Budget 2013 tax announcements

Date: 23 May 2013

Tax break - improved the tax treatment of specific forms of business "black hole" expenditure.  Fact sheet - Black hole expenditure fact sheet

Tax Break - cash out tax losses for research and development intensive start-up firms.  Media statement - R&D tax-break proposal to boost start-ups

Property dealers - timing is everything.  Clarify the date when land is acquired for sale or disposal media statement - Property investment focus to return $45m a year 

Student Loans Scheme:

  • Information-sharing agreement between Inland Revenue and the Department of Internal Affairs to collect contact details from passport renewal applications.
  • Adjusting the overseas-based borrower repayment thresholds so that borrowers with higher loan balances have a higher repayment obligation. 
  • Making it an offence for a borrower to knowingly default on an overseas-based borrower repayment obligation so that an arrest warrant can be requested to prevent the most non-compliant borrowers from leaving the country.

Full details of Budget 2013 announcements are available at www.treasury.govt.nz/budget/2013

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