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Taxation (Research and Development Tax Credits) Act 2019
Corrections have been made to sections 10,18, 21, 29 on 17 June 2019 under section 25(1)(j)(i), (iii) of the Legislation Act 2012.
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Taxation (Research and Development Tax Credits) Act 2019
Public Act
2019 No 15
Date of assent
7 May 2019
Commencement
see section 2
Contents
1
Title
2
Commencement
Part 1
Research and development tax credits: year 1
3
Application
Amendments to Income Tax Act 2007
4
Income Tax Act 2007 amended
5
Flowchart B4 amended (Satisfying income tax liability)
6
Section EE 6 amended (What is depreciable property?)
7
New heading and section GB 56 inserted
Arrangements involving research and development tax credits
GB 56
Arrangements involving research and development tax credits
8
Section LA 4 amended (When total tax credit more than income tax liability)
9
Section LA 5 amended (Treatment of remaining credits)
10
New subpart LY inserted (Research and development tax credits)
Subpart LY—Research and development tax credits
LY 1
Research and development tax credits
LY 2
Key terms
LY 3
When this subpart applies
LY 4
Calculation of tax credit
LY 5
Eligible research and development expenditure
LY 6
Contracted research and development expenditure
LY 7
Foreign research and development expenditure
LY 8
Carry forward for remaining research and development tax credits
LY 9
Orders in Council
LY 10
Evaluation
11
Section OB 4 amended (ICA payment of tax)
12
New section OB 9C inserted (ICA credit for research and development tax credit)
OB 9C
ICA credit for research and development tax credit
13
Table O1 amended (Imputation credits)
14
Section OK 2 amended (MACA payment of tax)
15
New section OK 6C inserted (MACA research and development tax credit)
OK 6C
MACA research and development tax credit
16
Table O17 amended (Maori authority credits)
17
Section OP 5 amended (When credits and debits arise only in consolidated imputation group accounts)
18
Section OP 7 amended (Consolidated ICA payment of tax)
19
New section OP 11C inserted (Consolidated ICA credit for research and development tax credit)
OP 11C
Consolidated ICA credit for research and development tax credit
20
Table O19 amended (Imputation credits of consolidated imputation groups)
21
Section YA 1 amended (Definitions)
22
New schedules 21 and 21B inserted
Amendments to Tax Administration Act 1994
23
Tax Administration Act 1994 amended
24
Section 3 amended (Interpretation)
25
New heading and section 124ZH inserted
Research and development
124ZH
Approved research providers
26
Section 22 amended (Keeping of business and other records)
27
New section 33E inserted (Research and development tax credits: supplementary return)
33E
Research and development tax credits: supplementary return
28
New section 36BE inserted (Research and development tax credits: electronic formats)
36BE
Research and development tax credits: electronic formats
29
Section 36C amended (Particulars furnished in electronic format)
30
New heading and sections 68CB, 68CC, 68CD, and 68CE inserted
Research and development
68CB
Research and development tax credits: general approval 2019–20 income year pilot
68CC
Research and development tax credits: greater than $2 million approval 2019–20 income year pilot
68CD
Research and development tax credits: approved research and development cap
68CE
Research and development tax credits: publication of details
31
Section 89DA amended (Taxpayer may issue notice of proposed adjustment for taxpayer assessment)
32
Section 108 amended (Time bar for amendment of income tax assessment)
33
Section 113D repealed (Amended assessments for research and development tax credits)
34
New section 113E inserted (Amended assessments: research and development tax credits)
113E
Amended assessments: research and development tax credits
35
Section 138E amended (Certain rights of challenge not conferred)
36
Section 141EC amended (Definition of promoter)
37
Schedule 7 amended (Disclosure rules)
39
Agencies for research and development
Part 2
Research and development tax credits: year 2 and subsequent years
38
Application
Amendments to Income Tax Act 2007
39
Income Tax Act 2007 amended
40
Section LY 3 amended (When this subpart applies)
41
New heading and section LZ 13 inserted
Research and development tax credits
LZ 13
Part-year override of section LY 3(2)(b)
Amendments to Tax Administration Act 1994
42
Tax Administration Act 1994 amended
43
Section 3 amended (Interpretation)
44
New section 124ZI inserted (Certificates for research and development)
124ZI
Certificates for research and development
45
Sections 68CB and 68CC replaced
68CB
Research and development tax credits: general approval
68CC
Research and development tax credits: greater than $2 million approval
46
Section 138E amended (Certain rights of challenge not conferred)
Schedule 1
New schedules 21 and 21B inserted
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: