Taxation (Tax Administration and Remedial Matters) Act 2011
2011 Act improves the tax administration system, abolishes gift duty, improves the tax disputes process, clarifies the tax pooling rules and more.
The Taxation (Tax Administration and Remedial Matters) Bill was introduced into Parliament on 23 November 2010. It received its first reading on 7 December 2010, its second reading on 14 July 2011 and the third reading on 16 August 2011.
The new legislation brings into effect improvements to the tax administration system, abolishes gift duty, makes improvements to the tax disputes process and clarifies the tax pooling rules. It also reduces tax for non-residents investing through New Zealand portfolio investment entities.
Several changes to the bill were made by Supplementary Order Papers Nos 220, 254 and 263 following the bill's introduction, mainly to deal with tax issues arising from the Canterbury earthquakes of 2010 and 2011.
The resulting Act received Royal assent on 29 August 2011.
The new Act amends the Income Tax Act 1994, Income Tax Act 2004, Income Tax Act 2007, Tax Administration Act 1994, Goods and Services Tax Act 1985, New Zealand Superannuation and Retirement Income Act 2001,