Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014

Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014

Public Act2014 No 4
Date of assent27 February 2014
Commencementsee section 2

Contents

1 Title

2 Commencement

Part 1
Annual rates of income tax

3 Annual rates of income tax for 2013–14 tax year

Part 2
Amendments to Income Tax Act 2007

4 Income Tax Act 2007

5 Section CB 36 amended (Disposal of emissions units)

6 New section CD 36B inserted (Foreign superannuation withdrawals and pensions from foreign superannuation scheme)

7 Subpart CF heading amended (Income from living allowances, compensation, and government grants)

8 New section CF 3 inserted (Withdrawals from foreign superannuation scheme)

9 Section CQ 5 amended (When FIF income arises)

10 Section CR 4 amended (Income for general insurance outstanding claims reserve)

11 Section CT 1 amended (Disposal of exploratory material or petroleum mining asset)

12 Section CT 4 amended (Partnership interests and disposal of part of asset)

13 Section CT 5 amended (Petroleum mining operations outside New Zealand)

14 Subpart CU replaced (Income from mineral mining)

15 Section CV 2 amended (Consolidated groups: income of company in group)

16 New section CV 19 inserted (Additional income for certain imputation credits)

17 Section CW 12 amended (Proceeds of share disposal by qualifying foreign equity investor)

18 Heading before section CW 28 amended (Income from living allowances, compensation, and government grants)

19 New sections CW 28B and CW 28C inserted

20 New section CW 55BAB inserted (Rebate of fees paid by FIF)

21 Section CX 43 replaced (Farm-out arrangements for petroleum mining)

22 Heading and section CX 44 repealed (Disposal of mining shares)

23 Section CX 45 repealed (Disposal of mining shares acquired with reinvestment profit)

24 Section CX 46 repealed (Repayment of loans made from reinvestment profit)

25 Section CZ 2 repealed (Mining company's 1970–71 tax year)

26 Section CZ 4 repealed (Mineral mining: company making loan before 1 April 1979)

27 New section CZ 21B inserted (Optional treatment of withdrawals from foreign superannuation schemes not included in return or assessed before 1 April 2014)

28 Section CZ 25 amended (Land and buildings as revenue account property affected by Canterbury earthquakes and replaced—insurance or compensation, Government purchase)

