Budget 2011 announced changes to KiwiSaver, Working for Families and Student Loans. The proposed changes to these schemes are intended to make the schemes more sustainable.
Also announced were changes to the thin capitalisation rules, reviews of livestock valuation election rules, the taxation of high value assets used for mixed business and private use, and certain aspects of the tax and social assistance treatment of non-cash benefits. An update on funds allocated to Inland Revenue in Budget 2010 for compliance and debt operations was also released.
For more information see the Government’s Budget 2011 tax announcements at: