New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) A registered person's taxable period must be one of the following:
(a) a 6-month period, if subsection (2) applies:
(b) a 2-month period:
(c) a 1-month period, if subsection (3) or (4) applies.
(2) A person's taxable period may be a 6-month period if—
(a) the person's taxable supplies in a 12-month period are no more, and are not likely to be more, than $500,000; and
(b) the person applies to the Commissioner to pay on this basis.
(3) A person's taxable period may be a 1-month period if the person applies to the Commissioner to pay on that basis.
(4) A person's taxable period must be a 1-month period if the person's taxable supplies in a 12-month period are more, or are likely to be more, than $24,000,000.
(5) For the purposes of subsections (2) and (4),—
(a) the 12-month period is a period that starts on the first day of a month and ends on the last day of a month:
(b) the amount of a person's taxable supplies does not include the amount of taxable supplies arising as part of—
(i) the ending, including a premature ending, of a taxable activity carried on by the person:
(ii) a substantial and permanent reduction in the size or scale of a taxable activity carried on by the person:
(iii) the replacement of plant or a capital asset used in a taxable activity carried on by the person:
(c) the Governor-General, from time to time, may declare by Order in Council another amount as the limit applying to the value of a person's taxable supplies.
Section 15: substituted, on 1 October 2007, by section 291(1) of the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 (2006 No 3).
Section 15(2)(a): amended, on 30 March 2009, by section 25 of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).
