New Zealand Inland Revenue has announced that parliament passed the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill in its third reading on 24 March 2021. The Bill is now awaiting royal assent to be enacted.
The Bill includes measures to:
- Allow businesses to claim greater deductions for feasibility expenditure, including that qualifying expenditure totaling less than NZD 10,000 is deductible immediately, with excess expenditure deductible over five y…