Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010

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

• (1) In schedule 1, part D, table 2, the row set out in schedule 1, part 1 of this Act is inserted after row 3.

  (2) Schedule 1, part D, clause 4 is replaced by the following:

  “4 Interest: most companies

  • The payment rate for a payment of resident passive income that consists of interest is set out in table 3 if the recipient of the payment is a company that is not a trustee or a Maori authority. However, this restriction does not apply if the trustee is a portfolio investment entity.”

  (3) Schedule 1, part D, table 3 is replaced by the table set out in schedule 1, part 2 of this Act.