Reprint
as at 1 October 1986

Coat of Arms of New Zealand

Finance Act 1954

Public Act1954 No 90
Date of assent1 October 1954
Commencement1 October 1954

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Treasury.


Contents

Title

1 Short Title

Part 1
Public revenues and loans

2 Authorizing Minister of Finance to acquire shares in company formed for production of heavy water and geothermal energy [Repealed]

3 Joint Loan Agents for loans raised in United Kingdom [Repealed]

4 Validating general increase of salaries of Government servants

5 Valuation of sports grounds for land tax purposes [Repealed]

6 Compensation in connection with outbreak of scrapie disease [Repealed]

7 Salaries of Judges of Supreme Court [Repealed]

8 Salary of additional Judge of Court of Arbitration [Repealed]

9 Salary of Judge of Land Valuation Court [Repealed]

10 Salary of Judge of Compensation Court [Repealed]

11 Salary of Local Government Appeal Authority [Repealed]

12 Salaries of Magistrates [Repealed]

13 Salaries of Judges of Maori Land Court

14 Salary of Controller and Auditor-General [Repealed]

15 Amending provisions as to Electric Supply Account [Repealed]

Part 2
Customs Acts amendment

[Repealed]

Customs

[Repealed]

16 Articles imported in parts [Repealed]

17 Alteration of Tariff as to passengers' baggage and effects [Repealed]

Sales tax

[Repealed]

18 Additional exemptions from sales tax [Repealed]

Part 3
Social security and war pensions

Social security

[Repealed]

19 Liability for social security charge of companies engaged in mining for gold, etc [Repealed]

War pensions

20 Validating increases in war pensions and allowances from 15 September 1953

Part 4
Cinematograph films

[Repealed]

21 This Part to be read with Cinematograph Films Act 1928 [Repealed]

22 Inland Revenue Act [Repealed]

Income tax

[Repealed]

23 Assessment of film renters for income tax [Repealed]

Social security charge

[Repealed]

24 Assessment of film renters for social security charge [Repealed]

Film hire tax

[Repealed]

25 Calculation of net receipts for assessment of film hire tax [Repealed]

26 Quarterly returns of receipts by licensed renters [Repealed]

27 Dates for payment of film hire tax [Repealed]

28 Application of amendments as to film hire tax [Repealed]

Part 5
Local authorities and public bodies

29 Majority required to carry proposal to raise a special loan [Repealed]

30 Empowering certain local authorities to expend money in connection with the Southland centennial celebrations

31 Validating excess overdrafts of local authorities as result of wage increase

Part 6
Miscellaneous

32 Salary and superannuation rights of F W Ongley, Esquire, former Judge of Compensation Court

33 Superannuation rights of W F Stilwell, Esquire, additional Judge of Court of Arbitration

34 Public Trustee to administer the Nelson Rifle Prize Fund [Repealed]

35 Breach of extension orders under Agricultural Workers Act 1936 [Repealed]

36 Land Transfer (Foreign Governments) Act 1945 repealed

37 Repeal of Iron and Steel Industry Act 1937 and amendments

38 Armed Forces Canteen Council may acquire land and buildings for council purposes

39 Validating grant by New Zealand Meat Producers Board to widow of the late J J Evans

40 New Zealand Meat Producers Board may make advances and give guarantees to societies engaged in meat export business [Repealed]

Schedule 1
Substituted provisions of Customs Tariff

[Repealed]

Schedule 2
Additional exemptions from sales tax

[Repealed]


An Act to make provision with respect to public finance and other matters

1 Short Title
  • This Act may be cited as the Finance Act 1954.

Part 1
Public revenues and loans

2 Authorizing Minister of Finance to acquire shares in company formed for production of heavy water and geothermal energy
  • [Repealed]

    Section 2: repealed, on 1 April 1978, by section 163(1) of the Public Finance Act 1977 (1977 No 65).

3 Joint Loan Agents for loans raised in United Kingdom
  • [Repealed]

    Section 3: repealed, on 1 April 1978, by section 163(1) of the Public Finance Act 1977 (1977 No 65).

4 Validating general increase of salaries of Government servants
  • (1) Notwithstanding anything to the contrary in the Public Service Act 1912 or in any other enactment, and without limiting any other powers in that behalf, it is hereby declared that there may be paid from money appropriated by Parliament for the payment of salaries and of allowances in the nature of salaries to persons employed by the Crown amounts by way of increase of salary from 14 September 1953, which shall not exceed in any case the sum of 62 pounds 8 shillings a year.

    (2) This section shall be deemed to have come into force on 15 September 1953.

5 Valuation of sports grounds for land tax purposes
  • [Repealed]

    Section 5: repealed, on 27 November 1970, by section 9(1)(b) of the Valuation of Land Amendment Act 1970 (1970 No 118).

6 Compensation in connection with outbreak of scrapie disease
  • [Repealed]

    Section 6: repealed, on 16 November 1967, by section 109 of the Animals Act 1967 (1967 No 50).

7 Salaries of Judges of Supreme Court
  • [Repealed]

    Section 7: repealed (with effect on 1 April 1956), on 26 October 1956, by section 3(2) of the Judicature Amendment Act 1956 (1956 No 80).

8 Salary of additional Judge of Court of Arbitration
  • [Repealed]

    Section 8: repealed, on 1 November 1954, by section 224(1) of the Industrial Conciliation and Arbitration Act 1954 (1954 No 72).

9 Salary of Judge of Land Valuation Court
  • [Repealed]

    Section 9: repealed (with effect on 1 April 1956), on 26 October 1956, by section 2(2) of the Land Valuation Court Amendment Act 1956 (1956 No 81).

10 Salary of Judge of Compensation Court
  • [Repealed]

    Section 10: repealed, on 1 April 1957, by section 138(1) of the Workers' Compensation Act 1956 (1956 No 62).

11 Salary of Local Government Appeal Authority
  • [Repealed]

    Section 11: repealed, on 1 January 1962, by section 46(1)(b) of the Local Government Commission Act 1961 (1961 No 132).

12 Salaries of Magistrates
  • [Repealed]

    Section 12: repealed (with effect on 1 April 1956), on 26 October 1956, by section 2(2) of the District Courts Amendment Act 1956 (1956 No 84).

13 Salaries of Judges of Maori Land Court
  • (1) Notwithstanding anything in section 21 of the Maori Affairs Act 1953, there shall be paid out of the Consolidated Fund, without further appropriation than this section,—

    • (a) to the Chief Judge of the Maori Land Court, a salary at the rate of 1,800 pounds a year:

    • (b) to each other Judge of the Maori Land Court, a salary at the rate of 1,700 pounds a year.

    (2) This section shall continue in force until money is first appropriated by Parliament after the passing of this Act for the purpose of paying the salaries of the persons referred to in this section, and shall then expire.

    (3) Amendment(s) incorporated in the Act(s).

14 Salary of Controller and Auditor-General
  • [Repealed]

    Section 14: repealed (with effect on 1 April 1956), on 26 October 1956, by section 2(2) of the Public Revenues Amendment Act 1956 (1956 No 94).

15 Amending provisions as to Electric Supply Account
  • [Repealed]

    Section 15: repealed, on 17 December 1968, by section 56 of the Electricity Act 1968 (1968 No 125).

Part 2
Customs Acts amendment

[Repealed]

  • Part 2: repealed, on 1 July 1974, pursuant to section 83(1) of the Sales Tax Act 1974 (1974 No 18).

Customs

[Repealed]

  • Heading: repealed, on 1 July 1962, pursuant to section 11(6) of the Customs Acts Amendment Act 1961 (1961 No 57).

16 Articles imported in parts
  • [Repealed]

    Section 16: repealed, on 1 July 1962, by section 11(6) of the Customs Acts Amendment Act 1961 (1961 No 57).

17 Alteration of Tariff as to passengers' baggage and effects
  • [Repealed]

    Section 17: repealed, on 1 July 1962, by section 11(6) of the Customs Acts Amendment Act 1961 (1961 No 57).

Sales tax

[Repealed]

  • Heading: repealed, on 1 July 1974, pursuant to section 83(1) of the Sales Tax Act 1974 (1974 No 18).

18 Additional exemptions from sales tax
  • [Repealed]

    Section 18: repealed, on 1 July 1974, by section 83(1) of the Sales Tax Act 1974 (1974 No 18).

Part 3
Social security and war pensions

Social security

[Repealed]

  • Heading: repealed, on 24 October 1957, pursuant to section 5(3) of the Income Tax Assessment Act 1957 (1957 No 93).

19 Liability for social security charge of companies engaged in mining for gold, etc
  • [Repealed]

    Section 19: repealed, on 24 October 1957, by section 5(3) of the Income Tax Assessment Act 1957 (1957 No 93).

