Source: Inland Revenue Department –
The Government’s Bill introduced under urgency today, has now passed through all stages. The Bill, which is part of the Government’s economic response to the pandemic, includes targeted measures aimed at providing relief to those that have been economically affected by the coronavirus. The Bill also includes measures aimed at addressing the broader economic impacts of the outbreak. The main features of the Bill include:
• Restoring building depreciation.
• Increasing the provisional tax threshold to remove smaller businesses from the tax provisional tax regime.
• Allowing immediate low-value asset write offs for more assets.
• Bringing forward broader R&D refundability.
• Allowing use of money interest to be waived.
• Allowing greater information sharing with a wider group of government agencies to assist the efficient and effective delivery of the Government’s COVID-19 response; and
• Allowing wider access to the in-work tax credit.
For more information see the Bill, the commentary, and disclosure statement.