New Zealand Legislation: Acts

RA 21 Regulations

• PAYE income payments

  (1) The Governor-General may make regulations by Order in Council to—

  • (a) declare a particular payment, or particular class of payments, to be included in, or excluded from, the definition of—

    • (i) salary or wages; or

    • (ii) extra pay; or

    • (iii) schedular payment:

  • (b) provide further rules in relation to schedular payments as set out in subsection (2):

  • (c) provide that the regulations do not apply to a particular person, or class or persons, on notification from the Commissioner.

  Schedular payments

  (2) For the purposes of subsection (1)(b), regulations may be made under this Act or the Tax Administration Act 1994 in relation to schedular payments for the following purposes:

  • (a) to set the amount of tax for a particular schedular payment or particular class of schedular payment:

  • (b) to provide that the Commissioner may, if a person asks, set the rate of tax for a schedular payment to the person:

  • (c) to provide that the amount of tax for a particular schedular payment, class of schedular payment, or schedular payments under a particular threshold is the person’s income tax liability in relation to the relevant kind of income:

  • (d) to provide that an amount of tax must be withheld and paid despite any assignment or charge.

  Employment-related loans

  (3) The Governor-General may make regulations by Order in Council to declare the rate of interest applying to employment-related loans.

  Application to quarters

  (4) When regulations referred to in subsection (3) are made, they apply to quarters starting from a date at least 1 month following the date the regulations were made. Regulations that reduce the rate of interest from the prescribed rate of interest at the time, if made at least 1 month before the quarter ends, may apply for that quarter.

  Defined in this Act: amount of tax, employment-related loan, extra pay, income, income tax liability, interest, notify, pay, prescribed rate of interest, quarter, salary or wages, schedular payment, tax,

  Compare: 2004 No 35 ss NC 21, ND 1F

  Section RA 21(4): amended (with effect on 1 April 2008), on 6 October 2009, by section 494 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).