This Act is administered by the Inland Revenue Department.
1 Title
2 Commencement
Part 1Amendments to Income Tax Act 2004
3 Income Tax Act 2004
4 Disposals of certain shares by portfolio investment entity after declaration of dividend
5 Section CP 1 replaced
CP 1 Portfolio investor allocated income
6 New heading and section CX 1B
KiwiSaver and complying superannuation fund tax credits
CX 1B KiwiSaver and complying superannuation fund tax credits
7 Proceeds from disposal of certain shares by portfolio investment entities
8 Portfolio investor allocated income and distributions of income by portfolio tax rate entities
9 New section CX 44E inserted
CX 44E Rebates of certain fees by portfolio tax rate entities
10 Cost of revenue account property
11 Section DB 43B replaced
DB 43B Certain investors have deduction for portfolio investor allocated loss
12 New section DB 43C inserted
DB 43C Certain fees charged by portfolio tax rate entities to investors not allowed as deductions
13 Meaning of trading stock
14 Meaning of CFC
15 Foreign investment vehicles
16 Investor membership requirement
17 Investor return adjustment requirement: portfolio tax rate entity
18 Imputation credit distribution requirement: imputation credit account company
19 Investor interest size requirement
20 Further eligibility requirements relating to investments
21 New section HL 11B inserted
HL 11B Unlisted company may choose to become portfolio listed company
22 Becoming portfolio investment entity
23 Ceasing to be portfolio investment entity
24 Portfolio allocation period and portfolio calculation period
25 Treatment of income not allocated to investor, allocated but not vested in investor
26 Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period
27 Portfolio entity tax liability and rebates of portfolio tax rate entity for period
28 Payments of tax by portfolio tax rate entity making no election
29 Payments of tax by portfolio tax rate entity choosing to make payments when investor leaves
30 New section HL 23B inserted
HL 23B Optional payments of tax by portfolio tax rate entities
31 Portfolio investor allocated income and portfolio investor allocated loss
32 Treatment of portfolio investor allocated loss for other investors
33 Credits received by portfolio tax rate entity or portfolio investor proxy
34 Portfolio entity formation loss
35 Treatment of portfolio class taxable loss and portfolio class land loss for tax year
36 Portfolio investor proxies
37 Companies included in group of companies
38 Rebate for portfolio tax rate entity relating to certain investors
39 New subpart KJ
Subpart KJ—KiwiSaver scheme and complying superannuation fund tax credits
KJ 1 Tax credits relating to KiwiSaver scheme and complying superannuation fund members
KJ 2 Person's requirements
KJ 3 Tax credit amount
KJ 4 Payment
KJ 5 Rules
40 Credit for investor for tax paid by entity if portfolio investor allocated income not excluded income
41 New section LD 10B inserted
LD 10B Credit for zero-rated portfolio investor for tax paid by entity in relation to portfolio investor allocated income
42 Credit for investor for payment under section HL 21(5) by entity for portfolio investor exit period
43 Methods for calculating provisional tax liability
44 GST ratio method
45 Calculating amount of instalment under standard and estimation methods
46 Calculating amount of instalment using GST ratio
47 New sections MZ 10 to MZ 12
MZ 10 Calculating provisional tax instalments: section MB 4
MZ 11 Calculating provisional tax instalments: sections MB 7 and MB 10
MZ 12 Calculating provisional tax instalments: section MB 9
48 Application of NRWT rules
49 Definitions
50 Schedule 1—Basic rates of income tax and specified superannuation contribution withholding tax
8B
Part 2Amendments to other Acts and Regulations
Tax Administration Act 1994
51 Tax Administration Act 1994
52 Portfolio tax rate entity to give statement to investors and request information
53 Annual returns of income not required
54 Commissioner may approve furnishing of return information by electronic means
55 Portfolio tax rate entities and portfolio investor proxies to make returns, file annual reconciliation statement
56 New section 68C
68C Tax credit relating to KiwiSaver and complying superannuation fund members: member credit form
KiwiSaver Act 2006
57 KiwiSaver Act 2006
58 Interpretation
59 Application
60 Other situations when automatic enrolment rules do not apply
61 Eligibility to be exempt employer
62 Employer may choose scheme for employees
63 Notification of transfers and requirement to transfer funds and information
64 Contributions from employer may be paid via Commissioner
65 Employer must give notice that employer contributions to be paid via Commissioner
66 New section 128A
128A Terms relating to members' tax credits implied into trust deed
67 Application of Securities Act 1978
68 New section 233
233 Transitional provision: pre-1 July 2007 securities law documentation
69 Schedule 1—KiwiSaver scheme rules
17 Crown contributions: tax credits
Companies Act 1993
70 Dividends
Superannuation Schemes Act 1989
71 Dealing with applications for complying superannuation funds
Taxation (Savings Investment and Miscellaneous Provisions) Act 2006
72 New section 97B inserted
97B Application under section HL 11
Goods and Services Tax (Grants and Subsidies) Order 1992
73 Schedule—Non-taxable grants and subsidies
5
Legislative history
The Parliament of New Zealand enacts as follows: