New Zealand Law Society - Taxation omnibus bill introduced

Taxation omnibus bill introduced

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Revenue Minister Stuart Nash has introduced the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill to Parliament.

The omnibus bill introduces amendments to 12 different statutes. Its policy proposals cover three main objectives: to continue the Government’s simplifying and modernising of social policy administration; to further improve the allocation of the broad-based, low-rate framework; and to further encourage research and development expenditure.

The bill proposes a number of changes to improve the administration of the KiwiSaver scheme. These changes facilitate faster transfers of funds, improve the administrative efficiency and enhance members’ experience with the scheme.

The bill also proposes changes to extend the refundability of research and development tax credits. These changes are intended to apply from the 2020–21 income year.

It also proposes five student loan policy changes. These changes seek to improve the administration of the student loan scheme.

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