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<p>A Supplementary Order Paper for the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill has been referred to the Finance and Expenditure Committee on 6 September 2023 for their consideration. It contains proposals to: </p>
<ul>
<li>ensure that the main home exclusion from the bright-line test is not affected by a property owner needing to vacate their North Island flood/cyclone damaged home for more than 12 months so it can be remediated/repaired</li>
<li>ensure that the bright-line and other land-based timing tests in the Income Tax Act 2007 are not triggered when local authorities or the Crown buy-out properties impacted by the 2023 Auckland flood events and/or Cyclone Gabrielle, and</li>
<li>allow Fonterra to deduct certain distributions to its shareholders, consistent with the treatment that applied under the previous constitution.</li>
</ul>
<p><span style="text-decoration: underline;"><a href="https://www.beehive.govt.nz/release/farmers-and-cyclone-affected-properties-supported-tax-rule-changes" class="quick-links-external">Minister's media statement</a></span></p>
<p><span style="text-decoration: underline;"><a href="http://www.legislation.govt.nz/sop/government/2023/0423/9.0/contents.html" class="quick-links-external">Supplementary Order Paper No 423</a></span></p>
<p><span style="text-decoration: underline;"><a href="/-/media/project/ir/tp/publications/2023/2023-commentary-sop-multinational-tax-bill/2023-commentary-sop-multinational-tax-bill-pdf.docx?modified=20230906000229">Commentary to the Supplementary Order Paper</a></span></p>
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