Govt seeks tax views

The Government is calling for public submissions on new tax laws which aim to more closely align depreciation rates with commercial realities and lower the low-value asset threshold.

The Taxation (Depreciation, Payment Dates Alignment, FBT and Miscellaneous Provisions) Bill has been given its first reading and has been referred to Parliament's finance and expenditure committee.

Committee chairman Clayton Cosgrove said the bill would change the payment of provisional tax and GST to the 28th day of the month.

"It is proposed that taxpayers will be able to calculate their provisional tax using the ratio method, based on a percentage of their taxable supplies, in order to align their provisional tax payments with cashflow."

- NZPA