Estate and Gift Duties Amendment Act 1996

Estate and Gift Duties Amendment Act 1996

Public Act1996 No 62
Date of assent26 July 1996

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title, application, and commencement
  • (1) This Act may be cited as the Estate and Gift Duties Amendment Act 1996, and shall be read together with and deemed part of the Estate and Gift Duties Act 1968 (in this Act referred to as the principal Act).

    (2) Except as provided in subsections (3) and (4) of this section, and subject to section 6 of this Act, the provisions of this Act shall apply with respect to tax obligations, liabilities, and rights that are to be performed under or arise with respect to all dutiable gifts made on or after the 1st day of April 1997.

    (3) Except as provided in subsection (4) of this section, sections 3, 8, and 9 of this Act come into force on the 1st day of October 1996.

    (4) Where—

    • (a) A provision of this Act amends, inserts, or repeals a provision (the relevant provision) of the principal Act; and

    • (b) The relevant provision is referred to in, or necessary for the purposes of, another provision (the other provision) of the principal Act; and

    • (c) The other provision—

      • (i) Is amended, inserted, or repealed by this Act; and

      • (ii) Has an application date that is not the same as the general application date for the relevant provision,—

      the relevant provision shall, for all purposes in regard to the other provision, have the same application date as the other provision.

2 Interpretation
  • (1) This subsection inserted the definition of infant of the deceased in s 2(1) of the principal Act.

    (2) This subsection inserted the definition of orphan infant child in s 2(1) of the principal Act.

3 Assessment of gift duty
  • This section substituted s 82(7) of the principal Act.

4 Penalty on unpaid gift duty
  • This section substituted s 83(1) of the principal Act.

5 Interest on unpaid gift duty
  • Section 84 of the principal Act is amended by repealing subsections (1) and (2).

6 Remission of penalty and interest on gift duty
  • (1) Section 88 of the principal Act is repealed.

    (2) This section comes into force on the 1st day of April 1997.

7 Refund of gift duty, penalty, and interest paid in excess
  • Section 89 of the principal Act is amended—

    • (a) By omitting from subsection (1) the words section 88 of this Act, and substituting the words Part XI of the Tax Administration Act 1994:

    • (b) By omitting from subsection (2) the words at the rate of 5 per cent per annum from the date of payment, and substituting the words computed and payable in accordance with Part VII of the Tax Administration Act 1994.

8 Repeal of Part 7—objections
  • (1) Part 7 of the principal Act is repealed.

    (2) Notwithstanding subsection (1) of this section, Part 7 of the principal Act continues to apply as if it had not been repealed to every notice of assessment or reassessment—

    • (a) Issued by the Commissioner under the principal Act before the 1st day of April 1996; or

    • (b) Referred to in section 90A(2) of the principal Act (as inserted by section 9 of this Act).

    (3) The Commissioner may, with the written agreement of a person who has been assessed for a tax liability under this Act, specify that a notice of assessment or reassessment—

    • (a) Issued before the 1st day of October 1996, is to be treated as if it had been issued after that date (in which case the provisions of Parts 4A and 8A of the Tax Administration Act 1994 apply to the notice); or

    • (b) Issued on or after the 1st day of October 1996, is to be treated as if it had been issued before that date (in which case the provisions of Part 7 of the principal Act continue to apply to the notice).

9 Application of Parts 4A and 8A of Tax Administration Act 1994
  • This section inserted s 90A of the principal Act.

10 Application of Part 9 of Tax Administration Act 1994
  • This section substituted s 95 of the principal Act.

11 Duty recoverable by Commissioner in official name
  • Section 97 of the principal Act is repealed.