Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013

98 Section YA 1 amended (Definitions)

(1)

Repeal the definition of accident compensation payment for attendant care.

(2)

In the definition of asset, after paragraph (a), insert:

(ab)

is defined in section DG 3 (Meaning of asset for this subpart) for the purposes of subpart DG (Expenditure related to use of certain assets) and sections CC 1(2B) and CW 8B (which relate to the treatment of certain income):

(3)

In the definition of asset, in paragraph (b), replace “mining)” with “mining):”, and insert:

(c)

is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(4)

Insert, in appropriate alphabetical order:

asset value is defined in section DG 11(8) (Interest expenditure: close companies) for the purposes of subpart DG (Expenditure related to use of certain assets)

(5)

Insert, in appropriate alphabetical order:

Australian non-attributing shares is defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(6)

Replace the definition of bonus issue with:

bonus issue means the issue or subdivision of shares in a company, or the giving of credit for or forgiveness of an amount unpaid on any shares in a company, if the company receives no consideration for the issue, subdivision, crediting, or forgiveness other than the shareholder choosing not to receive an amount as an alternative to the issue or subdivision

(7)

Replace the definition of bonus issue with:

bonus issue means—

(a)

the issue or subdivision of shares in a company, or the giving of credit for or forgiveness of an amount unpaid on any shares in a company, if the company receives no consideration for the issue, subdivision, crediting, or forgiveness other than the shareholder choosing not to receive an amount as an alternative to the issue or subdivision:

(b)

the issue of shares under a profit distribution plan

(8)

In the definition of capital contribution, replace paragraph (a)(iii) with:

(iii)

is not income of the recipient, ignoring sections CC 1B and CG 8; and

(9)

Replace the definition of capital contribution, paragraph (a)(iv) with:

(iv)

is paid, under the express terms and conditions of the agreement, as a contribution for capital contribution property; and

(10)

Insert, in appropriate alphabetical order:

capital contribution property means, for a recipient of an amount,—

(a)

depreciable property owned or to be acquired by the recipient:

(b)

an improvement for which expenditure is or would be deductible for the recipient under section DO 4, DO 11, DO 12, or DO 13 (which relate to farming, horticultural, aquacultural, and forestry improvements):

(c)

a listed horticultural plant or land for which expenditure is or would be deductible for the recipient under section DO 5 or DO 6 (which relate to horticultural expenditure on land):

(d)

a listed horticultural plant or land to the extent to which some but not all expenditure for replacement plants is deductible under section DO 6

(11)

Insert, in appropriate alphabetical order:

class closing animal balance is defined in section EC 8(4) (Restrictions arising from use of herd scheme) for the purposes of that section

(12)

Insert, in appropriate alphabetical order:

debt value is defined in section DG 11(9) (Interest expenditure: close companies) for the purposes of subpart DG (Expenditure related to use of certain assets)

(13)

Insert, in appropriate alphabetical order:

descendant is defined in section EC 4B(7) (Compulsory use of herd scheme method for associated persons) for the purposes of that section

(14)

Insert, in appropriate alphabetical order:

descended associate is defined in section EC 4B(7) (Compulsory use of herd scheme method for associated persons) for the purposes of that section

(15)

Repeal the definition of development investments.

(16)

Insert, in appropriate alphabetical order:

eligible hedge is defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(17)

Insert, in appropriate alphabetical order:

fair dividend rate hedge portion is defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(18)

In the definition of FDP rules, repeal paragraph (d).

(19)

Insert, in appropriate alphabetical order:

hedge and hedging are defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(20)

Insert, in appropriate alphabetical order:

interest expenditure is defined in section DG 5 (Meaning and treatment of interest expenditure for this subpart) for the purposes of subpart DG (Expenditure related to use of certain assets)

(21)

Replace the definition of investor interest with:

investor interest,—

(a)

for an investor in a portfolio investment entity, means an interest in the entity that gives the holder an entitlement to a distribution of proceeds from the entity’s investments:

(b)

is defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(22)

In the definition of land provisions, after paragraph (b), insert:

(bb)

section EI 4B (Consideration for agreement to grant, renew, extend, or transfer leasehold estate or licence):

(23)

Insert, in appropriate alphabetical order:

legal and equitable rights is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(24)

Insert, in appropriate alphabetical order:

liabilities is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(25)

In the definition of market value, after paragraph (b), insert:

(bb)

is defined in section DG 3(4) (Meaning of asset for this subpart) for the purposes of subpart DG (Expenditure related to use of certain assets):

(26)

Insert, in appropriate alphabetical order:

net asset balance is defined in section DG 11(7) for the purposes of subpart DG (Expenditure related to use of certain assets)

(27)

In the definition of New Zealand superannuation, in paragraph (b), repeal subparagraphs (ii) and (iii).

(28)

In the definition of New Zealand superannuitant, in paragraph (b), repeal subparagraph (ii).

(29)

In the definition of non-refundable tax credit, after paragraph (f), insert:

(fb)

a tax credit under sections LS 2, LS 3(2), and LS 4(2) (which relate to multi-rate PIEs and certain of their investors), if the person having the tax credit is a natural person not having the tax credit as a beneficiary of a trust:

(30)

In the definition of non-refundable tax credit, paragraph (g), delete “(which relate to multi-rate PIEs and certain of their investors)”.

(31)

Repeal the definition of non-resident investment company.

(32)

In the definition of ownership interest, replace “sections YC 18B” with “sections YC 18B, YC 18C”.

(33)

Replace the definition of private use with:

private use

(a)

for a motor vehicle, is defined in section CX 36 (Meaning of private use):

(b)

for the purposes of subpart DG (Expenditure related to use of certain assets), is defined in section DG 4 (Meaning of private use for this subpart)

(34)

Insert, in appropriate alphabetical order:

quarterly FDR hedging ratio is defined in section EM 8 (Some definitions) for the purposes of subpart EM (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

(35)

Insert, in appropriate alphabetical order:

Railways assets is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(36)

Insert, in appropriate alphabetical order:

Railways assets and liabilities is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(37)

Insert, in appropriate alphabetical order:

Railways liabilities is defined in section EZ 68 (Definitions) for the purposes of sections EZ 64 to EZ 67 (which relate to New Zealand Railways Corporation restructure)

(38)

Insert, in appropriate alphabetical order:

Railways vesting is defined in section EZ 68 (Definitions) for the purposes of sections CW 65, EZ 64 to EZ 67, and YC 18C (which relate to New Zealand Railways Corporation restructure)

(39)

In the definition of refundable tax credit, paragraph (d), after “investors)”, insert “, if the person with the tax credit is not a natural person or is a natural person having the tax credit as a beneficiary of a trust”.

(40)

In the definition of significant capital activity, “land, except trees” is replaced by “land”.

(41)

Replace the definition of veteran’s pension with:

veteran’s pension means a veteran’s pension, other than a portable veteran’s pension, paid or payable under Part 6 of the War Pensions Act 1954

(42)

Subsection (6) applies for the 2008–09 and later tax years.

(43)

Subsection (18) applies for the 2008–09 and later income years.

(44)

Subsections (9), (10), and (40) apply for the 2011–12 and later income years.

(45)

Subsections (2), (4), (12), (20), (25), (26), and (33) apply for the 2013–14 and later income years for an item of property referred to in section DG 3(2)(a)(i). Subsections (2), (4), (12), (20), (25), (26), and (33) apply for the 2014–15 and later income years for an item of property referred to in section DG 3(2)(a)(ii) and (iii).

(46)

Subsections (15) and (31) apply for the 2013–14 and later income years.