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Act Repealed Latest version as at 17 September 1971 (as enacted) | 1971 No 10

Land and Income Tax (Annual) Act 1971

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Act Repealed Latest version as at 17 September 1971 (as enacted) | 1971 No 10

Land and Income Tax (Annual) Act 1971

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Land and Income Tax (Annual) Act 1971

Public Act
  
1971 No 10
Date of assent
  
17 September 1971
 

Contents

An Act to fix the rates of land tax, income tax, excess retention tax, and bonus issue tax for the year commencing on the 1st day of April 1971

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 1971, 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 1971

For the year commencing on the 1st day of April 1971, 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.

Income Tax

3 Rates of income tax for year commencing 1 April 1971

(1)

For the year commencing on the 1st day of April 1971, 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.

(2)

Section 39 of the Land and Income Tax Amendment Act 1970 is hereby consequentially amended as from its commencement by repealing subsection (3).

Excess Retention Tax

4 Rate of excess retention tax for year commencing 1 April 1971

For the year commencing on the 1st day of April 1971, 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 7 of Part A of the First Schedule to that Act (as substituted by section 4 of the Land and Income Tax Amendment Act (No. 3) 1968).

Bonus Issue Tax

5 Rate of bonus issue tax for year commencing 1 April 1971

For the year commencing on the 1st day of April 1971, 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 8 of Part A of the First Schedule to that Act (as substituted by section 4 of the Land and Income Tax Amendment Act (No. 3) 1968).

Schedule Rates of Land Tax and Income Tax for the Year Commencing on 1 April 1971

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 1 ⅔C
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 Income Tax

1.

Subject to the provisions of this Part of this Schedule, the rates of income tax shall be the basic rates of income tax as specified in the First Schedule to the Land and Income Tax Act 1954 (as substituted by section 37(1) of the Land and Income Tax Amendment Act 1970).

2.

In the assessment of every taxpayer, other than a company or a public authority or a Maori authority under section 160 of the Land and Income Tax Act 1954, there shall be added to the amount of income tax assessed in accordance with clause 1 of this Part of this Schedule an amount equal to 3 ⅓ percent of the tax so assessed:

Provided that nothing in this clause shall apply with respect to a taxpayer in any case where the basic rate of tax for every $1 of his taxable income is determined pursuant to paragraph (a) of clause 5 of Part A of the First Schedule to the Land and Income Tax Act 1954 (as so substituted).

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 Inland Revenue Department.
Act Repealed Latest version as at 17 September 1971 (as enacted)

Land and Income Tax (Annual) Act 1971

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