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Tax Write Offs

The Finance and Expenditure Committee is recommending the current tax Bill before parliament be amended so tax owing of $50 or less can be written off when a person has only earned reportable income (salary, interest etc).

It is also proposed to retain the existing rules to write off tax where the taxpayer’s only income is derived from income tested benefits like WINZ and where the taxpayer had tax to pay as a result of having an extra pay period in the income year.