New Zealand updates its partnership legislation : from policy to draft legislation - a tax perspective.
01 Dec 07 |
BULLETIN FOR INTERNATIONAL TAXATION
Issue: Vol 61 No 12 2007
The NZ government released a discussion document in June 2006 setting out the new tax rules that will apply to limited partnerships. The discussion document, entitled General and Limited Partnerships - Proposed Tax Changes, proposes to codify the current tax rules applicable to general partnerships and introduces new rules for limited partnerships which will apply to business activities that operate in partnership form in all sectors.
This article provides an overview of the reasons for reviewing the partnership law in NZ and the associated taxation issues, summarises the proposals in the discussion document, and analyses the major tax changes proposed. The article also considers the initial public comments on the proposals and the themes that emerged from the submissions on the discussion document.
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Adrian is Professor of Taxation in the
Department of Accounting and Information Systems at the University of Canterbury,
- Current at
01 March 2015