29 Section CZ 26 replaced (Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 12 overridden for Government purchases)

30 New section CZ 27 inserted (Prior bad debt deductions clawback)

31 New section CZ 28 inserted (Transitional provision for mineral mining: previously appropriated mining expenditure)

32 Section DB 23 amended (Cost of revenue account property)

33 Section DB 30 amended (Cost of non-specified mineral)

34 Section DB 31 amended (Bad debts)

35 Section DG 3 amended (Meaning of asset for this subpart)

36 Section DN 6 amended (When FIF loss arises)

37 Section DP 11 amended (Cost of timber)

38 Section DR 3 amended (Life reinsurance outside New Zealand)

39 Section DR 4 amended (Life insurers' claims reserves)

40 Section DT 17 amended (Attribution of expenditure)

41 Subpart DU replaced (Mineral mining expenditure)

42 Section DW 4 amended (Deduction for general insurance outstanding claims reserve)

43 Section DZ 12 repealed (Mineral mining: 1954–2005)

44 Section DZ 20 replaced (Expenditure incurred while income-earning activity interrupted by Canterbury earthquake)

45 Section EA 2 amended (Other revenue account property)

46 Section EA 3 amended (Prepayments)

47 Section ED 3 amended (Part-year tax calculations for transfers: general insurance OCR)

48 Section EE 1 amended (What this subpart does)

49 Section EE 52 amended (Amount of depreciation recovery income when compensation received)

50 New heading and sections EJ 20B to EJ 20E inserted

51 Section EW 15D amended (IFRS financial reporting method)

52 Section EX 21 amended (Attributable CFC amount and net attributable CFC income or loss: calculation rules)

53 Section EX 29 amended (Attributing interests in FIFs)

54 Section EX 33 repealed (Exemption for Australian regulated superannuation savings)

55 Section EX 42 repealed (New resident's accrued superannuation entitlement exemption)

56 New section EX 42B inserted (Interests in foreign superannuation scheme other than FIF superannuation interests)

57 Section EY 5 amended (Part-year tax calculations)

58 Section EY 15 amended (Policyholder base income: non-participation policies)

59 Section EY 16 amended (Policyholder base allowable deductions: non-participation policies)

60 Section EY 17 amended (Policyholder base income: profit participation policies)

61 Section EY 19 amended (Shareholder base income: non-participation policies)

62 Section EY 20 amended (Shareholder base allowable deductions: non-participation policies)

63 Section EY 21 amended (Shareholder base income: profit participation policies)

64 Section EZ 23B amended (Property acquired after depreciable property affected by Canterbury earthquakes)

65 New section EZ 23BB inserted (Interest in property acquired after depreciable property affected by Canterbury earthquakes)

66 Sections EZ 23C to EZ 23G repealed

67 New heading and section EZ 69 inserted (IFRS financial reporting method: interest-free and low-interest loans)

68 New heading and sections EZ 70 to EZ 74 inserted

69 Section FB 20 repealed (Mining assets)

70 Section FB 21 amended (Depreciable property)

71 Section FE 41 amended (Treatment of associated persons' interests)

72 Section FM 31 amended (Eligibility rules)

73 Section FN 4 amended (Eligibility rules)

74 Section FM 40 amended (Losing eligibility or entitlement to be part of consolidated group)

75 Section FN 12 amended (Company no longer eligible or entitled to membership)

76 Section FZ 7 replaced (Valuation of group assets: insurance proceeds from Canterbury earthquake)

77 Heading before section GB 20 replaced (Arrangements involving petroleum mining)

78 Section GB 20 replaced (Arrangements involving petroleum mining)

79 Section GB 32 amended (Benefits provided to employee's associates)

80 Section GB 44 amended (Arrangements involving tax credits for families)

81 Section GZ 1 amended (Limitation on section GB 20: petroleum mining arrangements)

82 Section HA 4 amended (Conditions applying)

83 Section HC 15 amended (Taxable distributions from non-complying and foreign trusts)

84 Section HC 27 amended (Who is a settlor?)

85 Section HM 8 amended (Residence in New Zealand)

86 Section HM 11 amended (Investment types)

87 Section HM 12 amended (Income types)

88 Section HM 13 amended (Maximum shareholdings in investments)

89 Section HM 36 amended (Calculating amounts attributed to investors)

90 Section HM 50 amended (Attributing credits to investors)

91 Section HM 55FB amended (Notified foreign investors and tax credits for supplementary dividends)

92 Section HM 72 amended (When elections take effect)

93 Section HR 8 amended (Transitional residents)

94 Section IA 7 amended (Restrictions relating to ring-fenced tax losses)

95 Section ID 1 amended (Treatment of tax losses by consolidated groups)

96 Heading to subpart IS replaced (Mining companies' and petroleum miners' tax losses)

97 Section IS 1 amended (General treatment of mining companies' net losses)

98 Section IS 2 amended (Treatment of net losses resulting from certain expenditure)

99 Section IS 3 repealed (Holding companies' tax losses)

100 Section IS 4 repealed (Adjustments in certain circumstances)

101 Section IS 6 amended (When company stops being mining company)

102 Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)

