New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 8 December 2009
| Public Act | 2009 No 34 |
| Date of assent | 6 October 2009 |
| Commencement | see section 2 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Inland Revenue Department.
Part 1
Amendments to Income Tax Act 2007
4 Income tax liability of person with schedular income
7 Disposal: land used for landfill, if notice of election
10 Heading and section CB 36 replaced
Emissions units under Climate Change Response Act 2002
12 What is a transfer of value?
13 When is a transfer caused by a shareholding relationship?
15 Returns of capital: off-market share cancellations
16 Treasury stock acquisitions
17 Property made available intra-group
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22 Heading and sections CD 45 to CD 52 repealed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
29 When attributed CFC income arises
32 Heading to subpart CR replaced
33 Sections CR 1 and CR 2 replaced
36 Exclusions of withdrawals of various kinds
37 Exclusion of withdrawal on partial retirement
38 Exclusion of withdrawal when member ends employment
41 Dividend derived by company from overseas
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
47 Local and regional promotion bodies
49 New section CW 59C inserted
50 New section CW 62B inserted
52 Contributions to superannuation schemes
53 Benefits provided instead of allowances
56 Government grants to businesses
57 Amounts remitted as condition of new start grant
59 New heading and section CX 48C inserted
Government funding of film and television
60 New heading and section CX 48D inserted
61 New heading and section CX 51B inserted
Emissions units under Climate Change Response Act 2002
62 Proceeds from certain disposals by portfolio investment entities or New Zealand Superannuation Fund
64 Portfolio investor allocated income and distributions of income by portfolio investment entities
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
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
79 Expenditure incurred in deriving exempt dividend
80 Heading and section DB 60 replaced
Emissions units and liabilities under Climate Change Response Act 2002
81 New section DB 60B inserted
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
87 Government grants to businesses
88 Payments for social rehabilitation
90 When attributed CFC loss arises
93 Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction
94 Sections DR 1 to DR 3 replaced
95 Film production expenditure
96 Meaning of film reimbursement scheme
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
105 Investment funds: transfer of expenditure to master funds
106 Formula for calculating maximum deduction
107 Carry forward of expenditure
108 Maori authorities: donations
114 New heading and section EC 26B inserted
Partnerships: cost price and national standard cost scheme
115 Valuation of excepted financial arrangements
116 New section ED 1B inserted
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
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
128 Relinquishing petroleum mining permit
129 New sections EJ 13B and EJ 13C inserted
130 Disposal of petroleum mining asset
131 Sections EJ 19 and EJ 20 replaced
132 What is an excepted financial arrangement?
134 Applying IFRSs to financial arrangements
135 IFRS financial reporting method
136 Determination alternatives
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
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
152 Associates and 10% threshold
153 New section EX 18A inserted
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
158 Net attributable CFC income or loss
159 Adjustment of fraction for excessively debt funded CFC
161 Branch equivalent income or loss: calculation rules
162 New heading and sections EX 21B to EX 21E inserted
Tests for non-attributing active CFCs
163 Heading and section EX 22 replaced
Non-attributing Australian CFCs
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
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
177 Fair dividend rate method: usual method
178 Fair dividend rate method for unit-valuing funds and others by choice
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
185 Sections EY 1 to EY 5 replaced
188 Superannuation schemes providing life insurance
189 Meaning of life reinsurance
190 Sections EY 15 to EY 47 replaced
Non-participation policies: reserves
Shareholder base other profit: profit participation policies
Transitional adjustments and 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
197 Income and expenditure where financial arrangement redeemed or disposed of
199 New headings and sections EZ 53 to EZ 62 added
Life insurance transitional adjustment: expected death strain
Expected death strain formulas
EZ 57 Expected death strain formulas: when annuity payable on survival to date or age specified in policy
Entry to new life insurance regime: transitional and miscellaneous provisions
200 New section EZ 63 inserted
201 Recharacterisation of certain debentures
202 New section FA 2B inserted
203 Financial arrangements rules
205 Property transferred to charities or to close relatives and others
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
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
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
227 Identifying members of New Zealand banking group
230 Some general rules for treatment of consolidated groups
231 Heading and sections FM 24 to FM 26 repealed
234 Trans-Tasman imputation groups and resident imputation subgroups
236 Treatment of interest payable under debentures issued before certain date
237 New sections GB 15B and GB 15C inserted
238 Attribution rule for income from personal services
239 Interpretation of terms used in section GB 27
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
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
252 New section HA 8B inserted
253 Limit on foreign non-dividend income
254 When requirements no longer met
255 Dividends paid by qualifying companies
256 Fully imputed distributions
258 Credit accounts and dividend statements
259 Calculating qualifying company election tax
262 Taxable distributions from non-complying and foreign trusts
263 Distributions from community trusts
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
271 Disposal of partner's interests
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
277 Limitation on deductions by partners in limited partnerships
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
Attributing income to investors
Calculating and paying tax liability
Adjusting investors’ interests
Prescribed and notified rates for investors in multi-rate PIEs
Losses of certain multi-rate PIEs
HM 69 When formation losses carried forward are 5% or more of formation investment value: 3-year spread
294 New heading and sections HR 9 and HR 10 added
295 New sections HZ 5 and HZ 6 added
296 Restrictions relating to ring-fenced tax losses
297 Restrictions relating to schedular income
298 Common ownership: group of companies
300 Pre-consolidation losses: use by group companies
302 Ring-fencing cap on attributed CFC net losses
303 New section IQ 2B inserted
304 Ring-fencing cap on FIF net losses
305 Group companies using attributed CFC net losses
306 Group companies using FIF net losses
308 Remaining refundable credits: PAYE, RWT, and certain other items
309 Remaining refundable credits: tax credits for families
310 New section LA 8B inserted
313 Tax credits for resident withholding tax
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
321 Tax credits for charitable or other public benefit gifts
323 New heading and sections LD 4 to LD 8 added
324 Tax credits for imputation credits
325 Use of remaining credits by companies and trustees
326 New section LE 2B inserted
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
333 Adjustments to eligible expenditure
334 New section LH 14B inserted
336 Tax credits for foreign income tax
338 Calculation of New Zealand tax
339 Section LJ 7 replaced by new sections LJ 7 and LJ 8
340 Tax credits relating to attributed CFC income
341 Calculation of amount of credit
342 New section LK 5B inserted
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
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
354 Third requirement: residence
355 When person does not qualify
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
366 Tax credits for superannuation contributions
368 When short payment and unpaid compulsory employer contributions found after tax credit used
375 Opening balances of memorandum accounts
376 Shareholder continuity requirements for memorandum accounts
378 General rules for companies with imputation credit accounts
379 Australian companies with imputation credit accounts
380 New section OB 3B inserted
382 ICA resident withholding tax withheld
383 New section OB 9B inserted
387 ICA transfer to master fund
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
394 ICA transfer for net foreign attributed income
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
403 When company chooses to stop being FDPA company
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
418 Heading and sections OC 35 to OC 39 repealed
421 General rules for companies with CTR accounts
422 Choosing to become CTR company
423 When company stops being CTR company
427 CTRA increase in resident shareholding
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
436 Table O7: branch equivalent tax credits
438 General rules for companies with ASC accounts
442 MACA payment of other taxes
443 New section OK 14B inserted
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
449 Consolidated ICA resident withholding tax withheld
452 Consolidated ICA refund of income tax
453 Consolidated ICA amount applied to pay other taxes
454 New section OP 33B inserted
455 Consolidated ICA refund of tax credit
457 Consolidated ICA transfer to policyholder credit account
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
466 Consolidated FDPA refund of tax credit
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
476 Table O23: conduit tax relief credits of consolidated groups
477 Table O24: conduit tax relief debits of consolidated groups
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
481 Table O25: branch equivalent tax credits of consolidated BETA groups
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
489 Tax obligations for employment-related taxes
490 Withholding and payment obligations for passive income
492 Payment dates for interim and other tax payments
495 Application of other provisions for purposes of ESCT rules and NRWT rules
497 Schedular income tax liability for filing taxpayers for non-resident passive income
498 Who is required to pay provisional tax?
500 Attribution rule for income from personal services
502 PAYE rules and their application
505 Certain benefits and 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
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
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
526 Obligation to withhold RWT
527 Persons who have withholding obligations
528 Agents' or trustees' obligations in relation to certain dividends
531 Non-resident passive income
533 When dividends fully imputed or fully credited
535 Dividends paid to companies under control of non-residents
536 Section RF 12 replaced by sections RF 12 to RF 12C
537 Credit balance in branch equivalent tax account
539 Reduction of payments for conduit tax relief
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
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
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
563 Table, heading, and sections YB 1 to YB 20 replaced
566 Heading and section YC 1 repealed
567 Look-through rule for corporate shareholders
568 Disregarding certain securities
570 New section YC 18B inserted
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
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
