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The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill was introduced into Parliament on 2 July 2008. It received its first reading on 6 August 2008, the second reading on 4 August 2009 and its third reading on 15 September 2009.
At the report-back stage of the bill the Finance and Expenditure Committee recommended a number of changes to the legislation, including deferring the application dates of many of the reforms. A number of substantial amendments were also made by Supplementary Order Papers 224, 34 and 35. The resulting Act received Royal assent on 6 October 2009.
The new Act amends the Income Tax Act 2007, Income Tax Act 2004, Tax Administration Act 1994, Income Tax Act 1994, Income Tax Act 1976, Estate and Gift Duties Act 1968, Stamp and Cheque Duties Act 1971, Taxation Review Authorities Act 1994, Taxation (Business Taxation and Remedial Matters) Act 2007, Companies Act 1993, Insolvency Act 2006, Income Tax (Depreciation Determinations) Regulations 1993, Goods and Services Tax Act 1985, Goods and Services Tax (Grants and Subsidies) Order 1992, KiwiSaver Act 2006 and the KiwiSaver Regulations 2006.