Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009

Public Act	2009 No 34
Date of assent	6 October 2009
Commencement	see section 2

1 Title

2 Commencement

Part 1
Amendments to Income Tax Act 2007

3 Income Tax Act 2007

4 Income tax liability of person with schedular income

5 Withholding liabilities

6 Other obligations

7 Disposal: land used for landfill, if notice of election

8 Section CB 26 replaced

CB 26 Disposal of certain shares by portfolio investment entities

9 Section CB 27B repealed

10 Heading and section CB 36 replaced

Emissions units under Climate Change Response Act 2002

CB 36 Disposal of emissions units

11 New section CC 8B inserted

CC 8B Certain commercial bills: non-resident holders

12 What is a transfer of value?

13 When is a transfer caused by a shareholding relationship?

14 Section CD 21 repealed

15 Returns of capital: off-market share cancellations

16 Treasury stock acquisitions

17 Property made available intra-group

18 Employee benefits

19 Foreign investment fund income

20 Available subscribed capital (ASC) amount

21 Available capital distribution amount

22 Heading and sections CD 45 to CD 52 repealed

23 Prevention of double taxation of share cancellation dividends

24 Amounts derived in connection with employment

25 Meaning of expenditure on account of an employee

26 Benefits, pensions, compensation, and government grants

27 New subpart CO inserted

Subpart CO—Income from voluntary activities

CO 1 Income from voluntary activities

28 Section CP 1 replaced

CP 1 Attributed income of investors in multi-rate PIEs

29 When attributed CFC income arises

30 When FIF income arises

31 Section CQ 7 repealed

32 Heading to subpart CR replaced

33 Sections CR 1 and CR 2 replaced

CR 1 Policyholder base income of life insurer

CR 2 Shareholder base income of life insurer

34 New section CR 4 added

CR 4 Income for general insurance outstanding claims reserve

35 Withdrawals

36 Exclusions of withdrawals of various kinds

37 Exclusion of withdrawal on partial retirement

38 Exclusion of withdrawal when member ends employment

39 Section CV 10 repealed

40 Section CW 3B repealed

41 Dividend derived by company from overseas

CW 9 Dividend derived from foreign company

42 Proceeds of share disposal by qualifying foreign equity investor

43 Dividends paid by qualifying companies

44 Expenditure on account, and reimbursement, of employees

45 New sections CW 17B and CW 17C inserted

CW 17B Relocation payments

CW 17C Payments for overtime meals and certain other allowances

46 Section CW 37 repealed

47 Local and regional promotion bodies

48 Charities: business income

49 New section CW 59C inserted

CW 59C Life reinsurance outside New Zealand

50 New section CW 62B inserted

CW 62B Voluntary activities

51 Meaning of fringe benefit

52 Contributions to superannuation schemes

53 Benefits provided instead of allowances

54 Section CX 28 replaced

CX 28 Accommodation

55 Section CX 39 repealed

56 Government grants to businesses

57 Amounts remitted as condition of new start grant

58 Section CX 48B repealed

59 New heading and section CX 48C inserted

Government funding of film and television

CX 48C Government funding additional to government screen production payments

60 New heading and section CX 48D inserted

Research and development

CX 48D Tax credits for expenditure on research and development

61 New heading and section CX 51B inserted

Emissions units under Climate Change Response Act 2002

CX 51B Disposal of pre-1990 forest land emissions units

62 Proceeds from certain disposals by portfolio investment entities or New Zealand Superannuation Fund

63 Section CX 55 replaced

CX 55 Proceeds from disposal of investment shares

64 Portfolio investor allocated income and distributions of income by portfolio investment entities

65 Section CX 56 replaced

CX 56 Attributed income of certain investors in multi-rate PIEs

CX 56B Distributions to investors in multi-rate PIEs

CX 56C Distributions to investors by listed PIEs

66 Section CX 57 replaced

CX 57 Credits for investment fees

67 New section CZ 9B inserted

CZ 9B Available capital distribution amount: 1988 to 2010

68 Determining tax liabilities

69 Interest: not capital expenditure

70 Interest: most companies need no nexus with income

71 Interest: money borrowed to acquire shares in group companies

72 New section DB 10B inserted

DB 10B Interest or expenditure connected to stapled debt security

73 Cost of revenue account property

74 Charitable or other public benefit gifts by company

75 Property misappropriated by employees or service providers

76 Portfolio investment entities: zero-rated portfolio investors and allocated losses

77 Section DB 53 replaced

DB 53 Attributed PIE losses of certain investors

78 Section DB 54 replaced

DB 54 Treatment of credits for investment fees

79 Expenditure incurred in deriving exempt dividend

80 Heading and section DB 60 replaced

Emissions units and liabilities under Climate Change Response Act 2002

DB 60 Acquisition of emissions units

81 New section DB 60B inserted

DB 60B Liabilities for emissions

82 Contributions to employees' superannuation schemes

83 Criteria for approval of share purchase schemes: before period of restriction ends

84 Employment-related activities

85 Interpretation: reimbursement and apportionment

86 Heading to subpart DF

87 Government grants to businesses

88 Payments for social rehabilitation

89 New section DF 5 added

DF 5 Government funding additional to government screen production payments

90 When attributed CFC loss arises

91 When FIF loss arises

92 Section DO 11B repealed

93 Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction

94 Sections DR 1 to DR 3 replaced

DR 1 Policyholder base allowable deduction of life insurer

DR 2 Shareholder base allowable deduction of life insurer

DR 3 Life reinsurance outside New Zealand

DR 4 Life insurers' claims reserves

95 Film production expenditure

96 Meaning of film reimbursement scheme

97 New section DT 1A inserted

DT 1A Ring-fenced allocations

98 Arrangement for petroleum exploration expenditure and sale of property

99 Petroleum development expenditure

100 Disposal of petroleum mining asset to associate

101 Amount written off by holding company

102 Transfer of expenditure to master fund

103 Carry forward of expenditure

104 New section DV 4B inserted and replaced

DV 4B Carry forward of expenditure by member funds investing in portfolio investment entities

105 Investment funds: transfer of expenditure to master funds

106 Formula for calculating maximum deduction

107 Carry forward of expenditure

108 Maori authorities: donations

109 New section DW 4 added

DW 4 Deduction for general insurance outstanding claims reserve

110 Section DX 2 repealed

111 Prepayments

112 Meaning of trading stock

113 Low-turnover valuation

114 New heading and section EC 26B inserted

Partnerships: cost price and national standard cost scheme

EC 26B Entering partners' cost base

115 Valuation of excepted financial arrangements

116 New section ED 1B inserted

ED 1B Valuation of emissions units issued for zero price

117 Pool method: calculating amount of depreciation

118 Economic rate for plant, equipment, or building, with high residual value

119 Annual rate for item acquired in person's 1995–96 or later income year

120 Meaning of adjusted tax value

121 Employer's superannuation contribution tax

122 Section EG 3 repealed

123 Expenditure incurred in acquiring film rights in feature films

124 Expenditure incurred in acquiring film rights in films other than feature films

125 Film production expenditure for New Zealand films having no large budget screen production grant

126 Film production expenditure for other films having no large budget screen production grant

127 Section EJ 12 replaced

EJ 12 Petroleum development expenditure: default allocation rule

EJ 12B Petroleum development expenditure: reserve depletion method

128 Relinquishing petroleum mining permit

129 New sections EJ 13B and EJ 13C inserted

EJ 13B Dry well drilled

EJ 13C Well not producing

130 Disposal of petroleum mining asset

131 Sections EJ 19 and EJ 20 replaced

EJ 20 Meaning of petroleum mining development

132 What is an excepted financial arrangement?

133 What spreading methods do

134 Applying IFRSs to financial arrangements

135 IFRS financial reporting method

136 Determination alternatives

137 Expected value method

138 Modified fair value method

139 Mandatory use of some determinations

140 Mandatory use of yield to maturity method for some arrangements

141 New section EW 21 inserted

EW 21 Financial reporting method

142 Default method

143 Failure to use method for financial reporting purposes

144 Consistency of use of IFRS method

145 Change of spreading method

146 When calculation of base price adjustment required

147 Base price adjustment formula

148 Consideration when debtor released as condition of new start grant

149 Meaning of controlled foreign company

150 Direct control interests

151 Direct income interests

152 Associates and 10% threshold

153 New section EX 18A inserted

EX 18A Scheme for finding person's attributed CFC income or loss

154 Formula for calculating attributed CFC income or loss

155 Taxable distribution from non-complying trust

156 New heading and sections EX 20B to EX 20E inserted

Attributable CFC amount and net attributable CFC income or loss

EX 20B Attributable CFC amount

EX 20C Net attributable CFC income or loss

EX 20D Adjustment of fraction for excessively debt funded CFC

EX 20E Relative debt-asset ratio for CFC

157 Attributable CFC amount

158 Net attributable CFC income or loss

159 Adjustment of fraction for excessively debt funded CFC

160 Heading repealed

161 Branch equivalent income or loss: calculation rules

162 New heading and sections EX 21B to EX 21E inserted

Non-attributing active CFCs

EX 21B Non-attributing active CFCs

Tests for non-attributing active CFCs

EX 21C Applicable accounting standards for section EX 21E

EX 21D Non-attributing active CFC: default test

EX 21E Non-attributing active CFC: test based on accounting standard

163 Heading and section EX 22 replaced

Non-attributing Australian CFCs

EX 22 Non-attributing Australian CFCs

164 Section EX 23 repealed

165 Change of CFC's balance date

166 Attributing interests in FIFs

167 Direct income interests in FIFs

168 Exemption for ASX-listed Australian companies

169 Exemption for Australian unit trusts with adequate turnover or distributions

170 CFC rules exemption

171 Grey list company owning New Zealand venture capital company: 10-year exemption

172 Exemption for employee share purchase scheme of grey list company

173 Limits on choice of calculation methods

174 Section EX 47 replaced

EX 47 Method required for certain non-ordinary shares

175 Branch equivalent method

176 Comparative value method

177 Fair dividend rate method: usual method

178 Fair dividend rate method for unit-valuing funds and others by choice

179 Cost method

180 Additional FIF income or loss if CFC owns FIF

181 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method

182 Limits on changes of method

183 Changes in application of FIF exemptions

184 New section EX 66B inserted

EX 66B Entities ceasing to be FIFs

185 Sections EY 1 to EY 5 replaced

EY 1 What this subpart does

EY 2 Policyholder base

EY 3 Shareholder base

EY 4 Apportionment of income of particular source or nature, and of tax credits

EY 5 Part-year tax calculations

186 Section EY 6 replaced

EY 6 Actuarial advice and guidance

187 Meaning of claim

188 Superannuation schemes providing life insurance

189 Meaning of life reinsurance

190 Sections EY 15 to EY 47 replaced

Policyholder base

Non-participation policies

EY 15 Policyholder base income: non-participation policies

EY 16 Policyholder base allowable deductions: non-participation policies

Profit participation policies

EY 17 Policyholder base income: profit participation policies

EY 18 Policyholder base allowable deductions: profit participation policies

Shareholder base

Non-participation policies

EY 19 Shareholder base income: non-participation policies

EY 20 Shareholder base allowable deductions: non-participation policies

Profit participation policies

EY 21 Shareholder base income: profit participation policies

EY 22 Shareholder base allowable deductions: profit participation policies

Non-participation policies: reserves

EY 23 Reserving amounts for life insurers: non-participation policies

EY 24 Outstanding claims reserving amount: non-participation policies not annuities

EY 25 Premium smoothing reserving amount: non-participation policies not annuities

EY 26 Unearned premium reserving amount: non-participation policies not annuities

EY 27 Capital guarantee reserving amount: non-participation policies not annuities

Shareholder base other profit: profit participation policies

EY 28 Shareholder base other profit: profit participation policies that are existing business

EY 29 Shareholder base other profit: profit participation policies that are new business

Transitional adjustments and annuities

EY 30 Transitional adjustments: life risk

EY 31 Annuities

191 Policyholder income formula: FDR adjustment

192 Policyholder income formula: PILF adjustment

193 Non-resident life insurers with life insurance policies in New Zealand

194 Deductions for disposal of property: 1982–83 and 1989–90 income years

195 Section EZ 31 repealed

196 Section EZ 32B repealed

197 Income and expenditure where financial arrangement redeemed or disposed of

198 New section EZ 52B added

EZ 52B Consistency of use of IFRS method: Determination G3 change allowed

199 New headings and sections EZ 53 to EZ 62 added

200 New section EZ 63 inserted

EZ 63 Disposal and acquisition upon entry

201 Recharacterisation of certain debentures

202 New section FA 2B inserted

FA 2B Stapled debt securities

203 Financial arrangements rules

204 Transfer at market value

205 Property transferred to charities or to close relatives and others

206 What this subpart does

207 When this subpart applies

208 Section FE 3 replaced

FE 3 Interest apportionment for individuals

209 Some definitions

210 Thresholds for application of interest apportionment rules

211 Apportionment of interest by excess debt entity

212 Calculation of debt percentages

213 Financial arrangements entered into with persons outside group

214 Consolidation of debts and assets

215 Total group debt

216 Total group assets

217 Measurement of debts and assets of worldwide group

218 Banking group's New Zealand net equity

219 New Zealand group for excess debt entity that is a company

220 Identifying New Zealand parent

221 Section FE 28 replaced

FE 28 Identifying members of New Zealand group

222 Section FE 29 replaced

FE 29 Combining New Zealand groups owned by natural persons and trustees

223 Ownership interests in companies outside New Zealand group

224 Worldwide group for corporate excess debt entity

225 New sections FE 31B and FE 31C inserted

FE 31B Worldwide group for excess debt outbound companies

FE 31C CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g)

226 Section FE 32 replaced

FE 32 Joint venture parties

227 Identifying members of New Zealand banking group

228 Subpart FF repealed

229 Consolidation rules

230 Some general rules for treatment of consolidated groups

231 Heading and sections FM 24 to FM 26 repealed

232 Eligibility rules

233 Imputation rules

234 Trans-Tasman imputation groups and resident imputation subgroups

235 Amortising property

236 Treatment of interest payable under debentures issued before certain date

237 New sections GB 15B and GB 15C inserted

GB 15B Supplies affecting default test for non-attributing active CFC

GB 15C Arrangements related to accounting test for non-attributing active CFC

238 Attribution rule for income from personal services

239 Interpretation of terms used in section GB 27

240 Section GB 39 repealed

241 Arrangements involving money not at risk

242 Defined terms for sections GB 45 and GB 46

243 Disposals of trading stock at below market value

244 Section GC 4B repealed

245 Leases for inadequate rent

246 Insufficient amount receivable by person

247 Compensating arrangement: person receiving more than arm's length amount

248 Requests for matching treatment

249 Section GC 12 replaced

GC 12 Effect on person's withholding obligations

250 New section GZ 2 inserted

GZ 2 Arrangements involving cancellation of conduit tax relief credits

251 Shareholding requirements

252 New section HA 8B inserted

HA 8B No CFC income interests or FIF direct income interests of 10% or more

253 Limit on foreign non-dividend income

254 When requirements no longer met

255 Dividends paid by qualifying companies

256 Fully imputed distributions

257 Section HA 16 replaced

HA 16 Dividends paid by qualifying companies to trustee shareholders

258 Credit accounts and dividend statements

259 Calculating qualifying company election tax

260 Corpus of trust

261 Trustee income

262 Taxable distributions from non-complying and foreign trusts

263 Distributions from community trusts

264 Who is a settlor?

265 Liability of trustee as agent

266 Beneficiary income of minors

267 Trusts and minor beneficiary rule

268 Companies issuing debentures

269 General provisions relating to disposals

270 Section HG 4 replaced

HG 4 Disposal upon final dissolution

271 Disposal of partner's interests

272 Disposal of trading stock

273 Disposal of depreciable property

274 Disposal of financial arrangements and certain excepted financial arrangements

275 Disposal of short-term agreements for the sale and purchase of property or services

276 Section HG 10 replaced

HG 10 Disposal of livestock

277 Limitation on deductions by partners in limited partnerships

278 Scheme of subpart

279 Eligibility requirements for entities

280 Effect of failure to meet eligibility requirements for entities

281 Meaning of investor and portfolio investor class

282 Investor membership requirement

283 Investor return adjustment requirement: portfolio tax rate entity

284 Investor interest size requirement

285 Further eligibility requirements relating to investments

286 Unlisted company choosing to become portfolio listed company

287 Becoming portfolio investment entity

288 Treatment of income from interest when entitlement conditional or lacking

289 Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period

290 Credits received by portfolio tax rate entity or portfolio investor proxy

291 Portfolio entity formation loss

292 Subpart HL replaced by subpart HM

Subpart HM—Portfolio investment entities

Introductory provisions

HM 1 Outline of subpart and relationship with other Parts

HM 2 What is a portfolio investment entity?

HM 3 Foreign PIE equivalents

HM 4 Who is an investor?

HM 5 What is an investor class?

HM 6 Intended effects for multi-rate PIEs and investors

Entry rules

HM 7 Requirements

Requirements

HM 8 Residence in New Zealand

HM 9 Collective schemes

HM 10 Exclusion: life insurance business

HM 11 Investment types

HM 12 Income sources

HM 13 Maximum shareholdings in investments

HM 14 Minimum number of investors

HM 15 Maximum investors’ interests

HM 16 Associates combined

HM 17 Same rights to all investment proceeds

HM 18 Requirements for listed PIEs: unlisted companies

HM 19 Requirements for listed PIEs: fully crediting distributions

HM 20 Re-entering as PIE: 5-year rule

Exceptions

HM 21 Exceptions for certain investors

HM 22 Exceptions for certain funds

HM 23 Exceptions for foreign PIE equivalents

Exit rules

HM 24 Ending of New Zealand residence

HM 25 When entity no longer meets investment or investor requirements

HM 26 Starting life insurance business

HM 27 When multi-rate PIE no longer meets investor interest adjustment requirements

