Taxation (Research and Development Tax Credits) Act 2019

Reprint as at 1 April 2020

Coat of Arms of New Zealand

Taxation (Research and Development Tax Credits) Act 2019

Public Act
 
2019 No 15
Date of assent
 
7 May 2019
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Inland Revenue Department.

Contents

1Title
2Commencement
Part 1
Research and development tax credits: year 1
3Application
Amendments to Income Tax Act 2007
4Income Tax Act 2007 amended
5Flowchart B4 amended (Satisfying income tax liability)
6Section EE 6 amended (What is depreciable property?)
7New heading and section GB 56 inserted
Arrangements involving research and development tax credits
GB 56Arrangements involving research and development tax credits
8Section LA 4 amended (When total tax credit more than income tax liability)
9Section LA 5 amended (Treatment of remaining credits)
10New subpart LY inserted (Research and development tax credits)
Subpart LY—Research and development tax credits
LY 1Research and development tax credits
LY 2Key terms
LY 3When this subpart applies
LY 4Calculation of tax credit
LY 5Eligible research and development expenditure
LY 6Contracted research and development expenditure
LY 7Foreign research and development expenditure
LY 8Carry forward for remaining research and development tax credits
LY 9Orders in Council
LY 10Evaluation
11Section OB 4 amended (ICA payment of tax)
12New section OB 9C inserted (ICA credit for research and development tax credit)
OB 9CICA credit for research and development tax credit
13Table O1 amended (Imputation credits)
14Section OK 2 amended (MACA payment of tax)
15New section OK 6C inserted (MACA research and development tax credit)
OK 6CMACA research and development tax credit
16Table O17 amended (Maori authority credits)
17Section OP 5 amended (When credits and debits arise only in consolidated imputation group accounts)
18Section OP 7 amended (Consolidated ICA payment of tax)
19New section OP 11C inserted (Consolidated ICA credit for research and development tax credit)
OP 11CConsolidated ICA credit for research and development tax credit
20Table O19 amended (Imputation credits of consolidated imputation groups)
21Section YA 1 amended (Definitions)
22New schedules 21 and 21B inserted
Amendments to Tax Administration Act 1994
23Tax Administration Act 1994 amended
24Section 3 amended (Interpretation)
25New heading and section 124ZH inserted
Research and development
124ZHApproved research providers
26Section 22 amended (Keeping of business and other records)
27New section 33E inserted (Research and development tax credits: supplementary return)
33EResearch and development tax credits: supplementary return
28New section 36BE inserted (Research and development tax credits: electronic formats)
36BEResearch and development tax credits: electronic formats
29Section 36C amended (Particulars furnished in electronic format)
30New heading and sections 68CB, 68CC, 68CD, and 68CE inserted
Research and development
68CBResearch and development tax credits: general approval 2019–20 income year pilot
68CCResearch and development tax credits: greater than $2 million approval 2019–20 income year pilot
68CDResearch and development tax credits: approved research and development cap
68CEResearch and development tax credits: publication of details
31Section 89DA amended (Taxpayer may issue notice of proposed adjustment for taxpayer assessment)
32Section 108 amended (Time bar for amendment of income tax assessment)
33Section 113D repealed (Amended assessments for research and development tax credits)
34New section 113E inserted (Amended assessments: research and development tax credits)
113EAmended assessments: research and development tax credits
35Section 138E amended (Certain rights of challenge not conferred)
36Section 141EC amended (Definition of promoter)
37Schedule 7 amended (Disclosure rules)
39Agencies for research and development
Part 2
Research and development tax credits: year 2 and subsequent years
38Application
Amendments to Income Tax Act 2007
39Income Tax Act 2007 amended
40Section LY 3 amended (When this subpart applies)
41New heading and section LZ 13 inserted
Research and development tax credits
LZ 13Part-year override of section LY 3(2)(b)
Amendments to Tax Administration Act 1994
42Tax Administration Act 1994 amended
43Section 3 amended (Interpretation)
44New section 124ZI inserted (Certificates for research and development)
124ZICertificates for research and development
45Sections 68CB and 68CC replaced
68CBResearch and development tax credits: general approval
68CCResearch and development tax credits: greater than $2 million approval
46Section 138E amended (Certain rights of challenge not conferred)
Schedule 1
New schedules 21 and 21B inserted
Reprint notes

The Parliament of New Zealand enacts as follows: