Taxation (GST and Remedial Matters) Act 2010

  • A correction has been made in section 115(1) under section 25(1)(j)(i) and (iv) of the Legislation Act 2012.

Taxation (GST and Remedial Matters) Act 2010

Public Act2010 No 130
Date of assent20 December 2010
Commencementsee section 2


1 Title

2 Commencement

Part 1
Amendments to Goods and Services Tax Act 1985

3 Goods and Services Tax Act 1985

4 Interpretation

5 Meaning of input tax

6 Meaning of term supply

7 Imposition of goods and services tax on supply

8 Time of supply

9 Value of supply of goods and services

10 Zero-rating of goods

11 Zero-rating of services

12 Special returns

13 Invoice basis for supplies over $225,000

14 Calculation of tax payable

15 Sections 21 to 21H replaced

16 Tax invoices

17 Credit and debit notes

18 Deduction of tax from payment due to defaulters

19 Persons treated as registered

20 New section 60B

21 Keeping of records

22 Effect of imposition or alteration of tax

23 Exceptions to effect of increase of tax

24 New section 78F inserted

Part 2
Amendments to Income Tax Act 2007

25 Income Tax Act 2007

26 New heading and sections CB 32B and CB 32C inserted

27 Disposal of emissions units

28 Returns of capital: on-market share cancellations

29 Available subscribed capital (ASC) amount

30 Amounts derived in connection with employment

31 Adjustment for GST

32 Income of non-resident general insurer

33 Non-resident film renters

34 Benefits provided on premises

35 Government grants to businesses

36 New heading and section CX 63 added

37 Goods and services tax

38 Avoiding, remedying, or mitigating effects of discharge of contaminant

39 New section DB 65 added

40 New section DC 3B inserted

41 Variance during logbook term

42 Government grants to businesses

43 Transfer of expenditure to master fund

44 Investment funds: transfer of expenditure to master funds

45 New sections DV 21 to DV 24 added

46 Interests in livestock

47 Valuation of excepted financial arrangements

48 Section ED 1B replaced

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

50 Improvements

51 Application of sections EE 48 to EE 52

52 Consideration for purposes of section EE 44

53 Events for purposes of section EE 44

54 Cost: GST

55 Election to use balance date used in foreign country

56 What is an excepted financial arrangement?

57 Superannuation schemes providing life insurance

58 Outstanding claims reserving amount: non-participation policies not annuities

59 Transitional adjustments: life risk

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

61 What this subpart does

62 New section FB 10B inserted

63 What this subpart does

64 What this subpart does

65 Threshold for application of interest apportionment rule

66 When amalgamating companies are parties to financial arrangement

67 Excessive remuneration to relatives

68 New section GB 25B inserted

69 Attribution rule: calculation

70 What this subpart does

71 Section HA 3 repealed

72 Elections to become qualifying company

73 New section HA 7B inserted

74 Sections HA 10, HA 11(4), and HA 20, heading, and sections HA 24 to HA 27 repealed

75 When elections take effect

76 New section HA 33B inserted

77 Heading and sections HA 38 and HA 39 repealed

78 New subpart HB inserted

79 Who is a settlor?

80 Persons buying goods from overseas

81 Limitation on deductions by partners in limited partnerships

82 Limitation on deductions by partners in limited partnerships: carry-forward

83 Investor interest size requirement

84 New section HL 19B inserted

85 Foreign PIE equivalents

86 What is an investor class?

87 Intended effects for multi-rate PIEs and investors

88 Collective schemes

89 Maximum investors' interests

90 Exceptions for certain investors

91 Exceptions for certain funds

92 Exceptions for foreign PIE equivalents

93 Rules for multi-rate PIEs

94 Determining net amounts and taxable amounts

95 New section HM 35B inserted

96 When income cannot be attributed

97 Quarterly calculation option

98 Calculation of tax liability or tax credit of multi-rate PIEs

99 Adjustments to investors' interests or to distributions

100 Certain exiting investors zero-rated

101 Exit levels for investors

102 Bankruptcy-remote property during application of section HR 9

103 Trusts that may become complying trusts

104 New sections HZ 4B to HZ 4D inserted

105 Common ownership: group of companies

