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Hon Peter Dunne
Government Bill
55—1
Explanatory note
1 Title
2 Commencement
Part 1Amendments to Income Tax Act 2007
3 Income Tax Act 2007
4 Flowchart B2: Calculating and satisfying income tax liabilities
5 Available capital distribution amount
6 Benefits, pensions, compensation, and government grants
7 Goods and services tax
8 Research or development
9 Some definitions
10 Criteria for approval of share purchase schemes: when period of restriction ends
11 Section DP 11 replaced
DP 11 Expenditure related to disposal of timber
12 Consideration when debt sold at discount to associate of debtor
13 Income and deduction when debt sold at discount to associate of debtor
14 Branch equivalent income or loss: calculation rules
15 Accounting profits method
16 Attribution rule for income from personal services
17 Loss balances not carried forward
18 Beneficiary income
19 Who is a settlor?
20 New section HZ 5 added
HZ 5 Saving of binding rulings relating to settlements on trusts
21 Tax losses
22 Using tax losses in tax year
23 Using loss balances carried forward to tax year
24 Restrictions on companies' loss balances carried forward
25 Restrictions on companies grouping tax losses
26 Restrictions relating to ring-fenced losses
27 General treatment
28 New section IQ 1B inserted
IQ 1B Losses carried forward to tax year
29 Ring-fencing cap on attributed CFC net losses
30 Group companies using attributed CFC net losses
31 When group membership lacking in loss period
32 When group membership lacking in tax year of use
33 General treatment of mining companies' tax losses
34 Treatment of tax losses resulting from certain expenditure
35 Holding companies' tax losses
36 Petroleum miners' tax losses
37 Life insurers' policyholder net losses
38 Adjustments for calculation of family scheme income
39 Calculation of maximum permitted ratios
40 ICA payment of tax
41 New section OZ 18 added
OZ 18 Debits for loss of continuity: savings provision
42 Amounts of tax for PAYE income payments
43 Payment of extra pay with other PAYE income payments
44 New section RE 10B inserted
RE 10B Amounts withheld from distributions to holders of FIF attributing interests
45 Interest
46 When payment treated as non-resident passive income
47 NRWT rules and their application
48 Overpaid RWT or NRWT
49 Definitions
50 Transparency of nominees
51 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits
52 Schedule 2—Basic tax rates for PAYE income payments
53 Schedule 51—Identified changes in legislation
54 Lists of defined terms in Income Tax Act 2007
Part 2Amendments to Tax Administration Act 1994
55 Tax Administration Act 1994
56 Interpretation
57 Giving of notices by Commissioner
58 PAYE tax codes
59 Section 24C replaced
24C Tax code for payment that includes income-tested benefits
60 New section 26B inserted
26B Withholding rates for RWT
61 Person advising retirement savings scheme of retirement scheme prescribed rate
62 Annual returns of income not required
63 Natural person to request income statement
64 Commissioner must issue income statement
65 Taxation laws in respect of which binding rulings may be made
66 New section 113A inserted
113A Correction of minor errors in subsequent returns
67 Certain rights of challenge not conferred
68 Definitions
Part 3Amendments to Goods and Services Tax Act 1985
69 Goods and Services Tax Act 1985
70 Meaning of associated persons
71 Meaning of term supply
Part 4Amendments to Income Tax Act 2004
72 Income Tax Act 2004
73 Available capital distribution amount
74 Research or development
75 Some definitions
76 Gifts of money by company
77 Section DP 10 replaced
DP 10 Expenditure related to disposal of timber
78 Branch equivalent income or loss: calculation rules
79 Accounting profits method
80 Credits arising to imputation credit account
81 New section NF 2E inserted
NF 2E Amounts withheld from distributions to holders of FIF attributing interests
82 Definitions
83 Lists of defined terms in Income Tax Act 2004
Part 5Amendments to other Acts
84 Credits arising to imputation credit account
85 Taxes and duties
Schedule 1 Consequential amendments to lists of defined terms in Income Tax Act 2007
Schedule 2 Consequential amendments to lists of defined terms in Income Tax Act 2004
The Parliament of New Zealand enacts as follows:
