Income Tax Amendment Act 1979
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Income Tax Amendment Act 1979
Public Act |
1979 No 18 |
|
Date of assent |
1 October 1979 |
|
Contents
An Act to amend the Income Tax Act 1976
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 Income Tax Amendment Act 1979, and shall be read together with and deemed part of the Income Tax Act 1976 (hereinafter referred to as the principal Act).
Part I Personal Income Tax
2 Application
Except where this Part of this Act otherwise provides, this Part of this Act shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
3 National superannuation
(1)
Section 2 of the principal Act is hereby amended by inserting, after the definition of the expression “mortgagee”
, the following definition:
“‘National superannuation’ means national superannuation paid or payable under Part I of the Social Security Act 1964; but does not include any additional benefit paid or payable under section 61e or section 61g of that Act:”.
(2)
Sections 44(1)(b)(i) and 47(1)(b) of the principal Act are hereby consequentially amended by omitting in each case the words “under Part I of the Social Security Act 1964”
.
4 Taxation of unemployment benefit
(1)
Section 2 of the principal Act is hereby amended by repealing paragraph (d) of the definition of the expression “employer”
, and substituting the following paragraph:
“(d)
In relation to payments of national superannuation and unemployment benefit, the Director-General of Social Welfare:”.
(2)
Section 2 of the principal Act is hereby further amended by repealing paragraph (c) of the definition of the expression “salary or wages”
, and substituting the following paragraph:
“(c)
All payments of national superannuation and unemployment benefit; and”.
(3)
Section 2 of the principal Act is hereby further amended by inserting, after the definition of the expression “trustee”
, the following definition:
“‘Unemployment benefit’ means unemployment benefit under Part I of the Social Security Act 1964, but does not include—
“(a)
Any such benefit paid or payable to a person who is receiving an additional benefit in respect of a dependent child under section 61a of that Act; and
“(b)
Any additional benefit paid or payable under section 61e or section 61g of that Act:”.
(4)
The principal Act is hereby further amended by inserting in sections 51(3)(a), 52(3)(a), 53a(9)(a), 61(35) (as amended by section 21(4) of the Income Tax Amendment Act 1978), and 345(2)(b), after the words “national superannuation”
, in each case the words “or unemployment benefit”
.
(5)
Section 65(2) of the principal Act is hereby amended by repealing paragraph (d), and substituting the following paragraph:
“(d)
All payments of national superannuation or unemployment benefit:”.
(6)
This section shall apply to payment periods of unemployment benefit commencing on or after the 1st day of October 1979.
5 Rebate for rates on owner-occupied homes and Chatham Islands dues
(1)
Section 48a(1) of the principal Act (as inserted by section 6(1) of the Income Tax Amendment Act (No. 2) 1977) is hereby amended by adding the following definition:
“‘Chatham Islands dues’ means dues made and levied under the Chatham Islands Dues Regulations 1977.”
(2)
Section 48a of the principal Act is hereby further amended by repealing subsections (3) and (4), and substituting the following subsections:
“(3)
Subject to this section and section 57 of this Act, in the assessment of every taxpayer (other than an absentee) who is an owner-occupier of a residence during the income year there shall be allowed as a rebate of income tax in respect of—
“(a)
Qualifying rates (excluding penalty) in relation to that residence; or
“(b)
Chatham Islands dues,—
paid by the taxpayer or the spouse of the taxpayer during the income year and not reimbursed to the taxpayer or the spouse of that taxpayer an amount equal to the lesser of—
“(c)
The sum of $25:
“(d)
The amount of the qualifying rates or Chatham Islands dues paid.
“(4)
Where under this section 2 or more taxpayers are owner-occupiers of the same residence and are entitled to rebates exceeding $25 in the aggregate in respect of—
“(a)
Qualifying rates paid in relation to that residence; or
“(b)
Chatham Islands dues paid—
during the income year, the Commissioner shall not allow a greater rebate in the aggregate than $25 to be apportioned among the several taxpayers in such manner as he considers fair and equitable:
“Provided that where 2 or more taxpayers include the spouse of any of those taxpayers (not being a spouse who is separated and living separate and apart from the taxpayer), the rebate under this section in respect of that taxpayer and his or her spouse shall be allowed only to whichever of them derived the greater amount of income during that income year.”
(3)
Section 48a(5) is hereby amended—
(a)
By adding after the words “qualifying rates”
the words “or Chatham Islands dues”
:
(b)
By omitting the words “or the Property Speculation Tax Act 1973”
.
(4)
Subsection (3)(b) of this section shall apply with respect to the tax on income derived in the income year that commences on the 1st day of April 1980 and in every subsequent year.
6 Rebate in certain cases for children
Section 50a(b) of the principal Act (as inserted by section 4(1) of the Income Tax Amendment Act 1978) is hereby amended by inserting, after subparagraph (i), the following subparagraph:
“(ia)
An integrated school (as defined in section 2 of the Private Schools Conditional Integration Act 1975); or”.
7 Rebate for married man
(1)
Section 51 of the principal Act is hereby amended—
(a)
By omitting from subsection (1) the expression “25c”
(as substituted by section 6(1)(a) of the Income Tax Amendment Act 1978), and substituting the expression “20c”
:
(b)
By omitting from subsection (2) the expression “$1,144”
(as substituted by section 6(1)(b) of the Income Tax Amendment Act 1978), and substituting the expression “$1,300”
.
(2)
The Income Tax Amendment Act 1978 is hereby consequentially amended by repealing section 6.
8 Rebate for married woman supporting husband
(1)
Section 52 of the principal Act is hereby amended—
(a)
By omitting from subsection (1) the expression “25c”
(as substituted by section 7(1)(a) of the Income Tax Amendment Act 1978), and substituting the expression “20c”
:
(b)
By omitting from subsection (2) the expression “$1,144”
(as substituted by section 7(1)(b) of the Income Tax Amendment Act 1978), and substituting the expression “$1,300”
.
(2)
The Income Tax Amendment Act 1978 is hereby consequentially amended by repealing section 7.
9 Rebate for young families
(1)
Section 53 of the principal Act is hereby amended by omitting from subsection (2) the expression “$7,800”
(as substituted by section 6(1)(c) of the Income Tax Amendment Act 1977), and substituting the expression “$9,360”
.
(2)
Section 346 of the principal Act is hereby consequentially amended by omitting the expression “$12,480”
(as substituted by section 10 of the Income Tax Amendment Act 1977), and substituting the expression “$14,040”
.
(3)
The Income Tax Amendment Act 1977 is hereby consequentially amended by repealing sections 6(1)(c) and 10.
10 Rebate for single income families
(1)
Section 53a of the principal Act is hereby amended—
(a)
By omitting from subsection (3) the expression “25c”
(as substituted by section 8(c) of the Income Tax Amendment Act 1978), and substituting the expression “20c”
:
(b)
By omitting from subsection (3) the expression “$1,144”
(as substituted by section 8(d) of the Income Tax Amendment Act 1978), and substituting the expression “$1,300”
.
(2)
The Income Tax Amendment Act 1978 is hereby consequentially amended by repealing paragraphs (c) and (d) of section 8.
11 Rebate in respect of gifts of money and payment of school fees
(1)
Section 56a(2) of the principal Act (as inserted by section 9(1) of the Income Tax Amendment Act (No. 2) 1977) is hereby amended by repealing paragraph (e).
(2)
This section shall apply with respect to the tax on income derived in the income year that commences on the 1st day of April 1980 and in every subsequent year.
12 Combined exemption for interest and dividends
(1)
Section 61 of the principal Act is hereby amended by repealing paragraph (13), and substituting the following paragraph:
“(13)
Income derived by any person from interest, dividends, or investment society dividends:
“Provided that the amount of the exemption under this paragraph in any income year shall not exceed $200:
“Provided also that this paragraph shall not apply to—
“(a)
Income derived by an absentee, a company, a public authority, a Maori authority, an unincorporated body, a trustee within the meaning of section 225 of this Act or a trustee assessable and liable for income tax under any of the provisions of sections 227 to 231 of this Act:
“(b)
Interest on Post Office National Development Bonds, New Zealand Savings Certificates, in respect of the period from the date of issue to the date of maturity or earlier surrender of those bonds or those certificates, deposits in income equalisation reserve accounts, or interest that is exempt from income tax under any other provision of this section:
“(c)
Dividends that are declared to be paid and are paid out of assessable income from petroleum mining within the meaning of section 47a of this Act:”.
(2)
Section 60(1) of the principal Act is hereby consequentially amended by repealing the definition of the expression “qualifying interest”
.
(3)
Section 48 and section 57(2)(d) of the principal Act are hereby consequentially repealed.
13 Ascertainment of New Zealand tax on income
The principal Act is hereby further amended by repealing section 306, and substituting the following section:
“306
“(1)
Where, for the purposes of the application of the provisions of an agreement or for any other purpose of this Act, it is necessary to ascertain the amount of New Zealand tax payable by a taxpayer in respect of income of a particular nature or from a particular source derived by him in any income year, the amount of tax shall be ascertained in accordance with this section.
“(2)
The amount of New Zealand tax so payable in respect of that income shall be deemed to be the amount that is ascertained by—
“(a)
Calculating the amount of the income tax payable by the taxpayer on the taxable income derived by him in that income year; and
“(b)
Apportioning to the income in respect of which it is necessary to ascertain the amount of New Zealand tax payable the same proportion of the amount of the income tax so calculated as the amount of so much of that income that is included in the assessable income derived by him in that income year bears to the total of the assessable income so derived by him.
“(3)
For the purposes of subsection (2) of this section, where the taxpayer is entitled to an exemption under section 61(13) of this Act in respect of dividends or interest derived by him in any income year, the following provisions shall apply:
“(a)
The exemption shall be deemed to apply first to any such dividends and interest derived from New Zealand sources, and the balance, if any, shall be deemed to apply to any such dividends and interest derived from sources outside New Zealand:
“(b)
Where the amount of the exemption applied under paragraph (a) of this subsection to such dividends or interest from New Zealand sources or, as the case may be, sources outside New Zealand, is attributable to more than one such source, that amount shall be deemed to apply to each particular source in the same proportion that such dividends or interest from that source bears to the total dividends or interest derived from all such New Zealand sources or, as the case may be, all such sources outside New Zealand”.
14 Basic rates of income tax for individuals and certain other taxpayers for income year that commenced on 1 April 1979
(1)
In respect of the tax on income derived in the income year that commenced on the 1st day of April 1979, the principal Act shall be deemed to have effect as if the First Schedule (as substituted by section 12 of the Income Tax Amendment Act 1978) thereto had been amended by repealing Part B, and substituting the new Part B set out in the First Schedule to this Act.
(2)
Section 12 of the Income Tax Amendment Act 1978 and the First Schedule thereto are hereby repealed.
15 Basic rates of income tax for individuals and certain other taxpayers for income year commencing on 1 April 1980 and subsequent income years
(1)
The First Schedule to the principal Act (as substituted by section 13(1) of the Income Tax Amendment Act 1978) is hereby amended by repealing Part B, and substituting the new Part B set out in the Second Schedule to this Act.
(2)
Section 13 of the Income Tax Amendment Act 1978 and the Second Schedule thereto are hereby consequentially repealed.
(3)
This section shall come into force on the 1st day of April 1980 and shall apply with respect to the tax on income derived in the income year commencing on that date and in every subsequent year.
16 Basic tax deductions
(1)
The Second Schedule to the principal Act (as amended by section 14 of the Income Tax Amendment Act 1978) is hereby amended—
(a)
By omitting from clause 3 the expression “$115”
(as substituted by section 14(1) of the Income Tax Amendment Act 1978) in both places where it occurs, and substituting in each case the expression “$336”
:
(b)
By omitting from clause 3(a) the expression “20c”
, and substituting the expression “35c”
:
(c)
By omitting from clause 6(2) the expression “18c”
, and substituting the expression “35c”
:
(d)
By omitting from clause 9 the expression “20c”
, and substituting the expression “35c”
.
(2)
The Second Schedule to the principal Act (as so amended) is hereby further amended by repealing Appendix A (as substituted by section 14(3) of the Income Tax Amendment Act 1978), and substituting the new Appendix A set out in the Third Schedule to this Act.
(3)
The Income Tax Amendment Act 1978 is hereby consequentially amended by repealing subsections (1), (3), and (4) of section 14 and the Third Schedule thereto.
(4)
Paragraphs (a), (b), and (c) of subsection (1) and subsections (2) and (3) of this section shall apply with respect to every tax deduction from payments of salaries or wages for every pay period ending on or after the 1st day of October 1979.
(5)
Paragraph (d) of subsection (1) of this section shall apply with respect to all payments made on or after the 1st day of October 1979.
Part II Export Incentives
17 Application
Except where this Part of this Act otherwise provides, this Part of this Act shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1980 and in every subsequent year.
18 New sections relating to export performance incentives inserted
The principal Act is hereby further amended by inserting, after section 156, the following sections:
“156a Export performance incentive for qualifying goods
“(1)
For the purposes of this section—
“‘Assigned percentage’, in relation to any export goods, means the assigned percentage determined by the Corporation pursuant to subsection (4) of this section:
“‘Consideration receivable’, in relation to a sale or other disposal of export goods, means—
“(a)
In the case of a sale or disposal other than one to which paragraph (b) of this definition applies, the amount or value of the consideration for the sale or disposal:
“(b)
Where the sale or disposal is part of, or is connected with, a transaction in which any other goods, assets, or services, are sold, disposed of, or supplied, such part of the amount or value of the consideration or considerations as the Commissioner is satisfied is attributable to the sale or disposal of the export goods—
reduced by any amounts paid or payable (otherwise than as an agent) by the person selling or disposing of the export goods—
“(c)
By way of freight for carriage of the export goods outside New Zealand; and
“(d)
By way of insurance or other outgoings in relation to the export goods attributable to events or contingencies occurring or arising, or services performed, after the placing of the export goods upon a ship or aircraft for export from New Zealand:
“‘Corporation’ means the Development Finance Corporation of New Zealand:
“‘Domestic value added’, in relation to any export goods, means the domestic value added applicable to the value added band to which those goods are allocated in the schedule of export goods:
“‘Export goods’ means goods exported from New Zealand by a taxpayer who is the manufacturer, producer, or processor of the goods or who is an export merchant, being goods—
“(a)
Which are specified in the schedule of export goods as qualifying for the purposes of this section; and
“(b)
Which were sold or otherwise disposed of by the taxpayer to an overseas purchaser; and
“(c)
Of which the taxpayer was the owner at the time of the sale or other disposal; and
“(d)
In respect of which, in the case of goods exported by an export merchant, the export merchant has entered into a contract (otherwise than through the agency of the manufacturer, producer, or processor of those goods) with an overseas purchaser for the sale or other disposal of those goods, under which contract the export merchant is required to export those goods to or to the orderof that purchaser, and is responsible to that purchaser for the quality and quantity of those goods, and is entitled to receive from that purchaser the consideration for the sale or other disposal of those goods;—
but does not include—
“(e)
Goods exported by way of gift:
“(f)
Goods taken or sent out of New Zealand with the intention that they will at some later time be brought or sent back to New Zealand:
“(g)
Goods which are sold by retail to persons departing from New Zealand:
“(h)
Goods imported into New Zealand and subsequently exported from New Zealand in the same form without processing, packing, grading, or sorting thereof in New Zealand:
“‘Export merchant’ means a person who, in the opinion of the Commissioner, is—
“(a)
Carrying on, as a business, the activity of exporting goods (not being goods manufactured, produced, or processed by him) from New Zealand; and
“(b)
As part of that business, actively engaged in seeking opportunities or creating or increasing a demand for the export of goods from New Zealand:
“‘Foreign owned fishing vessel’ means a vessel which is owned other than by a resident of New Zealand, and which is—
“(a)
Registered in a country or territory outside New Zealand; and
“(b)
Registered as a fishing boat on or after the 1st day of April 1978 under the Fisheries Act 1908, whether or not any conditions are imposed on that registration by the Minister of Fisheries:
“‘Schedule of export goods’ means the schedule of export goods issued by the Secretary of Trade and Industry pursuant to section 156c of this Act:
“‘Specified percentage’, in relation to export goods, means—
“(a)
In the case of goods imported into New Zealand and subsequently exported from New Zealand after being processed, packed, graded, or sorted in New Zealand or incorporated with another product in New Zealand, where the cost of the imported goods included in the goods so exported (such cost being the landed cost of those imported goods, exclusive of New Zealand customs duty, at the time when they were imported into New Zealand) is 80 percent or more of the consideration receivable from the sale or other disposal of those goods so exported, 1.4 percent:
“(b)
In the case of export goods manufactured, produced, or processed by any business which involves the chartering or use of a foreign owned fishing vessel, whether the goods are exported from New Zealand by the manufacturer, producer, or processor of those goods or by any other person, nil:
“(c)
In the case of all other export goods, the percentage applicable to the value added band to which those goods are allocated in the schedule of export goods as follows:
“(i)
Value added band A, 11.9 percent:
“(ii)
Value added band B, 10.5 percent:
“(iii)
Value added band C, 9.1 percent:
“(iv)
Value added band D, 7.7 percent:
“(v)
Value added band E, 6.3 percent:
“(vi)
Value added band F, 4.2 percent:
“(vii)
Value added band G, 1.4 percent:
“(2)
For the purposes of this section, where a taxpayer has received or is entitled to receive an amount under a policy of insurance or otherwise in respect of loss, destruction, or damage that has occurred, after their export from New Zealand, in respect of export goods owned by him,—
“(a)
In the case of loss or destruction, the taxpayer shall be deemed to have sold those goods, at the time of the loss or destruction, for a consideration equal to that amount:
“(b)
In the case of damage—
“(i)
If the taxpayer has sold or disposed of the goods for a consideration, the consideration shall be deemed to be increased by that amount:
“(ii)
If the taxpayer ceased to be the owner of the goods in any other manner, he shall be deemed to have sold the goods, at the time when he so ceased, for a consideration equal to that amount.
“(3)
Subject to this section, where in any income year (being an income year ending on or before the terminating date) a taxpayer derives assessable income in carrying on in New Zealand any business in which export goods are sold or otherwise disposed of, there shall be allowed to that taxpayer a credit of tax equal to the specified percentage of the consideration receivable in respect of those export goods:
“Provided that where, in relation to that income year, the Corporation has determined an assigned percentage in respect of any of those export goods pursuant to subsection (4) of this section, this subsection shall apply as if the assigned percentage were the specified percentage in respect of those goods.
“(4)
Where, in relation to an income year and a taxpayer carrying on in New Zealand a business in which export goods are sold or otherwise disposed of,—
“(a)
Either—
“(i)
The consideration receivable by that business in respect of a class or kind of those export goods sold or otherwise disposed of by that business exceeds $100,000; or
“(ii)
The domestic value added of a class or kind of those export goods exceeds $50,000; or
“(b)
Any class or kind of those export goods has a nil specified percentage,
the taxpayer may apply to the Corporation, in the form prescribed by the Corporation, to determine an assigned percentage in respect of that class or kind of those export goods, and the following provisions shall apply—
“(c)
The Corporation shall determine the assigned percentage (not exceeding 14 percent) in respect of that class or kind of those export goods:
“(d)
The assigned percentage so determined by the Corporation shall apply for 5 income years, being the income year in which the application is made and the 4 income years immediately succeeding that income year, unless another assigned percentage is determined by the Corporation in respect of that class or kind of those goods:
“(e)
Where, in respect of any class or kind of those export goods, the assigned percentage figure is more than 0.7 less than the specified percentage figure, in relation to the first income year in which that assigned percentage applies, subsection (3) of this section shall apply as if the assigned percentage figure were 0.7 less than the specified percentage figure.
“(5)
Where, in any income year, a business in which export goods are sold or otherwise disposed of is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, any credit of tax allowable under this section in respect of those export goods shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(6)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(7)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (6) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(8)
Where the Commissioner is satisfied that arrangements have been made between a taxpayer and another person with a view to the affairs of the taxpayer and of that other person being so arranged or conducted that this section would, but for this subsection, have effect more favourably in relation to that taxpayer than would otherwise have been the case, the amount of any credit of tax to which the taxpayer is entitled shall not exceed the amount of the credit of tax to which that taxpayer would, in the opinion of the Commissioner, have been entitled if those arrangements had not been made.
“(9)
Where, in relation to an income year and to any export goods, the Commissioner is satisfied that—
“(a)
An agreement or arrangement or a series of related or connected agreements or arrangements has been made, directly or indirectly, between the taxpayer (being an export merchant) and any other person (being the manufacturer, producer, or processor of those export goods or another export merchant) primarily and principally for the purposes of—
“(i)
Enabling the taxpayer to become entitled, but for this subsection, to a credit of tax under this section in respect of those export goods; and
“(ii)
Enabling a benefit, relative to the amount of the reduction in tax or, as the case may be, the refund of tax, which would have resulted if that credit of tax had been allowed to the taxpayer, to be received by that other person, whether as part of the consideration for those export goods or otherwise; and
“(b)
That benefit is taken into account, directly or indirectly, in calculating the assessable income of that other person for that income year and, whether by reason of any loss carried forward under section 188 or section 191(5) of this Act or otherwise, no tax is payable (before deducting or setting off any credit of tax under this section in respect of those export goods) by that other person in respect of that income year,—
the credit of tax under this section shall be allowed to that other person for that income year as if those export goods were export goods of that other person, and the taxpayer shall not be entitled to a credit of tax under this section in respect of those export goods.
“(10)
Where in any income year a taxpayer has elected, with the approval of the Minister of Customs, to receive, instead of a credit of tax under this section, in relation to any export goods, relief from the payment of Customs duty under a concessionary reference pursuant to Part II of the Customs Tariff—
“(a)
The taxpayer shall not be allowed a credit of tax under subsection (3) of this section in relation to those export goods; and
“(b)
For the purpose of allowing any deduction under this Act, the amount of Customs duty payable on goods imported into New Zealand during the income year shall be reduced by the amount of any such relief granted in that income year:
“Provided that where in relation to an income year, the credit of tax that would otherwise have been allowable under subsection (3) of this section, is subsequently found by the Commissioner to be excessive, the amount of the excess may be recovered by the Commissioner in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(11)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member, furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“(12)
For the purposes of this section, all amounts shall be ascertained in terms of New Zealand currency.
“(13)
This section shall not apply to—
“(a)
A company that is assessable for income tax under any of sections 201 to 203 of this Act, except to the extent to which any sales of export goods gives rise to assessable income:
“(b)
A company that is assessable for income tax under section 216 of this Act:
“(c)
A company to which section 42 of this Act applies.
“(14)
No credit of tax shall be allowed to a taxpayer, under this section, in any income year where that taxpayer has been allowed a deduction under section 156 or section 157 of this Act in respect of that income year.
“156b Export performance incentive for qualifying services
“(1)
For the purposes of this section—
“‘Fees’, in relation to any taxpayer, means—
“(a)
Fees or other remuneration (being receipts of a business carried on by the taxpayer) receivable either directly or indirectly from outside New Zealand by way of reward for the supply by the taxpayer of qualifying services; and includes, in any case where any contract for the supply of such services is entered into on the basis of a reward for services plus the separate reimbursement of specific costs relating to those services, any amounts relating to those specific costs:
“(b)
Royalties payable directly or indirectly from outside New Zealand:
“(c)
Payments of any kind for the supply of knowhow payable directly or indirectly from outside New Zealand:
“‘Knowhow’ means—
“(a)
Scientific, technical, industrial, or commercial knowledge or information which—
“(i)
Is supplied outside New Zealand to a person who is not (within the meaning of this Part of this Act) resident in New Zealand; and
“(ii)
Has been developed from work (including research) substantially performed in New Zealand:
“(b)
Assistance which—
“(i)
Is supplied outside New Zealand to a person who is not (within the meaning of this Part of this Act) resident in New Zealand; and
“(ii)
Is so supplied as a means of enabling the application or enjoyment of the knowledge or information referred to in paragraph (a) of this definition:
“‘Net foreign currency earnings’, in relation to any taxpayer, means the gross amounts of foreign currency earnings received by the taxpayer from fees, reduced by—
“(a)
All outgoings, including outgoings of a capital nature, incurred directly or indirectly outside New Zealand in relation to those fees; and
“(b)
All amounts received by the taxpayer in respect of any goods or materials exported from New Zealand, directly or indirectly, in relation to those fees and in respect of which the taxpayer is or has been allowed a deduction pursuant to section 156 of this Act or a credit of tax pursuant to section 156a of this Act:
“‘Prescribed period’, in relation to any income year, means the period commencing on the day immediately following the end of that income year and ending with the day on or before which the taxpayer is required in accordance with section 17 of this Act to furnish his return of income for that income year:
“‘Qualifying services’, in relation to any taxpayer, means services which are supplied by that taxpayer for reward in connection with or in relation to any project outside New Zealand, (not being services which are supplied to or on behalf of any person where that person is entitled to a credit of tax under this section in respect of the supply of those services) and which are services specified in the schedule of qualifying services:
“‘Royalties’, means payments of any kind received as consideration for the grant or assignment, to any person who is not (within the meaning of this Part of this Act) resident in New Zealand, of rights exercisable outside New Zealand in connection with property, being property which—
“(a)
Consists of patents of inventions, trade marks, copyright, or other like property; and
“(b)
Has been developed from work (including research) substantially performed in New Zealand:
“‘Schedule of qualifying services’ means the schedule of qualifying services issued by the Secretary of Trade and Industry pursuant to section 156c of this Act.
“(2)
Subject to this section, where in any income year (being an income year ending on or before the terminating date) any taxpayer carrying on business in New Zealand has derived assessable income which consists of fees, and the Commissioner is satisfied that an amount of net foreign currency earnings in respect of those fees has been transferred to the credit of the taxpayer—
“(a)
By the transfer of foreign currency to New Zealand through the New Zealand banking system; or
“(b)
By payment in New Zealand, in New Zealand currency, from funds held in New Zealand which would otherwise be remittable from New Zealand in terms of the Exchange Control Regulations 1978—
within that income year or within the prescribed period in relation to that income year or within such later time as the Commissioner in his discretion may allow, there shall be allowed to that taxpayer a credit of tax equal to 11.9 percent of the amount of such net foreign currency earnings.
“(3)
Where, in any income year, a business in which fees are derived is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, any credit of tax allowable under this section in respect of those fees shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(4)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(5)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (4) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(6)
No credit of tax shall be allowed under this section unless the taxpayer has provided the Commissioner with a certificate of the net foreign currency earnings in such form as the Commissioner may from time to time require.
“(7)
Where the Commissioner is satisfied that arrangements have been made between a taxpayer and another person with a view to the affairs of the taxpayer and of that other person being so arranged or conducted that this section would, but for this subsection, have effect more favourably in relation to that taxpayer than would otherwise have been the case, the amount of any credit of tax to which the taxpayer is entitled shall not exceed the amount of the credit of tax to which that taxpayer would, in the opinion of the Commissioner, have been entitled if those arrangements had not been made.
“(8)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member, furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“156c Schedule of export goods and schedule of qualifying services
“(1)
For the purpose of this section the expression ‘Secretary’ means the Secretary of Trade and Industry.
“(2)
The Secretary shall, for the purposes of section 156a of this Act, issue a schedule of export goods, specifying the classes or kinds of goods which qualify for the purposes of that section and the value added band to which each class or kind is allocated.
“(3)
The Secretary shall, for the purposes of section 156b of this Act, issue a schedule of qualifying services.
“(4)
For the purposes of this section the Secretary may from time to time issue an amendment to the schedule of export goods or to the schedule of qualifying services and the amendment shall apply from such date or from the commencement of such income year as may be specified in the amendment, whether that date or the commencement of that income year is before or after the date of issue of the amendment.
“(5)
The schedule of export goods and the schedule of qualifying services and any amendment thereto shall have no force or effect until it has been approved by the Minister of Finance jointly with the Minister of Overseas Trade.
“(6)
When the Minister of Finance and the Minister of Overseas Trade have approved the schedule of export goods or the schedule of qualifying services or any amendment thereto, notification thereof shall be published in the Gazette and in such other manner as the Ministers direct.
“(7)
The Secretary may authorise such officer or officers of the Department of Trade and Industry as he thinks fit to perform or exercise all or any of his functions, duties, or powers under this section.
“(8)
The fact that the Minister of Finance and the Minister of Overseas Trade have approved the schedule of export goods or the schedule of qualifying services or any amendment thereto shall be conclusive evidence that the requirements of this section have been complied with.
“156d Export performance incentive for qualifying overseas projects
“(1)
For the purposes of this section—
“‘Net foreign currency earnings’, in relation to a taxpayer and a qualifying project, means the gross amounts of foreign currency earnings received for work performed by the taxpayer pursuant to that project reduced by—
“(a)
All outgoings, including outgoings of a capital nature, incurred directly or indirectly outside New Zealand in relation to that qualifying project; and
“(b)
All amounts received by the taxpayer in respect of any goods or materials exported from New Zealand directly or indirectly in relation to that qualifying project and in respect of which the taxpayer is or has been allowed a deduction pursuant to section 156 of this Act or a credit of tax pursuant to section 156a of this Act:
“‘Qualifying project’, in relation to any taxpayer, means any project that commenced in any income year commencing on or after the 1st day of April 1980 and ending on or before the terminating date and is carried out by that taxpayer outside New Zealand (not being services to which section 156b of this Act applies) for or on behalf of any person who is not (within the meaning of this Part of this Act) resident in New Zealand and which is a project of any of the following kinds, namely:
“(a)
Any construction work, as defined in section 2 of the Construction Act 1959:
“(b)
The establishment or development of any farming, agricultural, fishing, or forestry project:
“(c)
Any other project specified by the Governor-General from time to time, by Order in Council, to be a qualifying project for the purposes of this section.
“(2)
The Governor-General may from time to time, by Order in Council, declare any project to be a qualifying project for the purposes of subsection (1) of this section.
“(3)
Subject to this section, where in any income year or years any taxpayer carrying on a business in New Zealand has derived assessable income from any qualifying project and the Commissioner is satisfied that an amount of net foreign currency earnings in respect of that income has been transferred to the credit of the taxpayer—
“(a)
By the transfer of foreign currency to New Zealand through the New Zealand banking system; or
“(b)
By payment in New Zealand, in New Zealand currency, from funds held in New Zealand which would otherwise be remittable from New Zealand in terms of the Exchange Control Regulations 1978—
within that income year or those years or within such later time as the Commissioner in his discretion may allow, there shall be allowed to that taxpayer a credit of tax equal to 11.9 percent of the amount of such net foreign currency earnings.
“(4)
The credit of tax under this section shall be allowed in the income year in which the taxpayer’s obligations under all contracts relating to the qualifying project are completed:
“Provided that where a qualifying project extends over 2 or more income years and the Commissioner is satisfied that a taxpayer has derived an amount of net foreign currency earnings in any income year during the period of the qualifying project, the Commissioner may, having regard to the nature of the project and such other factors as he considers relevant, allow a credit of tax (hereinafter referred to as an interim credit of tax) in respect of that income year under this section of such amount as he considers fair and reasonable.
“(5)
Where any taxpayer has for any income year been allowed any interim credit of tax under subsection (4) of this section and the aggregate of the amounts so allowed as a credit of tax is less than the amount otherwise allowable under this section, the Commissioner shall allow the credit of tax otherwise allowable, reduced by the amount of the aforesaid aggregate interim credits of tax.
“(6)
Where any taxpayer has for any income year been allowed any interim credit of tax under subsection (4) of this section and the aggregate of the amounts so allowed as a credit of tax exceeds the amount otherwise allowable under this section, the Commissioner shall recover so much of the credit of tax as is in excess of the amount otherwise allowable.
“(7)
Where, in any income year, a business in which a qualifying project is carried out is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, any credit of tax allowable under this section in respect of that qualifying project shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(8)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(9)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (8) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(10)
No credit of tax shall be allowed under this section unless the taxpayer has provided the Commissioner with a certificate of the net foreign currency earnings in such form as the Commissioner may from time to time require.
“(11)
Where the Commissioner is satisfied that arrangements have been made between a taxpayer and another person with a view to the affairs of the taxpayer and of that other person being so arranged or conducted that this section would, but for this subsection, have effect more favourably in relation to that taxpayer than would otherwise have been the case, the amount of any credit of tax to which the taxpayer is entitled shall not exceed the amount of the credit of tax to which that taxpayer would, in the opinion of the Commissioner, have been entitled if those arrangements had not been made.
“(12)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member, furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“156e Export performance incentive for qualifying tourist services
“(1)
For the purposes of this section—
“‘Net foreign currency earnings’, in relation to a taxpayer and qualifying tourist services, means the gross amount of foreign currency earnings received by the taxpayer from the sale of those services, reduced by all expenditure incurred by that taxpayer outside New Zealand in connection with or in relation to the sale of those services:
“‘Prescribed period’, in relation to any income year, means the period commencing on the day immediately following the end of that income year and ending with the day on or before which the taxpayer is required in accordance with section 17 of this Act to furnish his return of income for that income year:
“‘Qualifying tourist services’, in relation to any taxpayer carrying on a business as a tourist wholesaler or retailer, means the supply within New Zealand, whether on a wholesale or retail basis, of accommodation, sustenance, internal transport, and admission to or the use of visitor facilities, to tourists from countries or territories outside New Zealand, where those services—
“(a)
Are sold outside New Zealand by the taxpayer; and
“(b)
Are paid for in foreign currency prior to the arrival in New Zealand of the tourists:
“‘Tourist wholesaler or retailer’ means any person who, in the opinion of the Commissioner,—
“(a)
Is carrying on, as a business, or part of a business, of a continuing nature, the activity of selling qualifying tourist services; and
“(b)
As part of that business, is actively engaged in attracting tourists to New Zealand from countries or territories outside New Zealand.
“(2)
Subject to this section, where in any income year (being an income year ending on or before the terminating date) any taxpayer carrying on a business in New Zealand as a tourist wholesaler or retailer has derived assessable income from the sale of qualifying tourist services and the Commissioner is satisfied that an amount of net foreign currency earnings in respect of that income has been transferred to the credit of the taxpayer—
“(a)
By the transfer of foreign currency to New Zealand through the New Zealand banking system; or
“(b)
By payment in New Zealand, in New Zealand currency, from funds held in New Zealand which would otherwise be remittable from New Zealand in terms of the Exchange Control Regulations 1978—
within that income year or within the prescribed period in relation to that income year or within such later time as the Commissioner in his discretion may allow, there shall be allowed to that taxpayer a credit of tax equal to 10 percent of the amount of such net foreign currency earnings.
“(3)
Where, in any income year, a business in which qualifying tourist services are sold is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, any credit of tax allowable under this section in respect of the sale of those qualifying tourist services shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(4)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(5)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (4) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(6)
No credit of tax shall be allowed under this section unless the taxpayer has provided the Commissioner with a certificate of the net foreign currency earnings in such form as the Commissioner may from time to time require.
“(7)
Where the Commissioner is satisfied that arrangements have been made between a taxpayer and another person with a view to the affairs of the taxpayer and of that other person being so arranged or conducted that this section would, but for this subsection, have effect more favourably in relation to that taxpayer than would otherwise have been the case, the amount of any credit of tax to which the taxpayer is entitled shall not exceed the amount of the credit of tax to which that taxpayer would, in the opinion of the Commissioner, have been entitled if those arrangements had not been made.
“(8)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member, furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“156f Export-market development and tourist-promotion incentive
“(1)
For the purposes of this section,—
“‘Associated company’, in relation to a taxpayer, means a company that is, at any time during the income year, a company—
“(a)
The operations of which are controlled, or are able to be controlled, either directly or indirectly, by that taxpayer; or
“(b)
Which controls, or is able to control, either directly or indirectly, the operations of that taxpayer; or
“(c)
The operations of which are controlled, or are able to be controlled, either directly or indirectly, by a person who controls or is able to control, or by persons who control or are able to control, either directly or indirectly, the operations of that taxpayer:
“‘Export’ does not include—
“(a)
The export of goods by way of gift; or
“(b)
The taking or sending of goods out of New Zealand with the intention that the goods will at some later time be brought or sent back to New Zealand; or
“(c)
The export of goods which are sold by retail to persons departing from New Zealand:
“‘Export-market development expenditure’ means prescribed outgoings incurred primarily and principally for the purposes of seeking markets (including the retention of existing markets), or the obtaining of market information, or market research or development, or creating or increasing demand, for—
“(a)
The export from New Zealand of goods that have been manufactured, produced, assembled, processed, or packed, or graded and sorted, in New Zealand; or
“(b)
The supply, for reward, of services outside New Zealand in relation to construction projects, courses of educational training, or the furnishing of technical advice or assistance; or
“(c)
The grant or assignment, for reward, of rights exercisable outside New Zealand in connection with patents of inventions, trade marks, designs, or copyright,—
but does not include—
“(d)
Outgoings incurred in promoting the sale of goods (not being goods referred to in paragraph (a) of this definition) manufactured or produced outside New Zealand if the parts or materials from which the goods are manufactured or produced include, to a substantial extent, parts or materials not of New Zealand origin; or
“(e)
Outgoings in respect of which an export programme grant or an export-market development grant or a new markets export development grant is paid or payable; or
“(f)
So much of any outgoings incurred by a person that—
“(i)
Has been, or is to be, paid or reimbursed to him by another person; or
“(ii)
Is incurred in or in connection with services or doing any thing for which he has been, or is to be, paid (otherwise than by way of commission) by another person:
“‘Export programme grant’, means any grant made and designated by the Secretary of Trade and Industry or any officer authorised by him in that behalf as an export programme grant:
“‘New markets export development grant’ means any grant made and designated by the Secretary of Trade and Industry or any officer authorised by him in that behalf as a new markets export development grant:
“‘Permanent employee’, in relation to a taxpayer, means a person who—
“(a)
Is a full-time employee of the taxpayer; and
“(b)
By reason of his experience and service with the taxpayer and any other relevant matters, is, in the opinion of the Commissioner, fit and qualified to undertake the duties in relation to export-market development or, as the case may be, tourist promotion assigned to him by the taxpayer:
“‘Prescribed agent’, in relation to a taxpayer, means—
“(a)
In the case of a taxpayer not being a company or an unincorporated body, the taxpayer himself:
“(b)
In the case of a taxpayer being a company, a director thereof:
“(c)
In the case of a taxpayer being an unincorporated body, a member of the governing body thereof:
“(d)
In any case, an employee of the taxpayer:
“‘Prescribed outgoings’, means outgoings incurred by a taxpayer by way of—
“(a)
Expenses of fares, accommodation and sustenance (other than entertainment expenses) in respect of travel in respect of or in relation to a visit from New Zealand to countries or territories outside New Zealand by the taxpayer or by a person (including a director or a member of the governing body where the taxpayer is a company or an unincorporated body, or a director of an associated company) who is ordinarily employed in New Zealand by either the taxpayer or by an associated company; or
“(b)
Salary or wages or other remuneration (excluding directors fees) paid or payable, for a period of a visit from New Zealand to countries or territories outside New Zealand, to a person (including a director or a member of the governing body where the taxpayer is a company or an unincorporated body, or a director of an associated company) who is ordinarily employed in New Zealand by either the taxpayer or an associated company; or
“(c)
Payments (excluding commissions on sales) to an agent who is in business in New Zealand to the extent that the payments are in respect of the agent undertaking travel in respect of or in relation to a visit from New Zealand to countries or territories outside New Zealand; or
“(d)
Expenses outside New Zealand (including salary or wages or other remuneration but excluding directors fees) other than entertainment expenses, of a person (including a director or a member of the governing body where the taxpayer is a company or an unincorporated body, or a director of an associated company) who is ordinarily employed outside New Zealand by the taxpayer or an associated company; or
“(e)
Payments (excluding commissions on sales) for the purpose of activities carried on outside New Zealand by an agent who is in business outside New Zealand; or
“(f)
Expenses (including those incurred in New Zealand) of advertising outside New Zealand; or
“(g)
Expenses (including costs of delivery) directly attributable to providing samples or technical information to a person outside New Zealand, reduced by any consideration received in respect thereof; or
“(h)
In relation to the furnishing by the taxpayer of any bid bond, performance bond, or working capital bond, the cost of all premiums or consideration paid to the guarantor of such bonds, or interest paid on money borrowed for payment of deposits in lieu of such bonds, and in any case necessarily incurred for the purposes of the supply or prospective supply of services outside New Zealand in relation to construction projects or courses of educational training or the furnishing of technical advice or assistance; or
“(i)
Expenses (being fares, accommodation and sustenance expenses but excluding entertainment expenses) in relation to bringing to New Zealand a potential customer; or
“(j)
Other expenses not included in paragraphs (a) to (i) of this definition to the extent that they are incurred outside New Zealand on—
“(i)
The preparation or submission of tenders or quotations; or
“(ii)
Sales promotion activities or campaigns; or
“(k)
Expenses incurred as an exhibitor at such export-orientated trade fairs within New Zealand as may be approved by the Secretary of Trade and Industry for the purposes of this paragraph:
“‘Relative’, in relation to any person, means any of the following:
“(a)
Any parent, grandparent, brother, sister, uncle, aunt, nephew, niece, or lineal descendant of that person or of his or her spouse:
“(b)
The spouse of that person or of any other person specified in paragraph (a) of this definition:
“‘Tourism export programme grant’, means any grant made and designated by the General Manager of the Tourist and Publicity Department or any officer authorised by him in that behalf as a tourism export programme grant:
“‘Tourist-promotion expenditure’, means prescribed outgoings incurred primarily and principally for the purpose of attracting tourists to New Zealand from countries or territories outside New Zealand but does not include—
“(a)
Outgoings in respect of which a tourism export programme grant is paid or payable; or
“(b)
So much of any outgoings incurred by a person as—
“(i)
Has been, or is to be, paid or reimbursed to him by another person; or
“(ii)
Is incurred in or connection with services or doing any thing for which he has been, or is to be, paid (otherwise than by way of commission) by another person.
“(2)
Subject to this section, where a taxpayer has in relation to any income year (being an income year ending on or before the terminating date) incurred any export-market development expenditure or, as the case may be, tourist-promotion expenditure that, if it were not for subsection (6) of this section, would be allowable as a deduction in calculating the assessable income derived by that taxpayer in that income year, there shall be allowed to that taxpayer a credit of tax equal to 67.5 percent of the amount of that expenditure.
“(3)
Where, in any income year, a business which incurs export-market development expenditure or tourist-promotion expenditure is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, any credit of tax allowable under this section in respect of that export-market development expenditure or, as the case may be, that tourist-promotion expenditure shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(4)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(5)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (4) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(6)
Any export-market development expenditure or, as the case may be, tourist-promotion expenditure in respect of which a credit of tax has been or is to be allowed in any income year under subsection (2) of this section, shall, notwithstanding any other provision in this Act, not be allowable as a deduction in calculating the assessable income derived by the taxpayer in any income year.
“(7)
Where 2 or more persons who are prescribed agents of the taxpayer and are relatives of each other travel outside New Zealand at the same time, with respect to the entitlement of the taxpayer to a credit of tax under this section in respect of salaries or wages or other remuneration paid or payable in relation to the period of that travel or of fares and expenses in respect of accommodation and sustenance in relation to that travel—
“(a)
If the taxpayer himself is one of those persons, such a credit of tax shall not be allowed in respect of the expenditure of any other of those persons who is not a permanent employee of the taxpayer:
“(b)
If the taxpayer himself is not one of those persons, but any of those persons is a permanent employee of the taxpayer, such a credit of tax shall not be allowed in respect of the expenditure of any of those persons who is not a permanent employee of the taxpayer:
“(c)
If none of those persons is either the taxpayer himself or a person who is a permanent employee of the taxpayer, such a credit of tax shall not be allowed in respect of the expenditure of any of those persons other than such one of them as the taxpayer, by notice in writing to the Commissioner, nominates.
“(8)
Subsection (7) of this section shall not operate to exclude a credit of tax in respect of the expenditure of a person if the Commissioner is satisfied that there are special circumstances by reason of which the credit of tax should be allowed.
“(9)
Where the amount of any outgoing constituting or forming part of any export-market development expenditure or, as the case may be, any tourist-promotion expenditure exceeds the amount that, in the opinion of the Commissioner, would reasonably be expected to be payable, in the ordinary course of business, for the goods, services, or rights or, as the case may be, for the tourist promotion in respect of which the outgoing was incurred, the Commissioner may, for the purposes of this section, treat the outgoing as being reduced by the amount of the excess.
“(10)
Nothing in section 7 of this Act shall apply for the purposes of this section.
“(11)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“156g Export-market development activities incentive for self-employed taxpayers
“(1)
For the purposes of this section—
“‘Export-market development activities”, in relation to a taxpayer, means activities personally performed by the taxpayer outside New Zealand by way of—
“(a)
Carrying out market research or obtaining market information; or
“(b)
Securing publicity or soliciting business (including business of a person other than the taxpayer where that business will be beneficial to the business of the taxpayer or to the business of any partnership of which the taxpayer is a member); or
“(c)
Making investigations and preparing information, designs, estimates, or other material—
for the purposes of the supply or prospective supply of services, for reward (being reward that is assessable for income tax under this Act), outside New Zealand in relation to construction projects, courses of educational training, or the furnishing of technical advice or assistance; but does not include any such activities in respect of which the taxpayer has been, or is to be, paid or reimbursed by any other person:
“‘Export programme grant’ means any grant made and designated by the Secretary of Trade and Industry or any officer authorised by him in that behalf as an export programme grant:
“‘The value of time’, in relation to the time spent by a taxpayer in export-market development activities in any income year, means the amount of the value calculated in accordance with the following formula:
where—
a
is an amount of money equal to 50 percent of—
“(i)
The minimum hourly rate customarily charged for the time of a principal in firms in New Zealand in the profession, vocation, trade, or calling which is followed by the taxpayer; or
“(ii)
Where in the opinion of the Commissioner there is no customary rate or a customary rate cannot be clearly established, such rate as the Commissioner determines; and
b
is a number equal to the number of complete hours spent by the taxpayer in those activities in the income year; and
c
is an amount equal to the amount of any export programme grant or export market development grant received by the taxpayer (whether received in that income year or in any other income year) in respect of the time spent by the taxpayer in those activities in that first-mentioned income year.
“(2)
Subject to this section, where, in any income year (being an income year ending on or before the terminating date) a taxpayer, not being a company, who derives assessable income from a business in New Zealand has engaged in export-market development activities, there shall be allowed to that taxpayer a credit of tax equal to 67.5 percent of the value of the time spent by the taxpayer in those activities in that income year.
“(3)
Where, in any income year, a business is carried on in New Zealand by 2 or more persons jointly, whether in partnership or otherwise, and one of those persons has engaged in export-market development activities, any credit of tax allowable under this section in respect of those export-market development activities shall be apportioned between those persons in the same proportion that the income from that business is apportioned between those persons in that income year.
“(4)
Every credit of tax under this section, in relation to any taxpayer and an income year, shall be deducted from or set off against any tax payable by that taxpayer in respect of that income year and any excess of that credit of tax shall be refundable to the taxpayer pursuant to Part XIV of this Act as if it were tax paid in excess.
“(5)
Where the Commissioner is satisfied, in relation to any income year, that the amount of any credit of tax deducted, set off, or refunded to the taxpayer under subsection (4) of this section is in excess of the proper amount, the Commissioner may recover the amount of the excess in the same manner, with any necessary modifications, as if it were tax payable on income derived by the taxpayer in that income year.
“(6)
Every reference in this section to an income year shall, where the taxpayer or, as the case may be, the partnership of which he is a member, furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.”
19 General provisions relating to investment allowances
Section 118(1) of the principal Act is hereby amended by repealing the definition of the expression “export goods”
, and substituting the following definition:
“‘Export goods’ means goods exported or to be exported from New Zealand, being goods which are specified in the schedule of export goods issued by the Secretary of Trade and Industry pursuant to section 156c as qualifying for the purposes of section 156a of this Act; but does not include any goods specified in paragraphs (e) to (h) of the definition of the expression ‘export goods’ in subsection (1) of the said section 156a:”.
20 Export-market development expenditure and tourist promotion expenditure
(1)
Section 154 of the principal Act is hereby amended by omitting from subsection (2) and also from subsection (3) the words “a taxpayer has on or before the terminating date incurred in any income year”
, and substituting in each case the words “, in any income year ending on or before the terminating date, a taxpayer has incurred”
.
(2)
Section 154 of the principal Act is hereby further amended by adding the following subsection:
“(11)
Every reference in this section to an income year shall, where the taxpayer furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.”
(3)
This section shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
21 Increased export of goods
Section 156 of the principal Act is hereby amended by adding, after subsection (15), the following subsections:
“(16)
Notwithstanding anything in this Act, this section shall not apply with respect to export goods manufactured, produced, or processed by any business which involves the chartering or use of a foreign owned fishing vessel (as defined in section 156a(1) of this Act), whether the goods are exported from New Zealand by the manufacturer, producer, or processor of those goods or by any other person.
“(17)
A taxpayer to whom this section applies may, if he so elects by notice in writing (which election shall be irrevocable) given to the Commissioner within the time within which he is required to furnish a return of his income for any income year or within such further time as the Commissioner in his discretion may allow in any case or class of cases, instead of claiming a deduction under this section in respect of his export goods sold or otherwise disposed of during that income year, claim a credit of tax in respect of those export goods sold or otherwise disposed of during that income year under section 156a of this Act to the extent that that section applies.
“(18)
Where in any income year a taxpayer has been allowed a credit of tax under section 156a of this Act in respect of any export goods, no deduction shall be allowed to that taxpayer under this section in respect of any export goods in that income year or any succeeding income year.”
22 Export of goods to new markets
Section 157 of the principal Act is hereby amended by adding the following subsections:
“(9)
A taxpayer to whom this section applies may, if he so elects by notice in writing (which election shall be irrevocable) given to the Commissioner within the time within which he is required to furnish a return of his income for any income year or within such further time as the Commissioner in his discretion may allow in any case or class of cases, instead of claiming a deduction under this section in respect of his new market export goods sold or otherwise disposed of during that income year, claim a credit of tax in respect of those new market export goods sold or otherwise disposed of during that income year under section 156a of this Act to the extent that that section applies.
“(10)
Where in any income year a taxpayer has been allowed a credit of tax under section 156a of this Act in respect of any export goods, no deduction shall be allowed to that taxpayer under this section in respect of any new market export goods in that income year or any succeeding income year.”
23 Export earnings from qualifying overseas projects
(1)
Section 158a(1) of the principal Act (as inserted by section 26 of the Income Tax Amendment Act (No. 2) 1977) is hereby amended by omitting from the definition of the expression “qualifying project”
the words “on or before the terminating date”
, and substituting the words “during any income year ending on or before the terminating date”
.
(2)
This section shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
24 Government grants
(1)
The principal Act is hereby further amended by repealing sections 170 and 171.
(2)
The principal Act is hereby consequentially amended by omitting from section 169(1)(a) the expression “170, 171,”
.
25 Profits of mutual associations in respect of transactions with members
Section 199(4)(b) of the principal Act is hereby amended by omitting the expression “154”
.
26 Credits in respect of tax paid in a country or territory outside New Zealand
Section 293 of the principal Act is hereby amended by inserting, after subsection (2), the following subsection:
“(2a)
Where a person is entitled to a credit of tax under subsection (2) of this section, that credit of tax shall be calculated and allowed before the allowance of any credit of tax to which that person is entitled under any of the provisions of sections 156a, 156b, and 156d to 156g of this Act.”
27 Qualifying scheduled goods
(1)
The principal Act is hereby further amended by repealing the Seventh Schedule, and substituting the new Seventh Schedule set out in the Fourth Schedule to this Act.
(2)
The following Orders in Council are hereby revoked:
(a)
The Income Tax (Export Incentive) Order (No. 3) 1976:
(b)
The Income Tax (Export Incentive) Order 1977:
(c)
The Income Tax (Export Incentive) Order (No. 2) 1977:
(d)
The Income Tax (Export Incentive) Order 1978:
(e)
The Income Tax (Export Incentive) Order 1979.
