New Zealand Tax Agency Announces Royal Assent to Omnibus Tax Legislation

The New Zealand Inland Revenue March 31 announced the March 30 royal assent to omnibus tax legislation. The announcement includes that alongside the legislation, April changes include: 1) an option for paying tax on certain foreign pensions, with 28 percent withholding on transferred pension amounts; 2) the increase, to 3.5 percent, in the KiwiSaver default minimum contribution rate for employers and employees, from the first pay date on or after April 1; 3) employees aged 16 and 17 enrolled in KiwiSaver are eligible for compulsory employer contributions; 4) certain property income details from specified forms automatically pre-fill in income tax ...