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Limited guidance on Interest limitation rules
On 10 June the Government released their discussion document “Design of the interest limitation rule and additional bright-line rules”. The discussion document provides details on the proposed interest limitation and bright-line rules, following the 23 March 2021 announcements.
New Requirements for Purchase Price Allocation from 1 July 2021
If you are planning to buy or sell a business this year, you need to be aware of the new purchase price allocation rules which come into effect on 1 July 2021.
The Bright-Line Test and Main Home Exemption – What You Need To Know
On 23 March, the Government passed their amendments to the residential-property bright-line test under urgency, and without consultation via a Supplementary Order Paper (SOP).
Property Investors Hit Hard by Tax Reforms
The Government has announced huge tax reforms. These tax reforms are attempting to grapple with the housing crisis, and tip the balance of power in the market towards first home buyers and long-term investors.
Business Continuity Test Set to Change
The Minister of Revenue has recently indicated his intention to introduce legislation to relax New Zealand’s loss continuity rules. Currently, New Zealand’s loss continuity rules are among the strictest in the world.
IRD cracking down on property sales
While New Zealand does not have a comprehensive capital gains tax, we do have a capital gains tax in relation to property known as the bright-line test.