(3)
This section shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
Part III Petroleum Mining Companies
28 Application
Except where this Part of this Act otherwise provides, this Part of this Act shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
29 New sections relating to petroleum mining inserted
The principal Act is hereby amended by inserting, after the heading “Mining Companies and Mining Operators”
and before section 215, the following sections:
“214a Interpretation
“(1)
For the purposes of this section and sections 214b, 214c, and 218 of this Act—
“‘Assessable income from petroleum mining’, in relation to any petroleum mining company and to any income year, means so much of the assessable income derived by that company in that income year as is derived from the petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations of that company in that income year:
“‘Associated petroleum mining operations’ means any operations which are carried on in New Zealand in association with petroleum mining operations and which consist of—
“(a)
The recovery of casinghead spirit from natural gas; or
“(b)
The transportation of crude petroleum, casinghead spirit, or natural gas, by pipeline or otherwise, from the point of production to any gathering tank, storage tank, refinery, railway, seaport, or other bulk terminal within New Zealand, or from any such terminal to any other such terminal; or
“(c)
The storage of crude petroleum, casinghead spirit, or natural gas; or
“(d)
The treatment of crude petroleum, casinghead spirit, or natural gas for the purpose of rendering it suitable for storage or for transportation in accordance with paragraph (b) of this definition;—
but does not include any petroleum refining operations or any operations in connection with the establishment of a petroleum refinery:
“‘Development expenditure’, in relation to a petroleum mining company, means any expenditure which, in the opinion of the Commissioner, was incurred by that company in performing development work in respect of its petroleum mining operations or associated petroleum mining operations; and includes any expenditure which, in the opinion of the Commissioner, was incurred by that company on—
“(a)
The acquisition of land as a site for any of that company’s petroleum mining operations or associated petroleum mining operations:
“(b)
The preparation of a site for any of that company’s petroleum mining operations or associated petroleum mining operations, or the restoration of the site during such operations (not being expenditure to which section 214b(12) of this Act applies):
“(c)
Buildings, wells, on-shore or off-shore petroleum production installations or other improvements, plant or machinery (including vehicles), production equipment or facilities, or storage facilities necessary, in each case, for the carrying on by that company of its petroleum mining operations or associated petroleum mining operations:
“(d)
Vessels or aircraft for use wholly or principally for the purposes of that company’s petroleum mining operations or associated petroleum mining operations, being operations within a field of production of petroleum or in waters extending from an off-shore field of production of petroleum direct to the shore or for the purposes of inspection, repair, or maintenance of any pipeline in New Zealand that is for use for the purpose of the transport of petroleum:
“(e)
The provision, or by way of contribution to the cost of the provision, of the means of providing or supplying water, electricity, fuel, or power, or of communication equipment for use on, or access to, or egress from, or communication with, the site of any of that company’s petroleum mining operations or associated petroleum mining operations:
“(f)
Buildings or facilities—
“(i)
Which are for use in the housing, education, or welfare of, or the supply of meals to, any employees (being employees of that company engaged in, or in connection with, its petroleum mining operations or associated petroleum mining operations) or dependants of such employees; and
“(ii)
Which are situated at, or adjacent to, the site of any of that company’s petroleum mining operations,—
not being buildings or facilities provided for the purpose of deriving assessable income other than from petroleum mining:
“(g)
The provision, or by way of contribution to the cost of the provision, of the means of providing or supplying water, electricity, fuel, or power, or of communication equipment for use in, or access to, or egress from, or communication with, the buildings or facilities specified in paragraph (f) of this definition:
“(h)
Plant, machinery, or equipment, or any pipeline, that is for use by that company for the purpose of its transportation of crude petroleum, casinghead spirit, or natural gas within that company’s field of production of that product (being such a field which is in New Zealand, whether onshore or offshore), or from that field of production of that product direct to any gathering tank, storage tank, refinery, processing facility, railway, seaport, or other bulk terminal within New Zealand, being a terminal for the initial reception of that product in the state in which it existed at the commencement of that direct transportation:
“(i)
The inspection or maintenance of any pipeline of the kind referred to in paragraph (h) of this definition, where that inspection or maintenance is carried out before the commencement of the use of that pipeline by that company for the purposes of its associated petroleum mining operations:
“(j)
Water, electricity, fuel, or power consumed, or communication maintained, on, with, or in gaining access to or egress from, the site of any of that company’s petroleum mining operations or associated petroleum mining operations, where that consumption or, as the case may be, that maintenance occurs in, or in respect of, the performing of the development work of which, wholly or partly, those petroleum mining operations consist or, as the case may be, which relates to those associated petroleum mining operations:
“(k)
Water, electricity, fuel, or power consumed, or communication maintained, on, with, by, or in gaining access to or egress from, the buildings or facilities specified in paragraph (f) of this definition, where that consumption or, as the case may be, that maintenance occurs while the employees, in whose housing, education, welfare, or supply of meals those buildings or facilities are used, are engaged in, or in connection with, the development work of which, wholly or partly, that company’s petroleum mining operations consist or, as the case may be, which relates to that company’s associated petroleum mining operations;—
but does not include—
“(l)
Any expenditure on, or in relation to, any office building that is not situated at, or adjacent to, the site of any of that company’s petroleum mining operations; or
“(m)
Any expenditure, on or in relation to the transportation of crude petroleum, casinghead spirit, or natural gas, by pipeline or otherwise, that is expenditure other than of the kinds referred to in paragraphs (d), (h) and (i) of this definition:
“‘Exploration expenditure’, in relation to any petroleum mining company, means any expenditure which, in the opinion of the Commissioner, was incurred by that company in respect of its petroleum exploration operations in exploring or searching in New Zealand for petroleum; and includes any expenditure which, in the opinion of the Commissioner, was incurred by that company,—
“(a)
In relation to such exploring or searching, on—
“(i)
The acquisition of any petroleum mining or prospecting right or any petroleum mining or prospecting information; or
“(ii)
Geological mapping, geophysical surveys, systematic search for areas containing petroleum, or search by drilling within those areas:
“(b)
In the undertaking, for the purpose of determining whether to apply for a petroleum prospecting licence or a petroleum mining licence, of feasibility, financial, or marketing studies or evaluations in relation to petroleum, or to operations which, if they were carried on by that company, would be petroleum exploration operations, or petroleum mining operations, or associated petroleum mining operations;—
but does not include—
“(c)
Any development expenditure; or
“(d)
Any expenditure on operations in the course of exploiting a field of petroleum:
“‘Petroleum exploration operations’, in relation to a petroleum mining company, means operations—
“(a)
Which are carried on by that company on or in relation to a mining property in New Zealand; and
“(b)
Which consist of exploring or searching for petroleum; and
“(c)
Which are carried on by that company for the purpose of deriving assessable income:
“‘Petroleum mining operations’, in relation to a petroleum mining company, means operations—
“(a)
Which are carried on by that company on or in relation to a mining property in New Zealand; and
“(b)
Which consist of mining petroleum or performing development work relating to such mining; and
“(c)
Which are carried on by that company for the purpose of deriving assessable income:
“‘Petroleum mining or prospecting information’ means any geological, geophysical, or technical information that relates to, or is likely to be of assistance in determining, the presence, absence, extent, or volume in any area of deposits of petroleum:
“‘Petroleum mining or prospecting right’ means any right, privilege, licence, permit, option, title, easement, authority, concession, or lease relating to exploring or searching for, mining, or carrying on any operations for the recovery of, petroleum; and includes a share or interest in any such right, privilege, licence, permit, option, title, easement, authority, concession, or lease:
“‘Remote petroleum mining property’ means a mining property which is an off-shore field of petroleum, in New Zealand, in any area comprised in a mining licence where the Commissioner is satisfied that either—
“(a)
The shortest distance between the first petroleum production installation (being an installation for the production of petroleum in commercial quantities) that is, or is to be, installed on the field and the low water mark along the coast of the land territories known as the North Island and the South Island of New Zealand and Stewart Island and the Chatham Islands is not less than 10 kilometres; or
“(b)
The depth of the water at the site of that installation that is, or is to be, so installed is not less than 50 metres.
“(2)
Where a reference is made in any of the definitions in subsection (1) of this section to a petroleum mining company or to a company, that reference in the application of that definition to section 214c of this Act, shall, unless the context otherwise requires, be taken as a reference to a non-resident petroleum mining operator.
“(3)
The definition in subsection (1) of this section of the expression ‘assessable income from petroleum mining’ shall, unless the context otherwise requires, for the purposes of section 214c of this Act be read as if it were the definition of the expression ‘assessable income from a petroleum mining venture’.
“(4)
For the purposes of this Act, where under a contract between a petroleum mining company (hereafter referred to in this subsection as the payer company) and another petroleum mining company (hereafter referred to in this subsection as the payee company) the payer company pays any money to the payee company for use for the purposes of any exploration expenditure, or development expenditure, or any expenditure in the carrying on of operations, including any treatment, refining, transportation, or storage of petroleum, in the course of exploiting a field of petroleum, incurred by the payee company (apart from this subsection) and the right to reimbursement of the payer company in respect or as a result of that payment is solely or principally—
“(a)
Related to and dependent upon the petroleum produced in the field of petroleum in relation to which that exploration expenditure, or that development expenditure, or that expenditure in the carrying on of those operations was incurred; or
“(b)
By way of participation in profits from the production of that petroleum or the carrying on of those operations,—
that exploration expenditure or that development expenditure or that expenditure in the carrying on of those operations shall be deemed to have been incurred by the payer company and not by the payee company.
“214b Companies engaged in exploring, or searching for, or mining petroleum
“(1)
This section shall apply notwithstanding anything in this Act.
“(2)
This section shall apply to any company in respect of which the Commissioner is satisfied—
“(a)
That its sole source of mining income in New Zealand is from the business of mining petroleum in New Zealand; or
“(b)
That it carries on, or proposes to carry on, as its sole mining undertaking in New Zealand, the activities of exploring or searching for or mining petroleum, or performing development work relating to such exploring or searching or mining, not being activities so carried on or, as the case may be, so proposed to be carried on, by that company as a service to any other person for reward, unless the Commissioner is satisfied that that reward is solely or principally—
“(i)
Related to and dependent upon the production of that petroleum; or
“(ii)
By way of participation in profits from the production of that petroleum.
“(3)
A company to which this section applies is referred to in this Act as a petroleum mining company.
“(4)
Subject to this section, every petroleum mining company shall be assessable and liable for income tax as if it were not a petroleum mining company.
“(5)
Where a petroleum mining company has incurred in any income year any exploration expenditure (whether or not as consideration paid or payable for the acquisition of an asset), the Commissioner shall, subject to subsection (16) of this section, allow a deduction of that amount in calculating the assessable income of that company for that income year:
“Provided that where in that income year a loss arises from the allowance of that deduction,—
“(a)
Any company (hereafter referred to in this proviso as a shareholder company) that is a shareholder of that petroleum mining company and makes, in or after that income year, a payment to that petroleum mining company which is used for the purposes of that exploration expenditure so incurred in that income year, shall, if that shareholder company so elects by notice in accordance with subsection (22)(a) of this section, be entitled to deduct, in calculating the assessable income derived by that shareholder company in that income year, an amount that bears to that loss the same proportion as the amount of that payment bears to the amount of that exploration expenditure so incurred in that income year; and
“(b)
No other deduction and no set off shall be allowed under this Act in respect of—
“(i)
That loss, except to the extent that it exceeds the aggregate of all amounts deducted, pursuant to paragraph (a) of this proviso, in calculating the assessable income derived by all such shareholder companies in the income year in which that loss arises; or
“(ii)
Any amount deducted, pursuant to the said paragraph (a), in calculating the assessable income derived by any such shareholder company.
“(6)
Where in any income year a petroleum mining company has incurred any development expenditure (whether or not as consideration paid or payable for the acquisition of any asset) in respect of its petroleum mining operations or its associated petroleum mining operations carried on in association with those petroleum mining operations, the Commissioner shall, subject to subsection (16) of this section, allow, in calculating the assessable income derived by that company, a deduction of an amount equal to the amount of that development expenditure as follows:
“(a)
Where the mining property on or in relation to which those petroleum mining operations are carried on is a remote petroleum mining property—
“(i)
Twenty percent of that amount in the income year in which that development expenditure was incurred:
“(ii)
Twenty percent in each of the 4 income years immediately succeeding that income year:
“(b)
Where the mining property on or in relation to which those petroleum mining operations are carried on is other than a remote petroleum mining property—
“(i)
Twenty percent of that amount in the income year in which, in the opinion of the Commissioner, the first commercial production in relation to that mining property was capable of being commenced (whether or not it was commenced) or in the income year in which that development expenditure was incurred, whichever is the later:
“(ii)
Twenty percent in each of the 4 income years immediately succeeding that income year:
“Provided that, instead of claiming the whole or any part of the amount of the deduction specified in subparagraph (i) or subparagraph (ii) of paragraph (a) or, as the case may be, subparagraph (i) or subparagraph (ii) of paragraph (b) of this subsection for the income year in respect of that development expenditure, the petroleum mining company shall, if it so elects by notice in accordance with subsection (22)(b) of this section, be entitled to allocate, in such manner as it specifies in the notice, the whole or any part of that amount to any one or more income years (being in each case an income year subsequent to the income year in which the deduction is otherwise allowable under the foregoing provisions of this subsection) and to deduct the amount so allocated to any such income year in calculating the assessable income derived by it in that subsequent year or those subsequent years:
“Provided also that where the petroleum mining company ceases in any income year (hereafter in this proviso referred to as the year of cessation) to be a petroleum mining company before an amount equal to the total amount of that development expenditure has been allowed as a deduction in calculating the assessable income derived by the company, the company may, if it so elects by notice in accordance with subsection (22)(c) of this section, allocate so much of that total amount as has not previously been allowed as a deduction between the year of cessation and any number (not exceeding 4) of the immediately preceding years, (not being income years preceding the income year in which that development expenditure was incurred) and any amount so allocated shall be allowed as a further deduction in calculating the assessable income derived by the company in the year to which it is so allocated:
“Provided further that where any such development expenditure is expenditure incurred on restoration of the kind referred to in paragraph (b) of the definition in section 214a(1) of this Act of the expression ‘development expenditure’, the Commissioner shall allow a deduction of that expenditure in calculating the assessable income derived by that company in the income year in which that expenditure is incurred and not in any other income year.
“(7)
Where in any income year a loss arises from the allowance, in calculating the assessable income derived in that income year by a petroleum mining company, of a deduction or further deduction pursuant to subsection (6) or subsection (13)(b) or subsection (14)(b) or subsection (18)(c) of this section—
“(a)
Any company (hereafter referred to in this subsection as a shareholder company) that is a shareholder of that petroleum mining company and has made at any time (being a time at which that shareholder company was a shareholder of that petroleum mining company) any payment or payments to that petroleum mining company which was or were used for the purposes of the development expenditure of the kind referred to in the said subsection (6), in respect of which that deduction or further deduction is allowed in that income year, shall, if that shareholder company so elects by notice in accordance with subsection (22)(d) of this section, be entitled to deduct, in calculating the assessable income derived by that shareholder company in that income year, an amount that bears to that loss the same proportion as that payment or, as the case may be, the aggregate of those payments bears to that development expenditure; and
“(b)
No other deduction and no set off shall be allowed under this Act in respect of—
“(i)
That loss, except to the extent that it exceeds the aggregate of all amounts deducted, pursuant to paragraph (a) of this subsection, in calculating the assessable income derived by all such shareholder companies in the income year in which that loss arises:
“(ii)
Any amount deducted, pursuant to the said paragraph (a), in calculating the assessable income derived by any such shareholder company:
“Provided that where that loss arises from the allowance of a further deduction pursuant to the second proviso to subsection (6) of this section that loss shall, for the purposes of this subsection, be deemed to be a loss arising in the year which, in the said subsection (6), is referred to as the year of cessation:
“Provided also that in no case shall the aggregate of the amounts deducted by any shareholder company under paragraph (a) of this subsection exceed the aggregate of the payments of the kind referred to in that paragraph made by that shareholder company to the petroleum mining company.
“(8)
Notwithstanding subsection (6) but subject to subsection (16) of this section, any development expenditure (not being development expenditure to which subsection (9) of this section applies) incurred by any petroleum mining company in any income year commencing on or before the 1st day of April 1982 in performing development work relating to its petroleum mining operations or relating to its associated petroleum mining operations carried on in association with those petroleum mining operations (those petroleum mining operations and those associated petroleum mining operations having commenced before the beginning of the income year that commenced on the 1st day of April 1979) shall be allowed as a deduction in calculating the assessable income derived by that petroleum mining company in the income year in which that expenditure is so incurred.