103 Section LD 3 amended (Meaning of charitable or other public benefit gift)

104 New section LE 8B inserted (Dividends from certain FIF interests)

105 Subpart LR repealed (Tax credits for policyholder income)

106 New subpart LU inserted (Tax credits for mineral miners)

107 Section MA 8 amended (Some definitions for family scheme)

108 Section MB 1 amended (Adjustments for calculation of family scheme income)

109 Section MB 4 replaced (Family scheme income of major shareholders in close companies)

110 Section MB 7 amended (Family scheme income of settlor of trust)

111 Section MB 8 amended (Family scheme income from fringe benefits: controlling shareholders)

112 Section MB 9 amended (Family scheme income from deposits in main income equalisation accounts)

113 Section MC 6 amended (When person does not qualify)

114 Section MD 1 amended (Abating WFF tax credit)

115 Section MD 2 amended (Calculating net contributions to credits)

116 Section MD 12 amended (Calculation of parental tax credit)

117 Section MD 13 amended (Calculation of family credit abatement)

118 Section MD 16 amended (Calculation of parental tax credit abatement)

119 Section OB 1 amended (General rules for companies with imputation credit accounts)

120 Section OB 2 amended (Australian companies with imputation credit accounts)

121 Section OB 47 amended (Debit for policyholder base imputation credits)

122 Section OP 44 amended (Consolidated ICA debit for policyholder base imputation credits)

123 Section RD 5 amended (Salary or wages)

124 Section RD 10 amended (Amounts of tax for PAYE income payments)

125 Section RE 4 amended (Persons who have withholding obligations)

126 Section RM 13 amended (Limits on refunds for ICA companies)

127 Section YA 1 amended (Definitions)

128 Schedule 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)

129 Schedule 32 amended (Recipients of charitable or other public benefit gifts)

130 New schedule 33 inserted (Default fractions of foreign superannuation withdrawals)

131 Removal of redundant headings and readers' aids

Part 3
Amendments to other Acts

Tax Administration Act 1994

132 Tax Administration Act 1994

133 Section 17 amended (Information to be furnished on request of Commissioner)

134 New sections 21B and 21C inserted

135 Section 22 amended (Keeping of business and other records)

136 Section 24O amended (Certain information required from agricultural, horticultural, or viticultural employers)

137 Section 83 amended (Disclosure of information for purposes of entitlement card)

138 Section 84 amended (Disclosure of information for family support double payment identification)

139 Section 108 amended (Time bar for amendment of income tax assessment)

KiwiSaver Act 2006

140 Schedule 1 amended (KiwiSaver scheme rules)

Income Tax Act 2004

141 New section CF 3 inserted (Optional treatment of withdrawals from foreign superannuation schemes not included in return or assessed before 1 April 2014)

142 Definitions

Income Tax Act 1994

143 New section CC 4 inserted (Optional treatment of withdrawals from foreign superannuation schemes not included in return or assessed before 1 April 2014)

Health Entitlement Cards Regulations 1993

144 Regulation 2 amended (Interpretation)

145 Regulation 8 amended (Eligibility for community services cards)

Child Support Act 1991

146 Child Support Act 1991

147 Section 3A amended (Transitional and savings provisions relating to amendments to this Act)

148 Section 276 amended (Transitional and savings provisions relating to amendments to Act)

149 Schedule 1 amended (Transitional and savings provisions relating to amendments to Act made on or after 1 April 2014)

Child Support Amendment Act 2013

150 Child Support Amendment Act 2013

151 Section 2 amended (Commencement)

152 Section 9 amended (Children who qualify for child support)

153 Section 12 amended (New headings and sections 29 to 36D substituted)

154 New section 19A inserted (Section 89F amended)

155 Section 38 amended (New heading and sections 129 to 131B substituted)

156 Section 39 amended (New sections 134 to 134B substituted)

157 Section 40 amended (Interpretation for purposes of sections 135A to 135O)

158 Section 43 amended (New section 135FA inserted)

159 Section 46 amended (New sections 135GB and 135H inserted)

160 Section 52 amended (Overpayments to payees)

161 Section 53 amended (New section 151AA inserted)

162 Section 62 amended (New section 276 substituted)

163 Section 63 amended (Schedule 1 amended)

164 Schedule 3 amended (Consequential amendments to principal Act)

Schedule 1
New schedule 33 inserted

Schedule 2
Removal of redundant headings and readers' aids

Legislative history


The Parliament of New Zealand enacts as follows: