Land and Income Tax (Annual) Act (No. 2) 1964

Public Act		1964 No 123
Date of assent		27 November 1964

	Title
1	Short Title
	Ordinary Income Tax and Social Security Income Tax
2	Rates of ordinary income tax and social security income tax for year commencing 1 April 1964
	Excess Retention Tax
3	Rate of excess retention tax for year commencing 1 April 1964
	Schedule Rates of Ordinary Income Tax and Social Security Income Tax for the Year Commencing on 1 April 1964
	Administrative information

An Act to fix the rates of ordinary income tax, social security income tax, and excess retention tax for the year commencing on the first day of April, nineteen hundred and sixty-four

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title

This Act may be cited as the Land and Income Tax (Annual) Act (No. 2) 1964, and shall be read together with and deemed part of the Land and Income Tax Act 1954.

Ordinary Income Tax and Social Security Income Tax

2 Rates of ordinary income tax and social security income tax for year commencing 1 April 1964

For the year commencing on the first day of April, nineteen hundred and sixty-four, ordinary income tax and social security income tax shall be assessed, levied, and paid pursuant to Part VI of the Land and Income Tax Act 1954 at the rates specified in the Schedule to this Act.

Excess Retention Tax

3 Rate of excess retention tax for year commencing 1 April 1964

For the year commencing on the first day of April, nineteen hundred and sixty-four, excess retention tax shall be assessed, levied, and paid pursuant to Part VIa of the Land and Income Tax Act 1954 at the rate specified in clause 8 of Part A of the First Schedule to that Act (as substituted by section 4 of the Land and Income Tax Amendment Act 1962).

Schedule Rates of Ordinary Income Tax and Social Security Income Tax for the Year Commencing on 1 April 1964

1.

Subject to the provisions of this Schedule, the rates of ordinary income tax and social security income tax shall be the basic rates of ordinary income tax and social security income tax respectively as specified in the First Schedule to the Land and Income Tax Act 1954 (as substituted by section 4 of the Land and Income Tax Amendment Act 1962 and amended by section 4 of the Land and Income Tax Amendment Act 1964).

2.

In the assessment of every taxpayer other than a company or a public authority or an unincorporated body, there shall be allowed from the ordinary income tax assessed in accordance with clause 1 of this Schedule a rebate of a sum equal to 10 per cent of the tax so assessed or the sum of £100, whichever is the smaller:

Provided that no rebate shall be allowed in the assessment of any Maori authority under section 160 of the Land and Income Tax Act 1954.

3.

This Schedule shall not apply to—

(a)

Any income tax where the amount of that income tax is determined exclusively and finally pursuant to any provision of Part II or Part III of the Income Tax Assessment Act 1957; or

(b)

Any non-resident withholding tax.

This Act is administered in the Inland Revenue Department.

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Land and Income Tax (Annual) Act (No. 2) 1964