106 Tax credits for transitional circumstances

107 Assessment when person is non-resident

108 Credits for persons who are non-resident or who receive exempt income

109 What this subpart does

110 Tax credits for certain exiting investors

111 Adjustments for calculation of family scheme income

112 New sections MB 7 to MB 13 added

113 Minimum family tax credit

114 Orders in Council

115 Treatment of tax credits on permanent emigration other than to Australia

116 Tax credit for redundancy payments

117 ICA debit for loss of shareholder continuity

118 FDPA debit for loss of shareholder continuity

119 Subpart OZ—Terminating provisions

120 New section OZ 7B inserted

121 Methods for calculating provisional tax liability

122 GST ratio method

123 Calculating amount of instalment under standard and estimation methods

124 Calculating amount of instalment using GST ratio

125 Payment of amounts of tax to Commissioner

126 Salary or wages

127 Returns for amounts of tax paid to Commissioner

128 Repayment of employment-related loans

129 Resident passive income

130 Non-resident passive income

131 New section RZ 5D inserted

132 Definitions

133 Meaning of income tax varied

134 New section YB 13 inserted

135 Tripartite relationship

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

137 Schedule 2—Basic tax rates for PAYE income payments

138 Schedule 29—Portfolio investment entities: listed investors

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

140 New schedule 38 inserted

141 Schedule 51–Identified changes in legislation

Part 3
Amendments to Tax Administration Act 1994

142 Tax Administration Act 1994

143 Interpretation

144 Notification requirements for multi-rate PIEs

145 Persons with approved issuer status

146 Annual returns of income not required

147 Consequential adjustments on change in balance date

148 New section 42B inserted

149 Return requirements for multi-rate PIEs

150 Officers to maintain secrecy

151 Disclosure of information for verification of government screen production payment entitlement

152 Notices of proposed adjustment required to be issued by Commissioner

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

154 Taxpayer may issue notice of proposed adjustment for taxpayer assessment

155 When disputant entitled to challenge assessment

156 Non-electronic filing penalty

157 Late payment penalty

158 Unacceptable tax position

159 Shortfall penalty for not taking reasonable care or for taking unacceptable tax position may not be more than $50,000

160 Due date for payment of late filing penalty

161 Deduction of tax from payments due to defaulters

162 New section 225C inserted

Part 4
Amendments to Income Tax Act 2004

163 Income Tax Act 2004

164 Amounts derived in connection with employment

165 GST

166 Investor interest size requirement

167 New section HL 19B inserted

168 Employment-related loans: repayment

169 Definitions

170 Schedule 22A—Identified policy changes

Part 5
Amendments to KiwiSaver Act 2006

171 KiwiSaver Act 2006

172 Automatic enrolment rules do not apply

173 Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends investment statement

174 Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme

175 Involuntary transfers

176 Commissioner must send information to involuntary transferees

177 Initial steps in winding up of KiwiSaver scheme

178 New section 220B inserted

179 Crown contribution

180 Schedule 1––KiwiSaver scheme rules

Part 6
Amendments to Stamp and Cheque Duties Act 1971

181 Stamp and Cheque Duties Act 1971

182 Section 86I replaced

183 Refund of levy paid in error or in excess

Part 7
Amendments to other legislation

Income Tax Act 1994

184 Accounting for goods and services tax

Gaming Duties Act 1971

185 Deduction of duty from payments due to defaulters

Local Government (Auckland Transitional Provisions) Act 2010

186 Tax

Student Loan Scheme (Charitable Organisations) Regulations 2006

187 Schedule—Charitable organisations for purposes of section 38AE(1)(b) of Student Loan Scheme Act 1992

Health Entitlement Cards Regulations 1993

188 Interpretation

Inland Revenue Acts

189 Consequential amendments to Inland Revenue Acts: ACC change

Schedule 1
Consequential amendments to Inland Revenue Acts: ACC change

Schedule 2
New schedule 38

Legislative history

The Parliament of New Zealand enacts as follows: