Last night Parliament finally passed The Taxation (Tax Administration and Remedial Matters) Bill. The Bill now awaits Royal assent.
For most people, the major item of interest in this legislation is the abolition of gift duty from 1 October 2011.
Other features of the Bill include amendments to the tax disputes process, introduction of rollover depreciation for earthquake relief, and amendments to facilitate the sharing of tax information between IRD and other government agencies.
For a copy of the Bill and the media statement please refer to the Policy Advice Division website http://taxpolicy.ird.govt.nz