“(9)
Subject to this subsection, where a petroleum mining company will incur, or is likely to incur, development expenditure, primarily and principally for the purposes of the production and supply of petroleum under an agreement entered into by that company before the 1st day of April 1979, and that development expenditure (referred to hereafter in this subsection as the specified development expenditure) will be in respect of—
“(a)
Any development work (referred to hereafter in this subsection as the specified development work) comprised in that company’s off-shore petroleum mining operations carried on by it in an area which is continuous, or geologically contiguous, with the area in relation to which that company performed or performs the development work in respect of which it incurred or incurs development expenditure to which subsection (8) of this section applies; or
“(b)
Its associated petroleum mining operations carried on in association with such of those off-shore petroleum mining operations as consist of the mining of that petroleum—
the following provisions shall apply:
“(c)
Where the petroleum mining company, or any other company where that petroleum mining company and that other company are associated persons, by notice in accordance with subsection (22)(e) of this section elects that this subsection shall apply to it,—
“(i)
That company (referred to hereafter in this subsection as the elector company) which makes that election shall, in the income year in which it makes that election (that income year being referred to hereafter in this subsection as the year of election) or in any of the 4 income years immediately succeeding the year of election, enter in a development commitment account kept by it for the purposes of this subsection, an amount equal to such amount as is from time to time agreed, between the Commissioner and the elector company, to be an amount which the elector company will contribute, or is likely to contribute, for use by the petroleum mining company for the purposes of that specified development expenditure:
“(ii)
The elector company shall be entitled to claim in respect of any income year (being the year of election or any of the 4 income years immediately succeeding the year of election) that an amount be deducted, before the deduction of any loss to which section 188 of this Act applies, from the assessable income derived by the elector company in that income year, equal to the amount appropriated, in respect of that income year, by the elector company, within the time within which it is required to furnish a return of its income for that income year (or within such further time as the Commissioner, in his discretion, may allow), to a special development reserve account of the elector company for the purposes of that specified development expenditure:
“(d)
The amount or the amounts entered in the development commitment account kept by the elector company shall, following that entry or those entries, be reduced by an amount equal to every amount credited to the special development reserve account of the elector company:
“(e)
The amount of any deduction claimed under paragraph (c)(ii) of this subsection by the elector company in respect of any income year shall not exceed the amount of the assessable income derived by it in that income year or an amount equal to the amount remaining, in the development commitment account kept by the elector company, immediately before the claiming of that deduction, whichever is the less:
“(f)
The elector company shall deliver to the Commissioner, with its return of income for every income year in respect of which a deduction is claimed by the elector company under paragraph (c)(ii) of this subsection, a copy of the development commitment account kept by it:
“(g)
Where a deduction (not being a deduction which has subsequently been disallowed pursuant to paragraph (j) or paragraph (k) of this subsection) has been allowed under paragraph (c)(ii) of this subsection from the assessable income derived in any income year by the elector company and the petroleum mining company ceases to be a petroleum mining company before it has used, for the purposes of the specified development expenditure, an amount equal to the amount so allowed as a deduction, or, as the case may be, the aggregate of all such amounts so allowed as a deduction from the assessable income derived in every income year by every elector company, the Commissioner may to the extent of an amount which is, or amounts which in the aggregate are, equal to the amount so not used, disallow in such proportions as he considers fair and equitable, the whole or any part of any such deduction and, notwithstanding section 25 of this Act, at any time alter any assessment accordingly:
“(h)
Where a deduction (not being a deduction which has subsequently been disallowed pursuant to paragraph (j) or paragraph (k) of this subsection) has been allowed under paragraph (c)(ii) of this subsection from the assessable income derived in any income year by the elector company and the amount so allowed as a deduction or, as the case may be, the aggregate of all such amounts so allowed as a deduction from the assessable income derived in every income year by every elector company exceeds the amount of the specified development expenditure, incurred by the petroleum mining company, for the purposes of which an amount equal to that amount, or the aggregate of those amounts, so allowed as a deduction was to be used, the Commissioner may, to the extent of an amount which is, or amounts which in the aggregate are, equal to the amount of that excess, disallow in such proportions as he considers fair and equitable, the whole or any part of any such deduction and, notwithstanding section 25 of this Act, at any time alter any assessment accordingly:
“(i)
Where a deduction has been allowed under paragraph (c)(ii) of this subsection of any amount in respect of the amount appropriated by the elector company, no other deduction shall be allowed under any other provision of this Act (including sections 119 to 123) from, or in calculating, the assessable income derived by the elector company or any other company—
“(i)
Of or in respect of that amount so allowed as a deduction under that paragraph; or
“(ii)
Of or in respect of the specified development expenditure in relation to which that amount has been so allowed as a deduction, except to the extent (if any) that that specified development expenditure incurred by the petroleum mining company exceeds the amount or, as the case may be, the aggregate of all such amounts so allowed as a deduction; or
“(iii)
Except as expressly provided in this section, by way of depreciation in respect of any asset that the petroleum mining company acquires or becomes possessed of as a result of the specified development expenditure in relation to which that amount has been so allowed as a deduction:
“(j)
Where a deduction has been allowed, under paragraph (c)(ii) of this subsection, from the assessable income derived in any income year by the elector company, and the petroleum mining company has not, on or before the last day of the period of the 4 income years immediately succeeding the year of election (that last day being referred to hereafter in this subsection as the development day), commenced to incur, in the performing of the specified development work with expedition and in accordance with good oil-and gas-field practice, the specified development expenditure,—
“(i)
No deduction shall be allowed under this subsection from the assessable income derived by the elector company in any income year ending after the development day:
“(ii)
The Commissioner shall disallow any deduction which has been allowed under that paragraph from the assessable income, derived by the elector company, in the year of election, and for this purpose the Commissioner may, notwithstanding section 25 of this Act, at any time make a revised assessment in respect of the year of election:
“(iii)
The balance remaining, immediately before such disallowance by the Commissioner, in the special development reserve account of the elector company shall be reduced by the elector company by an amount equal to the amount so disallowed.
“(k)
Where, in any case, paragraph (j) of this subsection has applied, and the petroleum mining company has not, on or before the last day of the period of, as the case may be, the 5 income years, or the 6 income years, or the 7 income years, or the 8 income years, or the 9 income years immediately succeeding the year of election, commenced to incur, in the performing of the specified development work with expedition and in accordance with good oil-and gas-field practice, the specified development expenditure, subparagraphs (ii) and (iii) of that paragraph shall apply as if the reference in the said subparagraph (ii) to the year of election were a reference to the income year which ended on the day which immediately preceded, by 48 months, that last day of that period:
“(l)
Where, on or before the development day, the petroleum mining company has commenced to incur, in the performing of the specified development work with expedition and in accordance with good oil-and gas-field practice, the specified development expenditure—
“(i)
The elector company shall, from time to time after the development day, enter in the development commitment account kept by it for the purposes of this subsection, an amount not exceeding such amount as is from time to time agreed between the Commissioner and the elector company to be the amount by which the amount of the specified development expenditure will increase, or is likely to increase, as a result of circumstances arising after the development day, and to be the amount which the elector company will contribute, or is likely to contribute, for use by the petroleum mining company for the purposes of the amount of that increase in the amount of the specified development expenditure; and paragraphs (c)(ii), (d), (e), (f), (g), (h), and (i) of this subsection shall, so far as they are applicable and with any necessary modifications, apply in respect of any amount so entered as if that amount were an amount entered pursuant to paragraph (c)(i) of this paragraph and as if the income year first ending after the development day were the year of election:
“(ii)
No deduction shall be allowed under this subsection from the assessable income derived by the elector company in any income year commencing after the last day of the fifth income year immediately succeeding the income year which ended on the development day:
“(iii)
Where the petroleum mining company has not, on or before the last day of the fifth income year immediately succeeding the income year which ended on the development day, ceased to incur the specified development expenditure, the petroleum mining company shall, for the purposes of this subsection, be deemed not to have incurred any specified development expenditure after that last day:
“(iv)
Notwithstanding subparagraph (iii) of this paragraph, where the Commissioner is satisfied that the petroleum mining company has continued, after the last day of the fifth income year referred to in that subparagraph, to incur the specified development expenditure, and that that continuation results from special circumstances relating to the performance and the completion of the specified development work and the incurring of the specified development expenditure, the Commissioner may determine that the said subparagraph (iii) shall apply as if the reference therein to the fifth income year immediately succeeding the income year which ended on the development day were a reference to the sixth income year immediately succeeding the income year which ended on the development day.
“(10)
For the purposes of this Act, where a petroleum mining company incurs any exploration expenditure or development expenditure in respect of which a deduction has been or is to be allowed under this section, no other deduction shall be allowed under any other provision of this Act (including sections 119 to 123)—
“(a)
In respect of that expenditure; or
“(b)
Except as expressly provided in this section, to that company by way of depreciation in respect of any asset acquired by it, or of which it has become possessed, as a result of that expenditure.
“(11)
Where a company that is, on the first day of the income year that commenced on the 1st day of April 1979, a petroleum mining company has, in calculating its assessable income for the income year that commenced on the 1st day of April 1978, been allowed a deduction under paragraph (a) of subsection (9) of section 216 of this Act, an amount equal to two-thirds of the amount of that deduction shall, notwithstanding anything in paragraph (b) of that subsection, be deemed to be assessable income derived by that company in the income year that commenced on the 1st day of April 1979.
“(12)
Where the Commissioner is satisfied that any petroleum mining company has in any income year (that income year being referred to hereafter in this subsection as the year of removal) incurred any expenditure in respect of—
“(a)
The removal of any of its assets (not being an asset to which subsection (14) of this section has applied except where subsection (15) of this section has subsequently applied to that asset, and not being a vessel or an aircraft) which it has acquired or become possessed of as a result of any exploration expenditure or development expenditure incurred by it; or
“(b)
The removal of any of its pipelines that it has used in the carrying on of its associated petroleum mining operations; or
“(c)
The restoration of the site of any of its petroleum mining operations or associated petroleum mining operations,—
by reason of the terminating of its petroleum mining operations or associated petroleum mining operations in which that asset or that pipeline or that site was used by it, the following provisions shall apply:
“(d)
The Commissioner shall allow a deduction of the amount of that expenditure—
“(i)
From the taxable income derived by that company in the year of removal, so far as that taxable income extends, and, so far as it cannot then be deducted, from the taxable income derived by that company in the income year immediately preceding the year of removal, and so on; or
“(ii)
If the petroleum mining company so elects by notice in accordance with subsection (22)(f) of this section, in calculating the assessable income derived by that company in the income year in which that expenditure is so incurred by it; and
“(e)
The provisos to subsections (1) and (2) of section 409 of this Act shall not apply in respect of the refund of any tax paid in excess as a result of any deduction allowed under paragraph (d)(i) of this subsection; and
“(f)
No deduction shall be allowed of or in respect of that expenditure under any other provision of this Act:
“Provided that where that company has ceased to be a petroleum mining company before the time at which it incurs (by reason of the terminating referred to in this subsection) any expenditure of the kind referred to in this subsection, that company shall be treated, for the purpose of allowing a deduction of the amount of that expenditure under paragraph (d) of this subsection, as if it had not so ceased.
“(13)
Where a petroleum mining company has acquired or become possessed of any asset (including any petroleum mining or prospecting information or any petroleum mining or prospecting right) as a result of any exploration expenditure or development expenditure and that company has in any income year sold or otherwise disposed of that asset,—
“(a)
Subject to subsection (16) of this section, an amount equal to the value of the consideration received or receivable by that company from the sale or other disposal of that asset shall be deemed to be assessable income from, as the case may be, petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations derived by that company in that income year:
“(b)
Any deduction otherwise allowable under this section in respect of that development expenditure in that income year or any succeeding income year shall be allowable in that income year and not in that succeeding income year:
“Provided that nothing in this subsection shall apply in respect of any such asset in any case where the ownership of that asset is relinquished, forfeited, or surrendered (that relinquishment, forfeiture, or surrender of the ownership of that asset being referred to hereafter in this proviso as the forfeiture) by a petroleum mining company to another person and where the Commissioner is satisfied that—
“(i)
The forfeiture is not in consequence of a sale of that asset; and
“(ii)
No consideration is received or receivable by that petroleum mining company for the forfeiture; and
“(iii)
Where that petroleum mining company and that other person are, at any time relevant to the manner and terms of the forfeiture, associated persons, that company and that other person dealt with each other (in relation to that forfeiture) at that time, and every other time so relevant in relation to that forfeiture, in such manner and on such terms as would be expected if that company and that other person had, at all such times, not been associated persons.
“(14)
Where a petroleum mining company has acquired, or become possessed of, any asset (including any petroleum mining or prospecting information or any petroleum mining or prospecting right) as a result of any exploration expenditure or development expenditure and that asset is subsequently transferred from the petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations of that company and is used by that company wholly or principally for the purpose of gaining or producing assessable income other than assessable income from petroleum mining,—
“(a)
An amount equal to such amount as the Commissioner determines, in such manner as he thinks fit, was the value of that asset at the date on which it commenced to be used for that purpose shall be deemed to be assessable income from, as the case may be, petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations derived by that company in the income year in which that date falls:
“(b)
Any deduction otherwise allowable under this section in respect of that development expenditure in that income year or any succeeding income year shall be allowable in that income year and not in that succeeding income year:
“Provided that subsections (9)(i), (10), and (18)(d) of this section shall not apply so as to preclude the Commissioner from allowing, in his discretion, so long as that asset continues to be used for that purpose, such deduction by way of depreciation in respect of that asset (being a deduction permissible under this Act) as he thinks fit, but in no case exceeding in the aggregate the value so determined.
“(15)
Where a petroleum mining company has commenced or recommenced to use any asset for the purpose of gaining or producing assessable income from petroleum mining, being an asset which immediately before that commencement or, as the case may be, that recommencement was being used by that company for the purpose of gaining or producing assessable income other than assessable income from petroleum mining, the Commissioner may make such adjustments in respect of the income year in which that company commenced or, as the case may be, recommenced to use that asset for the purpose of gaining or producing assessable income from petroleum mining or in respect of any subsequent income year as he considers equitable, having regard to any deductions allowed to that company by way of depreciation, or otherwise in respect of the cost, in relation to that asset and to any other matters which he considers relevant.