HM 28 When listed PIE no longer meets crediting requirement

HM 29 Choosing to cancel status

HM 30 When foreign PIE equivalent no longer meets requirements

Rules for multi-rate PIEs

Introductory provisions

HM 31 Rules for multi-rate PIEs

HM 32 Rules for and treatment of investors in multi-rate PIEs

HM 33 Proxies for PIE investors

Attributing income to investors

HM 34 Attribution periods

HM 35 Determining net amounts and taxable amounts

HM 36 Calculating amounts attributed to investors

HM 37 When income cannot be attributed

HM 38 When superannuation fund investor has conditional entitlement

HM 39 New investors in existing investor classes

HM 40 Deductions for attributed PIE losses for zero-rated and exiting investors

Calculating and paying tax liability

HM 41 Options for calculation and payment of tax

HM 42 Exit calculation option

HM 43 Quarterly calculation option

HM 44 Provisional tax calculation option

HM 45 Voluntary payments

HM 46 Calculation process

HM 47 Calculation of tax liability or tax credit of multi-rate PIEs

Adjusting investors’ interests

HM 48 Adjustments to investors’ interests or to distributions

Using tax credits

HM 49 Tax credits: when sections HM 50 to HM 55 apply

HM 50 Attributing credits to investors

HM 51 Use of foreign tax credits by PIEs

HM 52 Use of foreign tax credits by zero-rated and certain exiting investors

HM 53 Use of tax credits other than foreign tax credits by PIEs

HM 54 Use of tax credits other than foreign tax credits by investors

HM 55 Tax credits for losses

Prescribed and notified rates for investors in multi-rate PIEs

HM 56 Prescribed investor rates for investors generally

HM 57 Prescribed investor rates for certain natural person investors: 19.5%

HM 58 Optional investor rates for trustees: 30%, 19.5%

HM 59 Prescribed investor rates for certain investors: 0%

HM 60 Notified rates

HM 61 Certain exiting investors zero-rated

Exit levels and periods

HM 62 Exit levels for investors

HM 63 Exit periods

Treatment of losses by PIEs

Losses of certain multi-rate PIEs

HM 64 Use of investor classes’ losses

HM 65 Use of land losses of investor classes

Formation losses

HM 66 Formation losses carried forward to tax year

HM 67 Formation losses carried forward to first quarter

HM 68 When formation losses carried forward are less than 5% of formation investment value

HM 69 When formation losses carried forward are 5% or more of formation investment value: 3-year spread

HM 70 Maximum amount of formation losses allocated by multi-rate PIEs to investor classes

Elections and consequences

HM 71 Choosing to become PIE

HM 72 When elections take effect

HM 73 Transition: provisional tax

HM 74 Transition: entities with non-standard income years

HM 75 Transition: treatment of shares held in certain companies

HM 76 Transition: FDPA companies

293 Transitional residents

294 New heading and sections HR 9 and HR 10 added

RMBS special purpose vehicles

HR 9 RMBS special purpose vehicles are transparent

HR 10 What happens when vehicle stops being RMBS special purpose vehicle?

295 New sections HZ 5 and HZ 6 added

HZ 5 Transitional provisions for PIE rules

HZ 6 Saving of binding rules relating to portfolio investment entities

296 Restrictions relating to ring-fenced tax losses

297 Restrictions relating to schedular income

298 Common ownership: group of companies

299 New section IC 13 added

IC 13 Variation of requirements for development companies in Niue

300 Pre-consolidation losses: use by group companies

301 When this subpart applies

302 Ring-fencing cap on attributed CFC net losses

303 New section IQ 2B inserted

IQ 2B Attributed CFC net loss from tax year before first affected year

304 Ring-fencing cap on FIF net losses

305 Group companies using attributed CFC net losses

306 Group companies using FIF net losses

307 Subpart IT replaced

Subpart IT—Cancellation of life insurer's losses

IT 1 Cancellation of life insurer's policyholder net losses

IT 2 Cancellation of life insurer's tax loss when allowed into policyholder base

308 Remaining refundable credits: PAYE, RWT, and certain other items

309 Remaining refundable credits: tax credits for families

310 New section LA 8B inserted

LA 8B General rules particular to life insurers

311 Use of tax credits

312 Section LB 1 replaced

LB 1 Tax credits for PAYE income payments

313 Tax credits for resident withholding tax

314 Tax credits for families

315 Tax credits related to personal service rehabilitation payments: providers

316 Tax credits related to personal service rehabilitation payments: payers

317 Tax credits for transitional circumstances

318 Tax credits for housekeeping

319 Subpart LD heading replaced

320 New heading inserted

321 Tax credits for charitable or other public benefit gifts

322 Exclusions

323 New heading and sections LD 4 to LD 8 added

Payroll donations

LD 4 Tax credits for payroll donations

LD 5 Calculating amount of tax credit and filing particulars

LD 6 When donation is paid to ineligible recipient

LD 7 When donation returned to person

LD 8 Meaning and ranking of payroll donation

324 Tax credits for imputation credits

325 Use of remaining credits by companies and trustees

326 New section LE 2B inserted

LE 2B Use of remaining credits by life insurer on policyholder base

327 Use of remaining credits by others

328 Tax credits for FDP credits

329 Subpart LH—Tax credits for expenditure on research and development

330 Who this subpart applies to

331 Tax credits relating to expenditure on research and development

332 Requirements

333 Adjustments to eligible expenditure

334 New section LH 14B inserted

LH 14B Recovery of overpaid tax credit

335 What this subpart does

336 Tax credits for foreign income tax

337 Section LJ 3 replaced

LJ 3 Meaning of foreign income tax

338 Calculation of New Zealand tax

339 Section LJ 7 replaced by new sections LJ 7 and LJ 8

LJ 7 Repaid foreign tax: effect on income tax liability

LJ 8 Repaid foreign tax: effect on FDP liability

340 Tax credits relating to attributed CFC income

341 Calculation of amount of credit

342 New section LK 5B inserted

LK 5B Credits from tax year before first affected year

343 Subpart LL repealed

344 Use of remaining credits

345 Continuity rules for carrying credits forward

346 Sections LQ 1 to LQ 4 repealed

347 Tax credits for certain investors in portfolio tax rate entities

348 Subpart LS replaced

Subpart LS—Tax credits for multi-rate PIEs and investors

LS 1 Tax credits for multi-rate PIEs

LS 2 Tax credits for investors in multi-rate PIEs

LS 3 Tax credits for zero-rated investors

LS 4 Tax credits for certain exiting investors

349 Meaning of full-time earner for family scheme

350 Some definitions for family scheme

351 Adjustments for calculation of family scheme income

352 Family scheme income of major shareholders in close companies

353 What this subpart does

354 Third requirement: residence

355 When person does not qualify

356 Continuing requirements

357 Principal caregiver

358 Second requirement: principal care

359 Third requirement: residence

360 Fifth requirement: full-time earner

361 Calculation of in-work tax credit

362 Meaning of employment for this subpart

363 Meaning of net family scheme income

364 Recovery of overpaid tax credit

365 Section MF 6 replaced

MF 6 Overpayment or underpayment of tax credit

366 Tax credits for superannuation contributions

367 Eligibility requirements

368 When short payment and unpaid compulsory employer contributions found after tax credit used

369 What this subpart does

370 Section ML 2 replaced

ML 2 Tax credit for redundancy payments

371 New section MZ 3 added

MZ 3 Exclusions from determination of family scheme income

372 Memorandum accounts

373 Credits

374 Debits

375 Opening balances of memorandum accounts

376 Shareholder continuity requirements for memorandum accounts

377 Section OA 12 repealed

378 General rules for companies with imputation credit accounts

379 Australian companies with imputation credit accounts

380 New section OB 3B inserted

OB 3B General rule for life insurer's policyholder base

381 ICA payment of tax

382 ICA resident withholding tax withheld

383 New section OB 9B inserted

OB 9B ICA company allocated imputation credit with income from PTRE

384 Section OB 9B replaced

OB 9B ICA attributed PIE income with imputation credit

385 Section OB 11 repealed

386 Section OB 17 repealed

387 ICA transfer to master fund

388 ICA refund of income tax

389 ICA amount applied to pay other taxes

390 ICA refund from tax pooling account

391 ICA transfer within tax pooling account

392 New section OB 35B inserted

OB 35B ICA debit for transfer from tax pooling account for policyholder base liability

393 ICA refund of tax credit

394 ICA transfer for net foreign attributed income

395 Section OB 39 repealed

396 Section OB 47 replaced

OB 47 Debit for policyholder base imputation credits

397 ICA benchmark dividend rules

398 Imputation additional tax on leaving wholly-owned group

399 Table O1: imputation credits

400 Table O2: imputation debits

401 General rules for companies with FDP accounts

402 New section OC 2B inserted

OC 2B General rule for life insurer's policyholder base

403 When company chooses to stop being FDPA company

404 When company emigrates

405 Section OC 6 repealed

406 Section OC 8 repealed

407 Section OC 9 repealed

408 Section OC 10 repealed

409 FDPA refund of tax credit

410 Section OC 20 replaced

OC 20 Debit for policyholder base FDP credits

411 Section OC 23 repealed

412 Heading before section OC 30 replaced

413 Payment of further FDP for closing debit balance

414 Payment of further FDP when company no longer New Zealand resident

415 Reduction of further FDP

416 Section OC 33 replaced

OC 33 Income tax paid satisfying liability for further income tax

417 Section OC 34 replaced

OC 34 Further income tax paid satisfying liability for income tax

418 Heading and sections OC 35 to OC 39 repealed

419 Table O3: FDP credits

420 Table O4: FDP debits

421 General rules for companies with CTR accounts

422 Choosing to become CTR company

423 When company stops being CTR company

424 Section OD 5 repealed

425 Section OD 8 repealed

426 Section OD 11 repealed

427 CTRA increase in resident shareholding

428 Section OD 23 repealed

429 Section OD 24 repealed

430 Table O5: conduit tax relief credits

431 Table O6: conduit tax relief debits

432 Branch equivalent tax accounts of companies

433 Heading and sections OE 12 and OE 13 repealed

434 Sections OE 14 to OE 16 repealed

435 New heading and section OE 16B inserted

Debit if credit balance at beginning of first affected income year

OE 16B Company with credit balance at beginning of first affected income year

436 Table O7: branch equivalent tax credits

437 Table O8 repealed

438 General rules for companies with ASC accounts

439 Subpart OJ repealed

440 MACA payment of tax

441 MACA refund of income tax

442 MACA payment of other taxes

443 New section OK 14B inserted

OK 14B MACA refund of tax credit

444 Table O18: Maori authority debits

445 When credits and debits arise only in consolidated imputation group accounts

446 Provisions applying to consolidated imputation groups

447 Consolidated ICA payment of tax

448 Section OP 14 repealed

449 Consolidated ICA resident withholding tax withheld

450 Section OP 20 repealed

451 Section OP 21 repealed

452 Consolidated ICA refund of income tax

453 Consolidated ICA amount applied to pay other taxes

454 New section OP 33B inserted

OP 33B Consolidated ICA debit for transfer from tax pooling account for policyholder base liability

455 Consolidated ICA refund of tax credit

456 Section OP 38 repealed

457 Consolidated ICA transfer to policyholder credit account

458 Section OP 44 replaced

OP 44 Consolidated ICA debit for policyholder base imputation credits

459 Table O19: imputation credits of consolidated imputation groups

460 Table O20: imputation debits of consolidated imputation groups

461 When credits and debits arise only in consolidated FDP group accounts

462 Section OP 56 repealed

463 Section OP 57 repealed

464 Section OP 61 repealed

465 Section OP 62 repealed

466 Consolidated FDPA refund of tax credit

467 Section OP 74 replaced

OP 74 Consolidated FDPA debit for policyholder base FDP credits

468 Table O21: FDP credits of consolidated FDP groups

469 Table O22: FDP debits of consolidated FDP groups

470 CTR accounts of consolidated groups

471 When credits and debits arise only in CTR group accounts

472 Section OP 81 repealed

473 Section OP 82 repealed

474 Section OP 88 repealed

475 Section OP 95 repealed

476 Table O23: conduit tax relief credits of consolidated groups

477 Table O24: conduit tax relief debits of consolidated groups

478 Section OP 99 repealed

479 Heading and sections OP 105 to OP 108 repealed

480 New heading and section OP 108B inserted

Debit if credit balance at beginning of first affected income year

OP 108B Consolidated BETA group with credit balance at beginning of first affected income year

481 Table O25: branch equivalent tax credits of consolidated BETA groups

482 Table O26 repealed

483 Headings and sections OP 109 to OP 116 repealed

484 Tables O27 and O28 repealed

485 ASCA lost excess available subscribed capital

486 Modifying ratios for imputation credits and FDP credits

487 New section OZ 18 added

OZ 18 Credit-back of PCA balance

488 What this Part does

489 Tax obligations for employment-related taxes

490 Withholding and payment obligations for passive income

491 When obligations not met

492 Payment dates for interim and other tax payments

493 Amalgamation of companies

494 Regulations

495 Application of other provisions for purposes of ESCT rules and NRWT rules

496 Payment of terminal tax

497 Schedular income tax liability for filing taxpayers for non-resident passive income

498 Who is required to pay provisional tax?

499 Estimation method

500 Attribution rule for income from personal services

501 Section RC 36 repealed

502 PAYE rules and their application

503 PAYE income payments

504 Salary or wages

505 Certain benefits and payments

506 Schedular payments

507 Reduction in certain circumstances

508 Multiple payments of salary or wages

509 Advance payments of salary or wages

510 New section RD 13B inserted

RD 13B Adjustments for payroll donations

511 Payments of extra pay with other PAYE income payments

512 Schedular payments without notification

513 Schedular payments to non-resident entertainers

514 PAYE income payment forms for amounts of tax paid to Commissioner

515 Calculation of all-inclusive pay

516 Value of and payments towards fringe benefits

517 Close company option

518 Small business option

519 Employer's superannuation contributions

520 Calculating amounts of tax for employer's superannuation contributions

521 Choosing to have amount treated as salary or wages

522 Choosing different rates for employer's superannuation contributions

523 Calculating amounts on failure to withhold

524 Amounts of tax treated as paid to and received by superannuation funds

525 Resident passive income

526 Obligation to withhold RWT

527 Persons who have withholding obligations

528 Agents' or trustees' obligations in relation to certain dividends

529 Notification by companies

530 Interest

531 Non-resident passive income

532 Certain dividends

533 When dividends fully imputed or fully credited

534 Non-cash dividends

535 Dividends paid to companies under control of non-residents

536 Section RF 12 replaced by sections RF 12 to RF 12C

RF 12 Interest paid by approved issuers or transitional residents

RF 12B Interest derived jointly with residents

RF 12C Amount derived from non-resident life insurer becoming resident

537 Credit balance in branch equivalent tax account

538 Using loss balances

539 Reduction of payments for conduit tax relief

540 Subpart RG repealed

541 Refunds for overpaid tax

542 Overpayment on income statements

543 Using refund to satisfy tax liability

544 Operation of PAYE intermediaries' trust accounts

545 General responsibility of employers

546 Information required from employers

547 Employer's superannuation contributions

548 General responsibilities of PAYE intermediaries

549 Collection, payment, and information requirements

550 Tax pooling intermediaries

551 New section RP 17B inserted

RP 17B Tax pooling accounts and their use

552 Deposits in tax pooling accounts

553 Transfers from tax pooling accounts

554 Standard method: 2008–09 and 2009–10 income years

555 GST ratio method: 2008–09 and 2009–10 income years

556 New section RZ 11 added

RZ 11 Refunds for life insurers

557 Definitions

558 Meaning of income tax varied

559 Treatment of qualifying company election tax, FBT, FDP penalty tax, imputation penalty tax, and withdrawal tax

560 Two companies with common control

561 Two companies with common control: 1988 version provisions

562 Some definitions

563 Table, heading, and sections YB 1 to YB 20 replaced

564 Transparency of nominees

565 Heading for subpart YC

566 Heading and section YC 1 repealed

567 Look-through rule for corporate shareholders

568 Disregarding certain securities

569 Reverse takeovers

570 New section YC 18B inserted

YC 18B Corporate reorganisations not affecting economic ownership

571 Residence of natural persons

572 Country of residence of foreign companies

573 Classes of income treated as having New Zealand source

574 Apportionment of income derived partly in New Zealand

575 General rules for currency conversion

576 New section YZ 2 inserted

YZ 2 Saving of effect of section 394L(4A) of Income Tax Act 1976

577 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits

578 Schedule 2—Basic tax rates for PAYE income payments

579 Schedule 4—Rates of tax for schedular payments

580 Schedule 5—Fringe benefit values for motor vehicles

581 Schedule 13—Depreciable land improvements

582 Schedule 20—Expenditure on farming, horticultural, aquacultural, and forestry improvements

583 Schedule 21—Expenditure and activities related to research and development

584 Schedule 24—International tax rules: grey list countries

585 Schedule 25—Foreign investment funds

586 Schedule 27—Countries and types of income with unrecognised tax

587 Schedule 28––Requirements for complying fund rules

588 New schedule 29—Portfolio investment entities: listed investors

589 Schedule 32—Recipients of charitable or other public benefit gifts

590 Schedule 49—Enactments amended

591 Schedule 50—Amendments to Tax Administration Act 1994

592 Schedule 51—Identified changes in legislation

593 Schedule 52—Comparative tables of old and rewritten provisions

594 Consequential amendments: associated person and list of defined terms

Part 2
Amendments to Tax Administration Act 1994

595 Tax Administration Act 1994

596 Interpretation

597 Construction of certain provisions

598 Part 2B replaced

Tax pooling intermediaries

15O Establishing tax pooling accounts

15P Role of Commissioner

15Q Applications to establish tax pooling accounts

15R Fitness of applicants

15S Requirements for applications to establish tax pooling accounts

15T Winding up tax pooling accounts

599 Information to be furnished on request of Commissioner

600 No requirement to disclose tax advice document

601 Treatment of book or document

602 Claim that book or document is tax advice document

603 Person must disclose tax contextual information from tax advice document

604 Challenge to claim that book or document is tax advice document

605 Keeping of business and other records

606 Records to be kept by employer or PAYE intermediary

607 PAYE tax codes

608 Special tax code certificates

609 Variation of requirements

610 New heading and section 24Q inserted

Payroll donations

24Q Transfer of payroll donations by employers

611 Section 28B replaced

28B Notification of investors’ tax rates

612 Portfolio tax rate entity to give statement to investors and request information

613 Section 31B replaced

31B Notification requirements for PIEs

31C Notification requirements for multi-rate PIEs

614 Records to be provided by employer who contributes to superannuation fund

615 Certification requirements for withdrawals subject to section CS 1 of Income Tax Act 2007

616 Applications for RWT exemption certificates

617 Heading and section 32N repealed

618 Returns of income

619 Annual returns of income not required

620 Electronic format of employer monthly schedule and PAYE payment form

621 Section 36AB replaced

36AB Electronic return requirements for multi-rate PIEs

622 Returns to annual balance date

623 Returns by persons with tax credits for housekeeping payments and charitable or other public benefit gifts

624 Return by person claiming rebate on redundancy payment

625 Portfolio tax rate entities and portfolio investor proxies to make returns, file annual reconciliation statement

626 Section 57B replaced

57B Return requirements for multi-rate PIEs

627 Disclosure of trust particulars

628 Disclosure of interest in foreign company or foreign investment fund

629 Section 66 repealed

630 Tax credit relating to KiwiSaver and complying superannuation fund members: member credit form

631 Statements in relation to research and development tax credits: single persons

632 Section 68E replaced

68E Statements in relation to research and development tax credits: internal software development groups

