Source: Inland Revenue Department –
A Supplementary Order Paper to the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill contains two measures proposed by the Government. These are:
– Amendments to simplify the administration of unclaimed money, and
– Adjustments to the threshold for an automatic write-off of taxing owing for individuals.
For more information on these, see the SOP, disclosure statement, the accompanying commentary and the regulatory impact assessment.