nash announced that as part of a Supplementary Order Paper (SOP) to the tax bill currently before parliament, the Government will look to close a GST loophole where not-for-profits arguably don’t have to pay GST on sales of assets.
The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill was introduced on 28 June 2018 and is at the Select Committee stage.
As well as this measure, the SOP proposes extending the depreciation roll-over relief provisions for businesses affected by the Canterbury earthquakes for a further five years, to the end of the 2023-24 income year.
For more information see the Minister of Revenue’s media statement, the SOP, and the regulatory impact assessment.
[ad_2]
Source link