	Title
1	Short Title
	Land Tax
2	Rates of land tax for year commencing 1 April 1967
	Ordinary Income Tax and Social Security Income Tax
3	Rates of ordinary income tax and social security income tax for year commencing 1 April 1967
	Excess Retention Tax
4	Rate of excess retention tax for year commencing 1 April 1967
	Bonus Issue Tax
5	Rate of bonus issue tax for year commencing 1 April 1967
	Schedule Rates of Land Tax, Ordinary Income Tax, and Social Security Income Tax for the Year Commencing on 1 April 1967
	Administrative information

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

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 1967, and shall be read together with and deemed part of the Land and Income Tax Act 1954.

Land Tax

2 Rates of land tax for year commencing 1 April 1967

For the year commencing on the first day of April, nineteen hundred and sixty-seven, land tax shall be assessed, levied, and paid pursuant to Part V of the Land and Income Tax Act 1954 at the rates specified in Part I of the Schedule to this Act.

Ordinary Income Tax and Social Security Income Tax

3 Rates of ordinary income tax and social security income tax for year commencing 1 April 1967

For the year commencing on the first day of April, nineteen hundred and sixty-seven, 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 Part II of the Schedule to this Act.

Excess Retention Tax

4 Rate of excess retention tax for year commencing 1 April 1967

For the year commencing on the first day of April, nineteen hundred and sixty-seven, 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 22(1) of the Decimal Currency Amendment Act 1965).

Bonus Issue Tax

5 Rate of bonus issue tax for year commencing 1 April 1967

For the year commencing on the first day of April, nineteen hundred and sixty-seven, bonus issue tax shall be assessed, levied, and paid pursuant to Part VIb of the Land and Income Tax Act 1954 at the rate specified in clause 9 of Part A of the First Schedule to that Act (as substituted by section 22(1) of the Decimal Currency Amendment Act 1965).

Schedule Rates of Land Tax, Ordinary Income Tax, and Social Security Income Tax for the Year Commencing on 1 April 1967

Part I Land Tax

1.

Subject to the provisions of clause 2 of this Part of this Schedule, the rates of land tax shall be as follows:

On so much of the unimproved value on which land tax is payable as—	The rate of tax for every $1 shall be—
Does not exceed $20,000	5/12C
Exceeds $20,000 but does not exceed $30,000	⅚C
Exceeds $30,000 but does not exceed $40,000	1 ¼C
Exceeds $40,000	1⅔C

2.

In the assessment of every taxpayer, there shall be allowed from the land tax assessed in accordance with clause 1 of this Part of this Schedule a rebate of a sum equal to 50 percent of the tax so assessed.

Part II Ordinary Income Tax and Social Security Income Tax

1.

Subject to the provisions of this Part 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 22(1) of the Decimal Currency Amendment Act 1965).

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 Part of this Schedule a rebate of a sum equal to 10 percent of the tax so assessed or the sum of $200, 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 Part of 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 Department of Inland Revenue.

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Land and Income Tax (Annual) Act 1967