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On 28 September 2021, the Government released their draft legislation for amendments to interest deductibility legislation and how new builds will be treated for bright-line tax purposes.
Following the discovery of a community case of the Delta variant of COVID-19, at 11. 59pm on 17 August 2021, New Zealand was placed into Alert Level 4 Lockdown.
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.
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.
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).