What has Parliament been up to?

A recent Bill contains amendments that will:

  • exempt employers from FBT if they provide training or education to a redundant, or soon to be redundant, employee in order to assist that employee gain new employment (this was announced in last year’s Budget) – applies to benefits provided on or after 2 October 2021;
  • extend the low and middle income tax offset for 12 months (this was announced in this year’s Budget);
  • exempt from CGT a granny flat arrangement if certain requirements are met, including that the individual having the granny flat interest has reached pension age or has a disability, and that the arrangement is in writing and is not of a commercial nature (this was announced in last year’s Budget) – if the Bill becomes law by the end of June, the change will take effect on 1 July 2021, otherwise it will take effect on 1 July 2022;
  • extend the operation of the junior minerals exploration incentive for a further 4 years (this was announced in this year’s Budget); and
  • ensure that New Zealand retains exclusive taxing rights over income derived by NZ sportspersons (and support staff) playing in cross-border-leagues where, due to COVID-19, they spend more than 183 days in Australia in a 12-month period.

Tip!  Talk to your tax adviser if you think any of these measures may affect you.

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