26 Mar 2009

Parliament passes changes to business tax

8:00 pm on 26 March 2009

Tax changes intended to help out small businesses in tough times have been passed by Parliament.

The Taxation Bill is aimed at helping businesses' cash flow and raises the thresholds for PAYE, fringe benefit tax, and goods and services tax (GST).

The changes were announced in February as part of the Government's wider package of assistance measures for smaller businesses, which it says is worth more than $480 million over the next four years.

Revenue Minister Peter Dunne says the changes reduce the cost and effort of tax compliance.