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<p>On 29 March 2022, Parliament passed the <a href="/bills/53-65">Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill</a>, which was introduced on 8 September 2021.</p>
<p>The Bill includes measures aimed at limiting the deductibility of interest incurred for residential property investments and updates to the residential property bright-line test. The Bill also contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including to:</p>
<ul>
<li>modernise the GST invoicing rules</li>
<li>introduce specific rules for the GST treatment of cryptoassets</li>
<li>set penalties for the sale and acquisition of sales suppression software, and</li>
<li>set the annual income tax rates for the 2021–22 tax year.</li>
</ul>
<p>The Bill now awaits the Royal assent.</p>
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