War pensions

20 Validating increases in war pensions and allowances from 15 September 1953
  • (1) Notwithstanding anything to the contrary in the War Pensions Act 1943 or the War Pensions and Allowances (Mercantile Marine) Act 1940, a War Pensions Board may, in its discretion and in accordance with any general or special directions of the Minister of Defence, in respect of any period commencing not earlier than 15 September 1953 and ending before the date of the commencement of the War Pensions Act 1954, increase the rate of any war pension or allowance by not more than 15 shillings a week in the case of any pension or 1 pound a week in the case of any allowance.

    (2) In determining any application for an increase under this section a War Pensions Board may take into account such factors of economic significance (including any bonus received by the applicant from the Consolidated Fund) as it thinks fit.

    (3) This section shall be deemed to have come into force on 15 September 1953.

Part 4
Cinematograph films

[Repealed]

  • Part 4: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

21 This Part to be read with Cinematograph Films Act 1928
  • [Repealed]

    Section 21: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

22 Inland Revenue Act
  • [Repealed]

    Section 22: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

Income tax

[Repealed]

  • Heading: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

23 Assessment of film renters for income tax
  • [Repealed]

    Section 23: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

Social security charge

[Repealed]

  • Heading: repealed, on 24 October 1957, pursuant to section 5(3) of the Income Tax Assessment Act 1957 (1957 No 93).

24 Assessment of film renters for social security charge
  • [Repealed]

    Section 24: repealed, on 24 October 1957, by section 5(3) of the Income Tax Assessment Act 1957 (1957 No 93).

Film hire tax

[Repealed]

  • Heading: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

25 Calculation of net receipts for assessment of film hire tax
  • [Repealed]

    Section 25: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

26 Quarterly returns of receipts by licensed renters
  • [Repealed]

    Section 26: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

27 Dates for payment of film hire tax
  • [Repealed]

    Section 27: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

28 Application of amendments as to film hire tax
  • [Repealed]

    Section 28: repealed, on 1 October 1986, by section 4(1) of the Taxation Acts Repeal Act 1986 (1986 No 48).

Part 5
Local authorities and public bodies

29 Majority required to carry proposal to raise a special loan
  • [Repealed]

    Section 29: repealed, on 1 April 1957, by section 135(1) of the Local Authorities Loans Act 1956 (1956 No 63).

30 Empowering certain local authorities to expend money in connection with the Southland centennial celebrations
  • It shall be lawful and be deemed to have been lawful for any local authority or public body whose district lies wholly or partly within the boundaries of the Southland Land District to expend money out of its general fund or account towards celebrating and commemorating the 100th anniversary of the settlement of Southland, and in connection with the establishment of a centennial memorial or centennial memorials, and to make grants to the body known as the Southland Centennial Association Incorporated for any such purpose.

31 Validating excess overdrafts of local authorities as result of wage increase
  • Notwithstanding anything to the contrary in the Local Bodies' Finance Act 1921–22, it shall be deemed to be and to have been lawful for any local authority within the meaning of that Act to owe as at the last day of its financial year that was current on 19 November 1953, in excess of the limits prescribed by that Act, a sum not exceeding the total of all money expended by the local authority during that financial year to meet increases in salary or wages or under any contract entered into before 19 November 1953, which are directly attributable to the general wage order made on that date by the Court of Arbitration under the Economic Stabilization Regulations 1953.

Part 6
Miscellaneous

32 Salary and superannuation rights of F W Ongley, Esquire, former Judge of Compensation Court
  • Whereas Frederick William Ongley, Esquire, former Judge of the Compensation Court, retired from that office on 31 December 1951:

    And whereas under the Compensation Court Regulations 1940 he was during his tenure of office entitled to the same salary as the Judge of the Court of Arbitration:

    And whereas on 6 December 1951 the salary of the Judge of the Court of Arbitration was increased by 350 pounds a year to 2,600 pounds a year and it is desirable that the salary of the said Frederick William Ongley should be increased to that amount as from that date to the date of his retirement and that his superannuation be increased consequentially:

    Be it therefore enacted as follows:

    (1) There shall be paid to the said Frederick William Ongley out of the Consolidated Fund, without further appropriation than this section, as an addition to the salary paid to him as the Judge of the Compensation Court in respect of the period that commenced on 6 December 1951 and ended with 31 December 1951, an amount calculated at the rate of 350 pounds a year.

