On 29 November 2019, Inland Revenue of New Zealand has issued updated research and development (R&D) information and draft guidance on the latest proposals. The R&D tax incentives are included in the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill.
The draft guidance coveres following changes:
- changes to the eligibility of organisations which receive exempt income;
- changes to the refundability rules; and
- changes related to the internal software development definition.
Updated R&D information and draft guidance on the latest proposals is available at Inland Revenue website. Suggestions for improvements to the draft guidance will be closed on 11 February 2020.