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The Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act received Royal assent on Wednesday.
The legislation enables the collection of GST on low-value imported goods, and also includes measures to:
– ring fence losses derived from rental properties;
– require most buyers and sellers of property to provide LINZ with their IRD number;
– enable the making of regulations to temporarily address inconsistencies with tax laws;
– allow entities to keep their tax records in te reo Māori; and
– exempt some victims of sexual violence from paying child support.
For more information see the Minister of Revenue’s media statement and the new Act.
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