Ring-fencing Bill hits Parliament
Revenue Minister Stuart Nash this week released the dry-sounding Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill.
The Bill implements new tax legislation intended to ensure greater fairness in the way the tax system shapes commerce, investment decisions and social policies, he says.
One of the major tax policy changes contained in the Bill deals with the proposed ring-fencing of tax losses from rental properties, which the Government consulted on earlier this year.
“The proposed change will mean residential property investors no longer get a tax break by using losses on rental properties to offset the tax payable on other sources of income such as salary and wages,” Nash says.
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