Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009

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

• (1) In schedule 1, part D, clauses 3 to 6, “passive resident income” is replaced by “resident passive income” in each place where it appears.

  (2) Schedule 1, part D, table 2 is replaced by the following:

  Table 2
  Row	Conditions			Payment rate
  1	The payer of the interest has not been supplied with the tax file number of the person who is paid the interest.			0.380
  2	For a person who opens a new account after 31 March 2010 the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has not received a payment rate election from the person.	0.380
  3	For a person who chooses the payment rate of 0.380, the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has received a payment rate election from the person.	0.380
  4	For a person who chooses the payment rate of 0.330, the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has received a payment rate election from the person.	0.330
  5	For a person in relation to whom RWT is withheld at the payment rate of 0.195 before 1 April 2010, the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has not received a payment rate election from the person.	0.210
  6	For a person who chooses the payment rate of 0.210, the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has received a payment rate election from the person.	0.210
  7	For a person other than a trustee who chooses the payment rate of 0.125 and has a reasonable expectation at the time of the election that their income for the income year will be $14,000 or less, the payer of the interest—
  	(a)		has been supplied with the tax file number of the person; and
  	(b)		has received a payment rate election from the person.	0.125
  8	For a person—
  	(a)	who—
  		(i)	receives interest as a trustee of a testamentary trust to which section HC 37 applies; and
  		(ii)	chooses the payment rate of 0.125; and
  	(b)	in relation to whom, the payer of the interest—
  		(i)	has been supplied with the tax file number of the person; and
  		(ii)	has received a payment rate election from the person.	0.125
  How to use this table
  Find the applicable condition in the second column, in order to find the relevant rate to apply, in the third column.

  (3) In schedule 1, part D, table 3, “0.33” is replaced by “0.30” in each place where it appears.

  (4) In schedule 1, part D, table 3, “0.39” is replaced by “0.38” in each place where it appears.

  (5) In schedule 1, part D, table 4,—

  • (a) in row 1, “0.39” is replaced by “0.38”:

  • (b) in row 2, “0.390” is replaced by “0.380”.

  (6) Schedule 1, part D, table 5 is replaced by the following:

  Table 5
  Row	Conditions		Payment rate
  1	The person responsible for withholding RSCT—
  	(a)	has been notified under section 28C of the Tax Administration Act 1994 that 12.5 cents in the dollar is the person's retirement scheme prescribed rate; and
  	(b)	has been supplied with the tax file number of the person.	0.125
  2	The person is a non-resident and a distribution of no more than $200 is made to them by a retirement scheme contributor that is a Maori authority.		0.125
  3	The person responsible for withholding RSCT—
  	(a)	has been notified under section 28C of the Tax Administration Act 1994 that 21 cents in the dollar is equal to or greater than the person's retirement scheme prescribed rate; and
  	(b)	has been supplied with the tax file number of the person.	0.210
  4	The person responsible for withholding RSCT—
  	(a)	has been notified under section 28C of the Tax Administration Act 1994 that 33 cents in the dollar is equal to or greater than the person's retirement scheme prescribed rate; and
  	(b)	has been supplied with the tax file number of the person.	0.330
  5	When none of rows 1 to 4 apply.		0.380
  How to use this table
  Find the applicable condition in the second column, in order to find the relevant rate to apply, in the third column.

  (7) Subsection (1) applies for the 2008–09 and later income years.

  (8) Subsections (2), (4), (5), and (6) apply for the 2010–11 and later income years.

  (9) Subsection (3) applies for the 2011–12 and later income years.