22 Feb 2021 - KiwiSaver (Life-shortening Congenital Conditions) Amendment Regulations 2021 (‘Regulations’) were released, coming into force on 26 March 2021. This is an important component of planning life risk - especially as KiwiSaver balances rise. It isn't quite the predictable model for early withdrawals we would have liked, but valuable for those it does cover, enabling some access to funds where a person's life expectancy is going to be shortened due to our of the listed conditions. https://www.legislation.govt.nz/regulation/public/2021/0025/latest/LMS449982.html
1 Mar 2021 - The Minister of Revenue indicated an intention to introduce legislation to relax New Zealand’s loss continuity rules to allow businesses better access to capital via a supplementary order paper to the Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill later in March. https://taxpolicy.ird.govt.nz/news/2021/2021-03-01-introduction-new-business-continuity-test-tax-losses
1 Mar 2021 – IRD FATCA email update covered:
- S. IRS announced voluntary changes to the FATCA schema for reporting of missing US TINs with application to this coming 2021 FATCA reporting period ended 31 March 2021; and
- A general reminder to New Zealand Financial Institutions ("NZFIs") about the (aggregated) account balance reporting thresholds that apply to whether a person’s financial accounts are reportable.
2 March 2021 – IRD sought feedback on 10 proposed remedial changes to the foreign trust disclosure rules, which were enacted in the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017. Submissions close on 23 March 2021. https://taxpolicy.ird.govt.nz/news/2021/2021-03-02-feedback-sought-foreign-trust-remedials
Feb 2021 - Insurance (Prudential Supervision) Act 2010 (IPSA) RBNZ Review – New submission closing date set of 19 March 2021.
1 March 2021 – NZ Police Financial Intelligence Unit released its Dec 2020-Jan 2021 “Suspicious Activity Report.” https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-dec2020-jan2021.pdf