MAJOR TAX BILL REPORTED BACK. The Finance and Expenditure Select Committee of Parliament has recommended a number of changes in its report back of the Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill.
The Bill was reported back on 3 March 2022, and in its current form contains a wide range of items including the new interest deductibility restrictions, changes to the bright-line rules, modernisation of GST information requirements, changes to improve the workability of the Fair Dividend Rate rules for foreign currency hedges, FBT rate changes, and legislation excluding most crypto assets from the GST and financial arrangement rules.
Following the release of this version of the Bill, another Supplementary Order Paper (no. 134) was released on 9 March 2022, which included, amongst other things, further technical amendments to the existing interest limitation proposals for residential property, and extending rollover relief for certain transfers or disposals of residential land under the bright-line test.
Join us for our April Tax Update Webinar on 8 April 2022 where we will be discussing various aspects of the proposed legislation and our Special Edition Webinar on 13 April 2022 which will focus specifically on the interest deductibility and bright-line changes.