Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

Bills are proposals to make a new law or to change an existing one. Only Parliament can pass a bill. Each bill goes through several stages, giving MPs and the public the chance to have their say.

This taxation omnibus bill sets the annual rates of income tax for the 2016–17 tax year, and makes changes relating to closely held companies; non-resident withholding tax for related party and branch lending; the goods and services tax; related parties debt remission; loss grouping and imputation; remission income, insolvency, and bankruptcy; aircraft overhaul reserves; New Zealand double tax agreements; Schedule 32 donee status for charities; land tainting and council controlled organisations; loss offsets by mineral miners; Working for Families tax credits; information sharing; and the application of the time bar to ancillary taxes; and makes other remedial amendments.