The New Zealand government today announced that parliament has passed the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill.
The bill includes measures to allow businesses to claim greater deductions for feasibility expenditures, loosen the loss continuity rules, extend the bright-line test, and require consistent allocation of the purchase price of property in an asset sale.
The bill now awaits royal assent.
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