“(16)
For the purposes of subsections (5), (6), (8), and (13) of this section, the following provisions shall, except where the proviso to the said subsection (13) applies, apply in relation to the acquisition or, as the case may be, the sale or other disposal by a petroleum mining company of an asset it has acquired or become possessed of as a result of any exploration expenditure or development expenditure:
“(a)
Where that petroleum mining company and the person from whom it acquired that asset or, as the case may be, the person to whom it sold or otherwise disposed of that asset are associated persons, the value of the consideration paid or payable or, as the case may be, of the consideration received or receivable by that petroleum mining company for that asset shall be deemed to be an amount equal to such amount as the Commissioner determines, in such manner as he thinks fit, was the value of that asset at the date on which that petroleum mining company acquired or, as the case may be, sold or otherwise disposed of that asset:
“(b)
Where—
“(i)
The whole or a part of the consideration paid or payable or, as the case may be, of the consideration received or receivable by that petroleum mining company for that asset is other than in cash; and
“(ii)
That petroleum mining company and that person from whom it acquired that asset or, as the case may be, the person to whom it sold or otherwise disposed of that asset are not associated persons,—
the value of that consideration or, as the case may be, of that part of that consideration shall be deemed to be such value as is agreed between that petroleum mining company and that person for the purposes of the acquisition or, as the case may be, of the sale or other disposal by that petroleum mining company of that asset:
“Provided that, failing such agreement or where the Commissioner is of the opinion that the value so agreed is unreasonable, the value of that consideration or, as the case may be, of that part of that consideration shall be deemed to be such amount as the Commissioner determines in such manner as he thinks fit:
“(c)
Notwithstanding paragraphs (a) and (b) of this subsection but subject to paragraph (d) of this subsection, if that petroleum mining company and the person from whom it acquired that asset or, as the case may be, the person to whom it sold or otherwise disposed of that asset give notice to the Commissioner, in accordance with subsection (22)(g) of this section, that they have agreed that this paragraph shall apply in respect of that asset, the value of the consideration paid or payable or, as the case may be, of the consideration received or receivable by that petroleum mining company for that asset shall be deemed to be such amount as they specify in that notice, being an amount—
“(i)
Not exceeding such amount as the Commissioner determines, in such manner as he thinks fit, was the value of that asset at the date on which that petroleum mining company acquired or, as the case may be, sold or otherwise disposed of that asset; and
“(ii)
Not less than the amount of so much of the consideration as is in cash:
“(d)
Paragraph (c) of this subsection shall not apply unless—
“(i)
In the case of an asset acquired by a petroleum mining company, that asset was so acquired for use in petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations carried on by that petroleum mining company:
“(ii)
In the case of an asset sold or otherwise disposed of by a petroleum mining company, the person acquiring that asset from that petroleum mining company acquired it for use in, as the case may be, petroleum exploration operations, petroleum mining operations, associated petroleum mining operations, or a petroleum mining venture (within the meaning of section 214c of this Act), carried on by that person.
“(17)
Where—
“(a)
Any asset (not being an asset to which subsection (14) of this section has applied, except where subsection (15) of this section has subsequently applied to that asset) of a petroleum mining company that the company acquired or became possessed of as a result of any exploration expenditure or development expenditure is lost, destroyed, or damaged (that asset being referred to hereafter in this subsection and subsection (18) of this section as the damaged asset, and that loss, destruction, or damage, as the case may be, being referred to hereafter in this subsection and subsection (18) of this section as the loss) in any income year and, in respect of that expenditure,—
“(i)
A deduction has been allowed under section 216 or section 220 or section 221 of this Act, or section 153f or section 153j or section 153k of the Land and Income Tax Act 1954, or section 27 of the Land and Income Tax Amendment Act 1971, or section 31 of the Land and Income Tax Amendment Act (No. 2) 1972 in calculating the assessable income from mining derived by that company in the income year that commenced on the 1st day of April 1978 or any preceding income year; or
“(ii)
A deduction has been or is to be allowed under this section in calculating the assessable income derived by that company in the income year that commenced on the 1st day of April 1979 or any succeeding income year,—
and in respect of that loss, a payment by way of insurance, indemnity, compensation, or other damages (that payment being referred to hereafter in this subsection and subsection (18) of this section as the insurance payment) is made to that company, that asset shall be deemed to have been sold by that company, in the income year in which that insurance payment is so made, for a consideration equal to the aggregate of,—
“(iii)
The amount of that insurance payment made to that company; and
“(iv)
The amount (if any) payable to that company on the sale or other disposal of any scrap of that damaged asset,—
and subsection (13) of this section shall, with any necessary modifications, apply accordingly:
“(b)
A petroleum mining company to which paragraph (a) of this subsection applies, ceases to be a petroleum mining company before, as the case may be,—
“(i)
The amount of the insurance payment is paid to it; or
“(ii)
The scrap of the damaged asset is sold or otherwise disposed of; or
“(iii)
The amount payable to that petroleum mining company on that sale or other disposal is received by it,—
that petroleum mining company shall be treated, for the purposes of this subsection and subsection (13) of this section, as if it had not so ceased.
“(18)
Notwithstanding subsection (17) of this section, where the petroleum mining company gives notice in accordance with subsection (22)(h) of this section that the amount of any insurance payment made to it in respect of the loss of the damaged asset is to be used for the purpose of, as the case may be, the replacement, restoration, or repair of that asset (that replacement, restoration, or repair, as the case may be, being referred to hereafter in this subsection as the restoration) and operations for the purpose of that restoration are commenced not later than the end of the second income year immediately succeeding the income year in which that loss occurred, the following provisions shall apply:
“(a)
That damaged asset shall not be deemed to have been sold:
“(b)
The amount (if any) payable to that company on the sale or other disposal of any scrap of that damaged asset shall for the purposes of this subsection be deemed to be an insurance payment made to that company in the income year in which that sale or other disposal occurs:
“(c)
Where that damaged asset, being an asset which has been lost or destroyed, was an asset that that company acquired or became possessed of as a result of any development expenditure, any deduction otherwise allowable under subsection (6) of this section, in respect of the amount of that expenditure, in the income year in which the loss occurred in relation to that asset or in any succeeding income year shall be allowed in the income year in which that loss occurred, and not in that succeeding income year:
“(d)
For the purposes of this Act, where any expenditure has been incurred by that company in the restoration of that damaged asset, no deduction shall be allowed under this Act (including sections 119 to 123) —
“(i)
Except as provided in paragraph (e) of this subsection, in respect of that expenditure; or
“(ii)
Except as expressly provided in this section, by way of depreciation of the asset acquired by that company, or of which it has become possessed, as a result of that expenditure:
“(e)
In any case where the amount of the expenditure incurred by that company in the restoration of that damaged asset exceeds the amount of that insurance payment made to it in respect of the loss which has occurred in relation to that damaged asset, the amount of that excess shall be allowed as a deduction in calculating the assessable income derived by that company in the income year in which that excess arises and not in any other income year:
“(f)
Where the insurance payment made to that company in respect of the loss of that damaged asset exceeds the aggregate of the amounts of the expenditure incurred by that company in the restoration of that damaged asset, an amount equal to the amount of that excess shall, whether or not that company has ceased to be a petroleum mining company before the amount of that excess has been determined, be deemed to be assessable income from, as the case may be, petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations derived by that company in the income year in which that restoration was completed; and for the purposes of this paragraph, where the operations for the purpose of that restoration have ceased before the completion of that restoration, that restoration shall be deemed to have been completed on the day on which those operations so ceased:
“(g)
For the purposes of this subsection and subsections (9)(i)(iii), (12)(a), (13), (14), and (15) of this section, any asset or part of an asset which that company acquires or becomes possessed of as a result of any expenditure incurred by it in the restoration of that damaged asset shall be deemed to be the same asset or, as the case may be, a part of the same asset as became the damaged asset:
“(h)
Where the restoration of that damaged asset is not completed before the expiry of such time as the Commissioner considers reasonable, paragraph (f) of this subsection shall, so far as it is applicable, apply in respect of that damaged asset, the insurance payment made in respect of the loss of that asset, and the expenditure incurred in the restoration of it, as if that restoration were completed on the day on which that time expired and as if no expenditure in the restoration of that damaged asset were incurred by that company after that day:
“(i)
In any case where paragraph (h) of this subsection applies in respect of that damaged asset, any expenditure incurred by that petroleum mining company, after the day referred to in that paragraph, in the restoration of that damaged asset shall, for the purposes of this section, be deemed to be expenditure of the same kind as the expenditure as a result of which that company acquired or became possessed of that damaged asset, and the amount of that expenditure so incurred after that day shall, for the purposes of paragraph (e) of this subsection, be deemed to be the amount of an excess of the kind referred to in the said paragraph (e), arising in the income year in which that expenditure is so incurred:
“(j)
Where, after the commencement of operations for the purpose of the restoration of that damaged asset and before that restoration is completed,—
“(i)
That damaged asset is transferred from the petroleum exploration operations, petroleum mining operations, or associated petroleum mining operations of that company and is used by that company wholly or principally for the purpose of gaining or producing assessable income other than assessable income from petroleum mining; or
“(ii)
That damaged asset (not being the scrap thereof) is sold or otherwise disposed of by that company; or
“(iii)
That company ceases to be a petroleum mining company,—
paragraph (f) of this subsection shall, so far as it is applicable, apply in respect of that damaged asset, the insurance payment made in respect of the loss of that asset, and the expenditure incurred in the restoration of it, as if that restoration were completed on the day on which, as the case may be, that transfer, or that sale, or that other disposal, or that cessation, occurred and as if no expenditure in the restoration of that damaged asset were incurred after that day.
“(19)
For the purposes of this Act—
“(a)
Where a petroleum mining company has acquired an asset as a result of exploration expenditure or development expenditure, the person from whom it acquired that asset shall be deemed to have sold or otherwise disposed of that asset at an amount equal to the value of the consideration paid or payable by that company as determined in accordance with subsection (16) of this section:
“(b)
Where a petroleum mining company has sold or otherwise disposed of an asset to which subsection (13) of this section applied, the person who acquired that asset from that company shall be deemed to have acquired that asset at an amount equal to the value of the consideration received or receivable by that company as determined in accordance with subsection (16) of this section.
“(20)
Where, for any reason, including the existence or the formation or the dissolution of a partnership or a variation in the constitution of a partnership or in the interests of the partners,—
“(a)
A petroleum mining company has acquired, or has become possessed of, a share or interest in an asset as a result of exploration expenditure or development expenditure incurred by that company; or
“(b)
A petroleum mining company has sold or otherwise disposed of the whole or part of such a share or interest; or
“(c)
An asset in which a petroleum mining company has such a share or interest is used for the purpose of gaining or producing assessable income other than assessable income from petroleum mining—
this section shall, with any necessary modifications, apply as if every reference therein to an asset included a reference to such a share or interest.
“(21)
For the purposes of this subsection and of subsection (20) of this section—
“(a)
The term ‘partnership’ includes any association of persons in receipt of income jointly or carrying on activities jointly; and the term ‘partner’ has a corresponding meaning:
“(b)
A partner shall be deemed to have a share or interest in every single asset of the partnership in accordance with his interest in the aggregate of the assets of the partnership.
“(22)
Every notice—
“(a)
Under the proviso to subsection (5) of this section by which a proportion of the loss arising from the deduction of the exploration expenditure incurred in any income year by a petroleum mining company is to be deducted in calculating the assessable income of the taxpayer, being a company that is a shareholder of that petroleum mining company, shall be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for the income year in which that expenditure was incurred:
“(b)
Under the first proviso to subsection (6) of this section by which the whole or any part of the deduction allowable in respect of the development expenditure of any taxpayer, being a petroleum mining company, is allocated to any income year subsequent to the income year in which the deduction is otherwise allowable shall, subject to the second proviso to that subsection, be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for the year to which that expenditure is so allocated:
“(c)
Under the second proviso to subsection (6) of this section by which the whole or any part of the deduction allowable in respect of the development expenditure of any taxpayer, being a company ceasing to be a petroleum mining company, is reallocated to other income years, shall be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for the year of cessation (within the meaning of that proviso):
“(d)
Under subsection (7) of this section by which a proportion of the loss arising from the deduction of an amount in respect of development expenditure incurred by a petroleum mining company is to be deducted in calculating the assessable income of the taxpayer, being a company that is a shareholder of that petroleum mining company, shall be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for the income year in which that loss arises:
“(e)
Under paragraph (c) of subsection (9) of this section by which any company elects that that subsection shall apply to it shall be irrevocable and shall be given to the Commissioner in writing:
“(f)
Under paragraph (d)(ii) of subsection (12) of this section by which a deduction of the amount of any expenditure of the kind referred to in that subsection, incurred in any income year by any taxpayer, being a petroleum mining company, is to be deducted in calculating the assessable income of the taxpayer derived in the income year in which that expenditure was incurred, shall be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for that income year:
“(g)
Under subsection (16)(c) of this section by which the value of the consideration paid or payable or, as the case may be, received or receivable in respect of any asset is specified shall be irrevocable and shall be in writing and shall be given to the Commissioner within the time within which the petroleum mining company is required to furnish a return of its income for the income year in which it acquired or, as the case may be, sold or otherwise disposed of that asset:
“(h)
Under subsection (18) of this section by which the Commissioner is informed by any taxpayer, being a petroleum mining company, that an insurance payment (within the meaning of that subsection) made to it is to be used for the purposes of the restoration (within the meaning of that subsection) of a damaged asset (within the meaning of that subsection), shall be in writing and shall be given to the Commissioner within the time within which the taxpayer is required to furnish a return of its income for the income year in which there occurred the loss (within the meaning of that subsection) in respect of which that insurance payment is so made:
“Provided that the Commissioner may, in his discretion, allow further time within which any notice specified in this subsection may be given, in any particular case or class of cases.