633 New section 68F inserted

68F Requirements for statements in relation to research and development tax credits

634 Section 78E repealed

635 Section 78F repealed

636 New section 80KLB inserted

80KLB Recovery of excess tax credits

637 Effect of extra instalment on entitlement to tax credit

638 Officers to maintain secrecy

639 Disclosure of information for verification of large budget screen production grant entitlement

640 Disclosure of information in relation to Working for Families tax credits

641 Further secrecy requirements

642 New section 89AB inserted

89AB Response periods

643 Taxpayers and others with standing may issue notices of proposed adjustment

644 Taxpayer may issue notice of proposed adjustment for taxpayer assessment

645 Completing the disputes process

646 Determination on economic rate

647 Determination on special rates and provisional rates

648 Commissioner may decline to issue special rate or provisional rate

649 Notice of setting of economic rate

650 Applications for determinations

651 Determination on type of interest in FIF and use of fair dividend rate method

652 New heading and section 91AAQ inserted

Determinations relating to non-attributing active CFCs

91AAQ Determination on insurer as non-attributing active CFC

653 New heading and section 91AAR inserted

Determinations relating to relocation payments

91AAR Determination relating to eligible relocation expenses

654 Assessment of shortfall penalties

655 Section 102 repealed

656 Section 103 repealed

657 Section 103A repealed

658 Section 104 repealed

659 Time bar for amendment of income tax assessment

660 Extension of time bars

661 Amended assessments for research and development tax credits

662 Definitions

663 Section 120EA repealed

664 Provisional tax instalments in transitional years

665 Where provisional tax paid by company does not count as overpaid tax

666 Variation to definition of date interest starts

667 Interest paid on deposits in tax pooling accounts

668 Section 120R repealed

669 Certain rights of objection not conferred

670 Certain rights of challenge not conferred

671 Non-electronic filing penalty

672 Late payment penalty

673 Imposition of late payment penalties when financial relief sought

674 Imputation penalty tax payable where end of year debit balance

675 Imputation penalty tax payable in some circumstances

676 Section 140C repealed

677 FDP penalty tax payable in some circumstances

678 Section 140CA repealed

679 Tax shortfalls

680 Unacceptable tax position

681 Abusive tax position

682 Evasion or similar act

683 Not paying employer monthly schedule amount

684 Limitation on reduction of shortfall penalty

685 New date for payment of tax that is not a penalty

686 Due dates for payment of imputation penalty tax, FDP penalty tax, and underestimation penalty tax

687 Knowledge offences

688 Evasion or similar offence

689 Recovery of civil penalties

690 Taxes that may be recovered

691 Transfer of excess tax within taxpayer's accounts

692 Transfer of excess tax to another taxpayer

693 Instalment arrangements

694 Relief to taxpayers to whom new start grants payable

695 Section 181 repealed

696 Section 183 repealed

697 Remission for reasonable cause

698 Section 183ABA replaced

183ABA Remission in circumstances of emergency event

699 Small amounts of penalties and interest not to be charged

700 Remission on application

701 Payments into, and out of, Listed PAYE Intermediary Bank Account

702 Power to make interim payments of WFF tax credit

Part 3
Amendments to Goods and Services Tax Act 1985

703 Goods and Services Tax Act 1985

704 Interpretation

705 Meaning of term supply

706 Supply of certain imported services

707 Time of supply

708 Value of supply of goods and services

709 Zero-rating of goods

710 Zero-rating of services

711 New section 11C inserted

11C Treatment of supplies by operators of loyalty programmes

712 Fringe benefits and entertainment expenses

713 Group of companies

Part 4
Amendments to KiwiSaver Act 2006

714 KiwiSaver Act 2006

715 Interpretation

716 Section 13 repealed

717 Other situations when automatic enrolment rules do not apply

718 Eligibility to be exempt employer

719 Involuntary transfers

720 What happens when initial back-dated validation ends, with no confirmed back-dated validation?

721 Contribution rate

722 Interest rate

723 How and when interest is paid on refunds

724 Refunds of employer contribution by Commissioner if employee opts out

725 General

726 Compulsory employer contribution amount: general rule

727 New sections 101FB and 101FC inserted

101FB Grace periods: employers

101FC De minimis: other contributions and hybrid schemes amount

728 Rules: providers

729 Terms relating to members' tax credits implied into trust deed

730 Terms relating to lump sum payments by complying superannuation funds

731 Crown contribution

732 Regulations relating to mortgage diversion facility

733 Schedule 1––KiwiSaver scheme rules

Part 5
Amendments to Income Tax Act 2004

734 Income Tax Act 2004

735 New section CC 8B inserted

CC 8B Certain commercial bills: non-resident holders

736 What is a transfer of value?

737 Returns of capital: off-market share cancellations

738 Treasury stock acquisitions

739 Foreign investment fund income

740 Available subscribed capital amount

741 Amounts derived in connection with employment

742 Meaning of expenditure on account of an employee

743 Benefits, pensions, compensation, and government grants

744 New section CR 3 added

CR 3 Income for general insurance outstanding claims reserve

745 Section CW 3B repealed

746 Expenditure on account, and reimbursement, of employees

747 New sections CW 13B and CW 13C inserted

CW 13B Relocation payments

CW 13C Payments for overtime meals and certain other allowances

748 Local and regional promotion bodies

749 Benefits provided instead of allowances

750 Section CX 24 replaced

CX 24 Accommodation

751 Government grants to businesses

752 New heading inserted

753 New section CX 44G inserted

CX 44G Disposal of pre-1990 forest land units

754 Determining tax liabilities

755 New section DB 8B inserted

DB 8B Interest or expenditure connected to stapled debt security

756 Cost of revenue account property

757 Gifts of money by company

758 New section DB 46B inserted

DB 46B Liabilities for emissions

759 Criteria for approval of share purchase schemes: before period of restriction ends

760 Employment-related activities

761 Interpretation: reimbursement and apportionment

762 Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction

763 New section DT 1A inserted

DT 1A Ring-fenced allocations

764 Arrangement for petroleum exploration expenditure and sale of property

765 Petroleum development expenditure

766 Disposal of petroleum mining asset to associate

767 Amount written off by holding company

768 New section DW 3 added

DW 3 Deduction for general insurance outstanding claims reserve

769 Prepayments

770 Pool method: calculating amount of depreciation

771 Economic rate for plant, equipment, or building, with high residual value

772 Annual rate for item acquired in person's 1995–96 or later income year

773 Meaning of adjusted tax value

774 Section EJ 11 replaced

EJ 11 Petroleum development expenditure: default allocation rule

EJ 11B Petroleum development expenditure: reserve depletion method

775 Relinquishing petroleum permit

776 New sections EJ 12B and EJ 12C inserted

EJ 12B Dry well drilled

EJ 12C Well not producing

777 Disposal of petroleum mining asset

778 Sections EJ 17 and EJ 18 replaced

EJ 18 Meaning of petroleum mining development

779 What spreading methods do

780 IFRS taxpayer method

781 IFRS method

782 Determination alternatives to IFRS

783 Expected value method and equity-free fair value method

784 New section EW 21 inserted

EW 21 Financial reporting method

785 Default method

786 Failure to use method for financial reporting purposes

787 Change of spreading method

788 When calculation of base price adjustment required

789 Base price adjustment formula

790 Direct control interests

791 Direct income interests

792 Direct income interests in FIFs

793 Exemptions: direct income interests in FIF in grey list country

794 Use of particular calculation methods required

795 Comparative value method

796 Fair dividend rate method: usual method

797 Fair dividend rate method: method for unit valuers and persons valuing interests daily

798 Cost method

799 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method

800 Measurement of cost

801 Transitional rule for IFRS financial reporting method

802 New sections EZ 51 and EZ 52 added

EZ 51 Transitional rule for financial reporting method

EZ 52 Transitional rule for changes from the fair value method

803 Floating rate of interest on debentures

804 Interest on debentures issued in substitution for shares

805 New section FC 2B inserted

FC 2B Stapled debt securities

806 Rules for calculating New Zealand group debt percentage

807 New Zealand net equity of New Zealand banking group

808 Section GC 14EB repealed

809 Dividends from qualifying company

810 Modification of agency provisions in respect of income from company debentures

811 Effect of failure to meet eligibility requirements for entities

812 Investor membership requirement

813 Investor interest size requirement

814 Further eligibility requirements relating to investments

815 Unlisted company may choose to become portfolio listed company

816 Becoming portfolio investment entity

817 Credits received by portfolio tax rate entity or portfolio investor proxy

818 Determination of amount of credit in certain cases

819 Credit of tax for imputation credit

820 Credit of tax for dividend withholding payment credit in hands of shareholder

821 Credits in respect of dividends to non-resident investors

822 Special rules for holding companies

823 Credits arising to imputation credit account

824 Allocation rules for imputation credits

825 Amount of imputation credit to be attached to cash distribution

826 Notional distribution deemed to be dividend

827 Amount of imputation credit to be attached to cash distribution

828 Notional distribution deemed to be dividend or taxable Maori authority distribution

829 Branch equivalent tax account of company

830 Credits and debits arising to branch equivalent tax account of company

831 Debits and credits arising to group branch equivalent tax account

832 Use of consolidated group credit to reduce dividend withholding payment, or use of group or individual debit to satisfy income tax liability

833 Allocation rules for dividend withholding payment credits

834 Dividend with both imputation credit and dividend withholding payment credit attached

835 Conduit tax relief account

836 Credits arising to conduit tax relief account

837 Debits arising to conduit tax relief account

838 Consolidated group conduit tax relief account

839 Credits arising to group conduit tax relief account

840 Debits arising to group conduit tax relief account

841 Retirement scheme contributors

842 Application of RWT rules

843 Resident withholding tax deductions from dividends deemed to be dividend withholding payment credits

844 Definitions

845 Schedule 16—Depreciable land improvements

Part 6
Amendments to other Acts and regulations

Income Tax Act 1994

846 Income Tax Act 1994 amended

847 Exempt income—employee allowances and expenditure on account of employee

848 Meaning of “fringe benefit”

849 Accrual expenditure

850 Special and provisional economic rates

851 Use of consolidated group credit to reduce dividend withholding payment, or use of group or individual debit to satisfy income tax liability

852 Definitions

853 Schedule 6A—Specified types of entertainment

854 Schedule 16—Depreciable land improvements

Income Tax Act 1976

855 Special and provisional economic rates

856 Schedule 21—Depreciable land improvements

Estate and Gift Duties Act 1968

857 Interpretation

Stamp and Cheque Duties Act 1971

858 Interpretation

Taxation Review Authorities Act 1994

859 Hearing of objections by an Authority

Taxation (Business Taxation and Remedial Matters) Act 2007

860 Use of consolidated group credit to reduce dividend withholding payment or use of group or individual debit to satisfy income tax liability

Acts referring to associated person

861 Consequential amendments to other Acts: associated person

Companies Act 1993

862 Schedule 7—Preferential claims

Insolvency Act 2006

863 Priority of payments to preferential creditors

Income Tax (Depreciation Determinations) Regulations 1993

864 Income Tax (Depreciation Determinations) Regulations 1993

Goods and Services Tax (Grants and Subsidies) Order 1992

865 Schedule—Non-taxable grants and subsidies

KiwiSaver Regulations 2006

866 KiwiSaver Regulations 2006 amended

867 What member of KiwiSaver scheme must do next to participate in mortgage diversion facility

868 What scheme provider must do to participate in mortgage diversion facility

Schedule 1
Consequential amendments to lists of defined terms: associated person

Schedule 2
Consequential amendments to other Acts: associated person

Legislative history

The Parliament of New Zealand enacts as follows:

New Zealand Legislation: Acts

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Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 No 34, Public Act

Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009

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