597 Construction of certain provisions
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
608 Special tax code certificates
610 New heading and section 24Q inserted
612 Portfolio tax rate entity to give statement to investors and request information
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
619 Annual returns of income not required
620 Electronic format of employer monthly schedule and PAYE payment form
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
627 Disclosure of trust particulars
628 Disclosure of interest in foreign company or foreign investment fund
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
68E Statements in relation to research and development tax credits: internal software development groups
636 New section 80KLB inserted
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
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
653 New heading and section 91AAR inserted
Determinations relating to relocation payments
654 Assessment of shortfall penalties
659 Time bar for amendment of income tax assessment
661 Amended assessments for research and development tax credits
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
669 Certain rights of objection not conferred
670 Certain rights of challenge not conferred
671 Non-electronic filing 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
677 FDP penalty tax payable in some circumstances
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
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
694 Relief to taxpayers to whom new start grants payable
697 Remission for reasonable cause
699 Small amounts of penalties and interest not to be charged
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
706 Supply of certain imported services
708 Value of supply of goods and services
712 Fringe benefits and entertainment expenses
Part 4
Amendments to KiwiSaver Act 2006
717 Other situations when automatic enrolment rules do not apply
718 Eligibility to be exempt employer
720 What happens when initial back-dated validation ends, with no confirmed back-dated validation?
723 How and when interest is paid on refunds
724 Refunds of employer contribution by Commissioner if employee opts out
726 Compulsory employer contribution amount: general rule
727 New sections 101FB and 101FC inserted
729 Terms relating to members' tax credits implied into trust deed
730 Terms relating to lump sum payments by complying superannuation funds
732 Regulations relating to mortgage diversion facility
733 Schedule 1––KiwiSaver scheme rules
Part 5
Amendments to Income Tax Act 2004
735 New section CC 8B inserted
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
746 Expenditure on account, and reimbursement, of employees
747 New sections CW 13B and CW 13C inserted
748 Local and regional promotion bodies
749 Benefits provided instead of allowances
751 Government grants to businesses
753 New section CX 44G inserted
754 Determining tax liabilities
755 New section DB 8B inserted
756 Cost of revenue account property
757 Gifts of money by company [Repealed]
758 New section DB 46B inserted
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
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
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
775 Relinquishing petroleum permit
776 New sections EJ 12B and EJ 12C inserted
777 Disposal of petroleum mining asset
778 Sections EJ 17 and EJ 18 replaced
782 Determination alternatives to IFRS
783 Expected value method and equity-free fair value method
784 New section EW 21 inserted
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
792 Direct income interests in FIFs
793 Exemptions: direct income interests in FIF in grey list country
794 Use of particular calculation methods required
796 Fair dividend rate method: usual method
797 Fair dividend rate method: method for unit valuers and persons valuing interests daily
799 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method
801 Transitional rule for IFRS financial reporting method
802 New sections EZ 51 and EZ 52 added
803 Floating rate of interest on debentures
804 Interest on debentures issued in substitution for shares
805 New section FC 2B inserted
806 Rules for calculating New Zealand group debt percentage
807 New Zealand net equity of New Zealand banking group
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
843 Resident withholding tax deductions from dividends deemed to be dividend withholding payment credits
845 Schedule 16—Depreciable land improvements
Part 6
Amendments to other Acts and regulations
846 Income Tax Act 1994 amended
847 Exempt income—employee allowances and expenditure on account of employee
848 Meaning of “fringe benefit”
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
853 Schedule 6A—Specified types of entertainment
854 Schedule 16—Depreciable land improvements
855 Special and provisional economic rates
856 Schedule 21—Depreciable land improvements
Estate and Gift Duties Act 1968
Stamp and Cheque Duties Act 1971
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
862 Schedule 7—Preferential claims
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
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