Tax bill introduced
The Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was introduced in Parliament today.
The Bill proposes that when an offshore supplier, such as a website or an online marketplace, has annual sales to New Zealanders above the $60,000 GST registration threshold, they will have to register for GST. The change would apply to imported goods valued up to $1,000 and is proposed to come into effect from 1 October next year.
The Bill also contains other measures including:
- making some income earned by student loan borrowers subject to withholding tax;
- confirming in the legislation Inland Revenue’s existing operational practice to allow businesses to keep their tax records in te reo Māori;
- ring-fencing losses on residential rental properties; and
- setting the annual tax rates for 2019–20 (which remain unchanged).
In addition, the bill contains a number of minor policy and remedial amendments to relevant tax Acts to maintain the integrity and efficiency of the tax system.
For more information see: