“Our tax system will be fairer and more balanced to encourage investment in the productive economy.” Grant Robertson
The budget position on tax is something of a watching brief. The Tax Working Group (TWG) was a tangible presence while the Budget was read but their interim report is not due out until September this year, their final recommendations coming out early 2019. In the meantime, the measures announced include:
- Ring-fencing investors’ tax losses on rental properties so they cannot be offset against other taxable income to reduce net tax paid
- Tax credits for research and development
- Changes to bloodstock tax rules for the New Zealand racing industry attracting new investment to the breeding industry.
Read more on the individual areas of the budget: