Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Bill

  • enacted
110 New sections 21B and 21C inserted
  • (1) Before section 22 and after the heading Taxpayer's obligations to keep records, insert:

    21C Preparing financial statements: Orders in Council
    • (1) The Governor-General may from time to time, by Order in Council made on the recommendation of the Minister of Revenue, prescribe, for the purposes of section 21B,––

      • (a) minimum requirements for preparing financial statements:

      • (b) classes of taxpayers to whom the minimum requirements apply:

      • (c) classes of companies that are exempt from the minimum requirements:

      • (d) the period for which financial statements must be prepared.

      (2) Before recommending the making or amending of an Order in Council under this section, the Minister of Revenue must, whether before or after the date on which the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters Act 2013 receives the Royal assent, consult with professional accounting bodies that the Minister decides it is reasonable to consult for the purposes of this section.

    (2) Before section 21C, as inserted by subsection (1), and after the heading Taxpayer's obligations to keep records, insert:

    21B Preparing financial statements
    • (1) A company must prepare financial statements in accordance with the applicable minimum requirements prescribed in an Order in Council made under section 21C, unless the company is of a class specified as exempt from the minimum requirements in an Order in Council made under section 21C.

      (2) A taxpayer of a class specified in an Order in Council under section 21C must prepare financial statements in accordance with the applicable minimum requirements prescribed in an Order in Council made under section 21C.

      (3) If an enactment other than this one provides applicable minimum requirements for preparing financial statements for a company or taxpayer, the company or taxpayer must prepare financial statements using those minimum requirements and subsection (1) and (2) do not apply.

      (4) Section 22 applies to keeping and retaining the financial statements.

    (3) Subsection (2) applies for the income year after the income year in which the Financial Reporting Act 1993 is repealed, and later income years.