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The Taxation (Annual Rates, Returns Filing, and Remedial Matters) Bill was introduced into Parliament on 14 September 2011. It received its first reading on 27 September 2011, the second reading on 2 August 2012 and its third reading on 25 October 2012.
The new Act simplifies returns filing and record-keeping requirements, raises the minimum employee and employer contribution rates for KiwiSaver announced in Budget 2011, and ensures that expenditure on software development is deductible if the software cannot be used and the project is abandoned.
Additional provisions were added to the bill by two supplementary order papers. Supplementary Order Paper No. 1 was released on 7 February 2012 and contained a number of technical amendments to the look-through company and limited partnership provisions. Supplementary Order No. 98, released on 6 August 2012, addressed matters relating to the Canterbury earthquakes and contained measures to ensure the international tax rules work as intended.
The resulting Act received Royal assent on 2 November 2012. It amends several Acts, including the Income Tax Act 2007, Income Tax Act 2004, Income Tax Act 1994, Tax Administration Act 1994, Goods and Services Tax Act 1985, KiwiSaver Act 2006, Child Support Act 1991, the Taxation (Tax Administration and Remedial Matters) Act 2011, as well as certain regulations.