    (2) For the purpose of determining the rights of the said Frederick William Ongley to a superannuation allowance on his retirement from that office, the amount of his annual salary at the time of his retirement shall be deemed to have been 2,600 pounds a year.

33 Superannuation rights of W F Stilwell, Esquire, additional Judge of Court of Arbitration
  • Whereas Wilfred Fosberrey Stilwell, Esquire, an additional Judge of the Court of Arbitration, was appointed to his present office as from 4 November 1949:

    And whereas he had held office as a Deputy Judge of that court from 28 April 1948 to the date of his appointment as an additional Judge of that court:

    And whereas it is desirable that the period during which he held office as a Deputy Judge shall for superannuation purposes be deemed to be service as an additional Judge of that court:

    Be it therefore enacted as follows:

    For the purpose of determining the rights of the said Judge to a superannuation allowance on his retirement from his present office, the period for which he has held his present office as an additional Judge of the Court of Arbitration shall be deemed to have commenced on 28 April 1948.

34 Public Trustee to administer the Nelson Rifle Prize Fund
  • [Repealed]

    Section 34: repealed, on 1 April 1972, by section 89(2) of the Defence Act 1971 (1971 No 52).

35 Breach of extension orders under Agricultural Workers Act 1936
  • [Repealed]

    Section 35: repealed, on 1 June 1963, by section 32(1) of the Agricultural Workers Act 1962 (1962 No 137).

36 Land Transfer (Foreign Governments) Act 1945 repealed
  • Amendment(s) incorporated in the Act(s).

37 Repeal of Iron and Steel Industry Act 1937 and amendments
  • The following enactments are hereby repealed, namely:

    • (a) the Iron and Steel Industry Act 1937:

    • (b)–(h) Amendment(s) incorporated in the Act(s).

38 Armed Forces Canteen Council may acquire land and buildings for council purposes
  • Amendment(s) incorporated in the Act(s).

39 Validating grant by New Zealand Meat Producers Board to widow of the late J J Evans
  • The payment made out of its funds during the financial year of the board that ended with 30 June 1954, by the New Zealand Meat Producers Board, established under the Meat Export Control Act 1921–22, as a compassionate allowance to the widow of Joseph John Evans, deceased, former General Manager of the board, is hereby validated and declared to have been lawfully made.

40 New Zealand Meat Producers Board may make advances and give guarantees to societies engaged in meat export business
  • [Repealed]

    Section 40: repealed, on 19 October 1978, by section 3(2)(b) of the Meat Export Control Amendment Act 1978 (1978 No 110).


Schedule 1
Substituted provisions of Customs Tariff

s 17

[Repealed]

  • Schedule 1: repealed, on 1 July 1962, by section 11(6) of the Customs Acts Amendment Act 1961 (1961 No 57).


Schedule 2
Additional exemptions from sales tax

s 18

[Repealed]

  • Schedule 2: repealed, on 1 July 1974, by section 83(1) of the Sales Tax Act 1974 (1974 No 18).


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Finance Act 1954. The reprint incorporates all the amendments to the Act as at 1 October 1986, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • Taxation Acts Repeal Act 1986 (1986 No 48): section 4(1)

    Meat Export Control Amendment Act 1978 (1978 No 110): section 3(2)(b)

    Public Finance Act 1977 (1977 No 65): section 163(1)

    Sales Tax Act 1974 (1974 No 18): section 83(1)

    Defence Act 1971 (1971 No 52): section 89(2)

    Valuation of Land Amendment Act 1970 (1970 No 118): section 9(1)(b)

    Electricity Act 1968 (1968 No 125): section 56

    Animals Act 1967 (1967 No 50): section 109

    Agricultural Workers Act 1962 (1962 No 137): section 32(1)

    Local Government Commission Act 1961 (1961 No 132): section 46(1)(b)

    Customs Acts Amendment Act 1961 (1961 No 57): section 11(6)

    Income Tax Assessment Act 1957 (1957 No 93): section 5(3)

    Public Revenues Amendment Act 1956 (1956 No 94): section 2(2)

    District Courts Amendment Act 1956 (1956 No 84): section 2(2)

    Land Valuation Court Amendment Act 1956 (1956 No 81): section 2(2)

    Judicature Amendment Act 1956 (1956 No 80): section 3(2)

    Local Authorities Loans Act 1956 (1956 No 63): section 135(1)

    Workers' Compensation Act 1956 (1956 No 62): section 138(1)

    Industrial Conciliation and Arbitration Act 1954 (1954 No 72): section 224(1)