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New Zealand Legislation: Bills

Bills are proposed Acts

Hon Peter Dunne

Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill

Government Bill

100—1

Contents

Explanatory note

Part 1
Annual rates of income tax

3 Annual rates of income tax for 2010–11 tax year

Part 2
Amendments to Income Tax Act 2007

4 Income Tax Act 2007

5 Disposal of emissions units

6 Section CD 34 repealed

7 New section CD 34B inserted

CD 34B Distributions to members of co-operative companies

8 New section CW 29B inserted

CW 29B Amounts from Australian complying superannuation schemes reinvested in KiwiSaver schemes

9 Non-resident company involved in exploration and development activities

10 Acquisition of emissions units

11 Liabilities for emissions

12 Distribution to member of co-operative company, excluded from being dividend

13 Valuation of excepted financial arrangements

14 Economic rate for plant, equipment, or building, with high residual value

15 Determination alternatives

16 Expected value method

17 Modified fair value method

18 Meaning of controlled foreign company

19 Non-attributing active CFC: default test

20 Disposals of trading stock at below market value

21 Trustees' obligations

22 Treatment of portfolio class taxable loss and portfolio class land loss for tax year

23 Use of land losses of investor classes

24 Transitional provisions for PIE rules

25 Child's income

26 Tax credits for housekeeping

27 Limitation on deductions

28 ICA transfer from tax pooling account

29 BETA payment of income tax

30 New heading and section OE 11B inserted

Credit if debit balance including debits from conduit relief

OE 11B Company with debit balance, including debits from conduit relief, at beginning of first affected income year

31 Payment dates for terminal tax

33 General rules for currency conversion

34 Schedule 32—Recipients of charitable or other public benefit gifts

Part 3
Amendments to Tax Administration Act 1994

35 Tax Administration Act 1994

36 Interpretation

37 Exemption certificates for schedular payments

38 Special tax rate certificates for schedular payments

39 Returns by persons with tax credits for housekeeping payments and charitable or other public benefit gifts

40 Determinations in relation to financial arrangements

41 Notification of determinations and notices

42 Determinations in relation to apportionment of interest costs

43 Determinations in relation to standard-cost household service

44 Determinations relating to types and diminishing values of listed horticultural plants

45 Publication and revocation of determinations relating to livestock

46 Commissioner may decline to issue special rate or provisional rate

47 Applications for determinations

48 Determinations on rates for diminishing value of environmental expenditure

49 Determination on type of interest in FIF and use of fair dividend rate method

50 Content and notification of a public ruling

51 Withdrawal of a public ruling

52 Commissioner to make private rulings on request

53 Effect of a private ruling

54 Application of a private ruling

55 Assumptions in making a private ruling

56 Content and notification of a private ruling

57 New section 91EJ inserted

91EJ Treatment of information

58 Commissioner may make product rulings

59 Effect of a product ruling

60 Application of a product ruling

61 Applying for a product ruling

62 Disclosure requirements

63 Assumptions in making a product ruling

64 Content and notification of a product ruling

65 Withdrawal of a product ruling

66 New section 91FK inserted

91FK Treatment of information

67 Application of Part

68 New section 120W inserted

120W Commissioner's official opinions

69 Unacceptable tax position

70 Definition of promoter

Part 4
Amendments to KiwiSaver Act 2006

71 KiwiSaver Act 2006

72 Interpretation

73 How to opt in

74 Opting in by persons under 18

75 Initial back-dated validation

76 What happens when initial back-dated validation ends, with no confirmed back-dated validation?

77 PAYE rules apply to deductions

78 Application of other provisions of Superannuation Schemes Act 1989

79 Regulations relating to mortgage diversion facility

80 Schedule 1––KiwiSaver scheme rules

Part 5
Amendments to other Acts and regulations

Goods and Services Tax Act 1985

81 Goods and services tax incurred in making certain supplies of financial services

Estate and Gift Duties Act 1968

82 Exemption for gifts to charities and certain bodies

Income Tax Act 2004

83 Determination alternatives to IFRS

84 Expected value method and equity-free fair value method

85 Meaning of CFC

Local Government Act 2002

87 Schedule 9—Council-controlled organisations and transfer of undertakings

Tax Administration (Binding Rulings) Regulations 1999

88 Waiver of fees

89 Fees inclusive of goods and services tax

The Parliament of New Zealand enacts as follows: