Budget tax changes introduced to Parliament this week will increase the integrity of the tax system and help ensure everyone pays their fair share.
Budget 2010 saw the most significant tax reform package in New Zealand for nearly 25 years. It tilts the economy away from unsustainable borrowing, consumption, and over-investment in housing.
The new tax rules broaden the definition of income for Working for Families, Student Allowance, and the Community Services Card to help prevent people structuring their income to inflate their entitlements. They also close loopholes in the tax treatment of loss attributing qualifying companies (LAQCs) so shareholders can’t claim losses against personal income.
These changes will reduce the opportunities for people to unfairly structure their affairs for tax purposes.
More information: http://www.beehive.govt.nz/release/tax-changes-will-increase-fairness
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