Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013
Lists the various Acts and regulations amended by the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013.
The Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill was introduced into Parliament on 13 September 2012. It received its first reading on 29 November, the second reading on 27 June 2013 and its third reading on 10 July 2013. The resulting Act received Royal assent on 17 July 2013.
The new Act introduces a range of measures to help improve the integrity of the tax system. These include:
- tightening the deduction rules for assets used for both private and income-earning purposes;
- changes to the GST rules, including a registration system to allow GST refunds for certain non-resident businesses;
- making lease inducement and lease surrender payments taxable to the recipient and tax deductible for the payer; and
- further detail to support the livestock valuation rules that were amended as part of Budget 2012.
The new Act amends the Income Tax Act 2007, Income Tax Act 2004, Tax Administration Act 1994, Goods and Services Tax Act 1985, KiwiSaver Act 2006, Student Loan Scheme Act 2011, Stamp and Cheque Duties Act 1971, Social Security Act 1964, the Search and Surveillance Act 2012, Child Support Amendment Act 2013, and various regulations.