Update to Tax Counsel Office work programme
Well, I am sorry to say, that this week’s edition is probably going to seem like a bore in comparison to last week’s epic thriller of a post which canvassed the introduction of a new tax Bill (can you tell that I’m still excited?).
First up, the latest update to the Tax Counsel Office work programme has been released, which you should be able to locate here.
This time around they have used colour coding to reflect the new items added (very useful!), and a few of the newbies which I am certainly interested in seeing the results of are:
- GST – Section 8(4) – Non-residents registering under s 51
- GST – Taxable activity – Subdivisions and small-scale property development – Update of item in TIB Vol 7, No.2 (August 1995)
- GST – Court awards and out of court settlements – Update of IS3387
- Income tax – Land – Deductibility of holding costs of land
- Income tax – Investing in Australian unit trusts
Now all the items I have selected are currently not being worked on, so I suspect it will be well into 2022 before I have some extra reading to do.
Second round of RSP
On Friday 17th September, applications for the second round of the Resurgence Support Payment opened.
This time around you will need to show a 30% or more drop in revenue in a seven-day period from 8th September until immediately before all of New Zealand returns to Alert Level 1, compared to a typical seven-day period in the six weeks before 17 August 2021.
The quantum of payment remains as $1,500 plus $400 per full-time equivalent (FTE) employee up to a maximum of 50 FTEs, or four times the actual revenue decline experienced by the applicant, whichever is less.
Now remember that you can claim this payment in addition to any support you received from the first round of the RSP, and that there will be plenty of time to lodge your claim, applications for both rounds of payment to remain open until one month post all of New Zealand returning to Alert Level 1 (won’t that be a nice place to return to again!).
This article from the ‘A Week in Review’ newsletter was originally published Monday 20th September 2021. If you have any questions or would like a second opinion on any national or international tax issues, please contact me email@example.com.
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