A Simpler Tax System
A new bill was introduced in parliament which proposes measures to simplify tax returns for individuals will mean automatic tax refunds for around 750,000 New Zealanders.
What does this mean to you?
- Taxation Bill will simplify tax obligations for individuals who only earn employment or investment income.
- Refunds will automatically be paid out removing the need to file a personal tax summary (PTS) to get a tax refund.
- Eliminates a tax refund bill from dodgy tax refund firms.
Other changes include:
- introduces a ‘short process ruling’ where small businesses can more easily apply for a binding ruling from Inland Revenue on any tax matter;
- provides the Commissioner of Inland Revenue with more flexibility to deal with minor anomalies in tax legislation;
- allows over-65 year olds to join KiwiSaver as a provider of low cost managed funds. Employers would not be obliged to contribute for over-65s but may do so voluntarily
- adds new KiwiSaver contribution rates of 6% and 10%
- improves the ability of taxpayers to fix errors in tax returns; and
- sets the annual tax rates for the 2018-19 tax year, which remain unchanged from previous tax years.
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