“(23)
Where—
“(a)
A petroleum mining company is a company to which section 153 of the Land and Income Tax Act 1954 applied, or is a company to which section 153f or section 153j or section 153k of the Land and Income Tax Act 1954 applied, or is a company to which section 216 or section 220 or section 221 of this Act applied; and
“(b)
That company has acquired, or has become possessed of any asset as a result of exploration expenditure or development expenditure of the kind referred to in section 27(3)(a) of the Land and Income Tax Amendment Act 1971 or section 31(2)(a) or 31(2)(b) of the Land and Income Tax Amendment Act (No. 2) 1972 or section 153e of the Land and Income Tax Act 1954 or section 215 of this Act, incurred by it in any income year,—
subsections (12), (13), (14), (16), and (19)(b) of this section shall, with any necessary modifications, apply as if every reference to—
“(c)
An asset that that company acquired or became possessed of as a result of exploration expenditure or development expenditure incurred by it; or
“(d)
An asset which is sold or otherwise disposed of by that company; or
“(e)
An asset which a person acquires from that company,—
included a reference to an asset of the kind referred to in paragraph (b) of this subsection, being an asset which, in the income year ending with the 31st day of March 1980 or in any subsequent year is—
“(f)
Removed by reason of the terminating of the petroleum mining operations or associated petroleum mining operations, of that company, in which that asset was used; or
“(g)
Sold or otherwise disposed of by that company; or
“(h)
Used by that company wholly or principally for the purpose of gaining or producing its assessable income, other than assessable income from petroleum mining, derived in that income year; or
“(i)
Acquired by a person from that company.
“(24)
Where a company ceases to be a petroleum mining company on or before the date of the sale, or other disposal, or transfer by that company of an asset of the kind referred to in subsections (13) and (14) of this section, that company shall be treated, for the purposes of paragraph (a) of the said subsection (13), or, as the case may be, paragraph (a) of the said subsection (14), as if it had not so ceased.
“(25)
Where, in relation to an income year, any taxpayer (being a company) is a petroleum mining company, section 191 of this Act shall not apply, in relation to that company, in respect of—
“(a)
Any loss, arising in that company, of the kind referred to in subsection (5) or subsection (7) of this section except to the extent (if any) that, in relation to that loss, there is an excess of the kind referred to in the said subsection (5) or, as the case may be, the said subsection (7); and
“(b)
Any loss incurred by that taxpayer in any income year that commenced before the 1st day of April 1979—
and for the purposes of subsection (5) of the said section 191, the assessable income derived by any company in any income year shall be deemed to be only so much of the assessable income so derived as remains after any allowance of any deduction claimed, in relation to that income year, by that company under subsection (9)(c)(ii) of this section.
“(26)
Every reference in this section to an income year shall, where the company furnishes a return of income under section 15 of this Act for an accounting year ending with an annual balance date other than the 31st day of March, be deemed to be a reference to the accounting year corresponding with that income year, and, in every such case, this section shall, with any necessary modifications, apply accordingly.
“214c Income derived by non-resident petroleum mining operators
“(1)
This section shall apply notwithstanding anything in this Act.
“(2)
For the purposes of this section—
“‘Prescribed activities’ means the activities of exploring or searching for or mining petroleum or performing development work relating to such exploring or searching or mining, not being activities carried on by a person as a service to another person for reward unless the Commissioner is satisfied that that reward is solely or principally—
“(a)
Related to and dependent upon the production of petroleum; or
“(b)
By way of participation in profits from the production of that petroleum:
“‘Petroleum mining venture’ means a venture in respect of which the Commissioner is satisfied—
“(a)
That it is carried on, or is proposed to be carried on, in New Zealand, as a business; and
“(b)
That it consists, or is proposed to consist, solely of prescribed activities, being activities carried on, or proposed to be carried on, in New Zealand:
“Provided that where the prescribed activities in relation to that venture are carried on, or are proposed to be carried on, by 2 or more persons jointly (whether as partners or otherwise), that venture shall not include any activities carried on by any of those persons otherwise than jointly with the other or, as the case may be, the others of those persons:
“‘Non-resident petroleum mining operator’ means a person (not being a company)—
“(a)
Who is not resident in New Zealand; and
“(b)
Who carries on one or more petroleum mining ventures; and
“(c)
Who in the opinion of the Commissioner would be at an unfair disadvantage if that petroleum mining venture was, or those petroleum mining ventures were, carried on by a petroleum mining company under the control of that person; and
“(d)
Whose sole source of mining income in New Zealand is from that petroleum mining venture, or those petroleum mining ventures.
“(3)
Subject to this section, every non-resident petroleum mining operator shall, in respect of the income derived by him, whether or not from a petroleum mining venture carried on by him, be assessable and liable for income tax at the basic rate applicable to a non-resident company.
“(4)
For the purposes of this section, in any case where a person is a non-resident petroleum mining operator, subsections (5) (except the proviso), (6), (10), (11), (12), (13), (14), (15), (16), (17), (18), (19), (20), (21), (22), (except paragraphs (a), (d) and (e)), (24), and (26) of section 214b of this Act shall, so far as they are applicable and with any necessary modifications, apply, with respect to—
“(a)
That person; and
“(b)
The calculation of the assessable income derived in any income year by that person; and
“(c)
Subject to subsection (3) of this section, the taxable income derived in any income year by that person,—
in the same manner that those subsections would apply in those respects if—
“(d)
Every reference in those subsections to a petroleum mining company or to a company were a reference to a non-resident petroleum mining operator:
“(e)
Every reference in the said subsections (10) and (18)(d) to the said section 214b were a reference to this section:
“(f)
Every reference in the said subsections (14) and (15) to assessable income from petroleum mining were a reference to assessable income from a petroleum mining venture.
“(5)
Where—
“(a)
A non-resident petroleum mining operator (hereafter referred to in this paragraph as the operator) is a person to whom section 153k of the Land and Income Tax Act 1954 applied, or section 221 of this Act applied; and
“(b)
That operator has acquired, or has become possessed of any asset as a result of exploration expenditure or development expenditure of the kind referred to in, as the case may be, section 31(2)(b) of the Land and Income Tax Amendment Act (No. 2) 1972 or section 153k of the Land and Income Tax Act 1954 or section 221 of this Act, incurred by him in any income year,—
subsections (12), (13), (14), (16), and (19)(b) of section 214b of this Act, shall, with any necessary modifications, apply as if every reference to—
“(c)
An asset that that operator acquired or became possessed of as a result of exploration expenditure or development expenditure incurred by him; or
“(d)
An asset which is sold or otherwise disposed of by that operator; or
“(e)
An asset which a person acquires from that operator,—
included a reference to an asset of the kind referred to in paragraph (b) of this subsection, being an asset which, in the income year ending with the 31st day of March 1980 or in any subsequent year, is—
“(f)
Removed by reason of the terminating of a petroleum mining venture of that operator in which that asset was used; or
“(g)
Sold or otherwise disposed of by that operator; or
“(h)
Used by that operator wholly or principally for the purpose of gaining or producing assessable income, other than assessable income from a petroleum mining venture, derived by that operator in that income year; or
“(i)
Acquired by a person from that operator.”
30 Interpretation
(1)
Section 2 of the principal Actis hereby amended by adding to the definition of the expression “mining holding company”
the words “or petroleum mining company”
.
(2)
Section 2 of the principal Act is hereby further amended by inserting, in their appropriate alphabetical order, the following definitions:
“‘Non-resident petroleum mining operator’ means a person to whom section 214c of this Act applies:
“‘Petroleum mining company’ means a company to which section 214b of this Act applies:”.
31 Rebate from tax payable in respect of certain off-shore petroleum mining operations
The principal Act is hereby further amended by inserting, after section 42, the following section:
“42a
“(1)
For the purposes of this section—
“(a)
The expressions ‘assessable income from petroleum mining’, ‘associated petroleum mining operations’, ‘development expenditure’, ‘petroleum exploration operations’ and ‘petroleum mining operations’, have the same meanings as in section 214a of this Act:
“(b)
The expression ‘deep-sea petroleum mining property’ means an off-shore field of petroleum, in New Zealand, in any area comprised in a mining licence in which petroleum is produced in commercial quantities and where either—
“(i)
The shortest distance between the first petroleum production installation (being an installation at which petroleum is produced in commercial quantities) on the field and the low water mark along the coast of the land territories known as the North Island and the South Island of New Zealand is not less than 150 kilometres; or
“(ii)
The depth of the water at the site of that installation is not less than 200 metres:
“(c)
The expression ‘petroleum mining venture’ has the same meaning as in section 214c of this Act, but it does not include a venture to the extent that it consists, or is proposed to consist, of the activities of exploring or searching for petroleum:
“(d)
The expression ‘prescribed activities’ has the same meaning as in section 214c of this Act, but it does not include the activities of exploring or searching for petroleum.
“(2)
Where the Commissioner is satisfied that any taxpayer, being a petroleum mining company or a non-resident petroleum mining operator,—
“(a)
Has in respect of the petroleum mining operations or, as the case may be, the prescribed activities of the taxpayer—
“(i)
Performed on a deep-sea petroleum mining property, the development work, relating to mining petroleum, as a result of which the taxpayer derives assessable income of the kind to which the rebate referred to in this subsection may apply; and
“(ii)
Incurred the development expenditure in respect of that development work; and
“(b)
Derives assessable income from petroleum mining (other than from petroleum exploration operations), or, as the case may be, assessable income from a petroleum mining venture, in either case in respect of that deep-sea petroleum mining property,—
there shall be allowed in the assessment of the taxpayer for any income year in which the assessable income referred to in paragraph (b) of this subsection is so derived by the taxpayer a rebate of income tax of an amount equal to 10 percent of the amount of the income tax payable (if that rebate were not allowed) by the taxpayer in respect of that assessable income so derived.”
32 Rebate from tax on dividends derived from assessable income from petroleum mining
(1)
The principal Act is hereby further amended by inserting, after section 47, the following section:
“47a
“(1)
For the purposes of this section the expression ‘assessable income from petroleum mining’ means—
“(a)
Assessable income from petroleum mining as defined in section 214a of this Act:
“(b)
Any income derived by a company from dividends to the extent that those dividends are paid out of assessable income from petroleum mining.
“(2)
Subject to section 57 of this Act, in the assessment of every taxpayer (not being an absentee, or a company, or a public authority, or a Maori authority, or an unincorporated body, or a trustee within the meaning of section 225 of this Act, or a trustee assessable and liable for income tax under section 227 or section 228 or section 229 or section 230 or section 231 of this Act) who in any income year derives assessable income from dividends, to the extent that the Commissioner is satisfied that those dividends are declared to be paid, and are paid, out of assessable income from petroleum mining there shall be allowed as a rebate of income tax for that income year an amount equal to 20 cents for each complete $1 of the amount of that income so derived.”
(2)
Section 57(2) of the principal Act is hereby consequentially amended by inserting, after paragraph (c), the following paragraph:
“(ca)
Section 47a:”.
33 Regional investment allowance on certain new plant and machinery
Section 119(7) of the principal Act is hereby amended by inserting, after paragraph (a), the following paragraph:
“(aa)
Any plant or machinery used in any petroleum exploration operations, petroleum mining operations, associated petroleum mining operations, or petroleum mining ventures by any taxpayer to whom section 214b or section 214c of this Act applies:”.
34 Investment allowance on new manufacturing plant and machinery used for export
Section 120(8) of the principal Act is hereby amended by inserting, after paragraph (a), the following paragraph:
“(aa)
Any plant or machinery used in any petroleum exploration operations, petroleum mining operations, associated petroleum mining operations, or petroleum mining ventures by any taxpayer to whom section 214b or section 214c of this Act applies:”.
35 Increased exports of goods
Section 156(1) of the principal Act is hereby further amended by omitting from paragraph (a) of the definition of the expression “minerals”
the word “oil”
, and substituting the words “petroleum and petroleum products (whether or not finished or refined)”
.
36 Amounts paid on shares in mining holding companies to be used for mining specified minerals
(1)
Section 159(1)of the principal Act is hereby amended by omitting from paragraph (b) of the definition of the expression “specified amount”
the words “or petroleum”
.
(2)
Section 159 of the principal Act is hereby further amended by adding the following subsection:
“(5)
Where, but for the Income Tax Amendment Act 1979, a payment made on or before the 31st day of March 1979 by a taxpayer in respect of the whole or part of the amount unpaid on shares owned by him in a company would have been a payment of the kind referred to in subsection (2) of this section and in relation to that payment there would have been a specified amount, the foregoing provisions of this section shall, notwithstanding anything in this Act, apply in respect of that payment as if the Income Tax Amendment Act 1979 had not been enacted.”
37 Amounts paid on shares in mining holding companies to be used for petroleum exploration
The principal Act is hereby further amended by inserting, after section 159, the following section—
“159a
For the purposes of this section—
“‘Share’ means a share in the ordinary capital of a company (not being a share entitled to a fixed rate of dividend whether with or without a further right to participate in profits); but does not include the whole or any part of an amount that, pursuant to section 196(3)(b) of this Act, is deemed to be share capital in the capital of a company:
“‘Specified amount’, in relation to any payment in respect of the whole or part of the amount unpaid on any shares owned by any taxpayer in a mining holding company, means so much of the amount of that payment as the Commissioner is satisfied is to be used for the purpose of—
“(a)
Subscribing for, or paying calls on, shares in a petroleum mining company; or
“(b)
Making loans to a petroleum mining company—
for the purpose of enabling the petroleum mining company to carry on in New Zealand exploring or searching for petroleum.
“(2)
Where a taxpayer (not being an absentee, or a company or a public authority or an unincorporated body or a trustee within the meaning of section 225 of this Act, or a trustee assessable and liable for income tax under section 227 or section 228 or section 229 or section 230 or section 231 of this Act) has made any payment in respect of the whole or part of the amount unpaid on any shares owned by the taxpayer in a mining holding company, a deduction shall be allowed, subject to this section, of an amount equal to one-third of the specified amount of that payment in calculating the assessable income derived by the taxpayer in the income year in which that payment is made.
“(3)
Notwithstanding subsection (2) of this section, where—
“(a)
A trustee is assessable and liable for income tax for any income year under, as the case may be, section 227, or section 227 and section 228, or section 227 and section 230, or section 227 and section 231 of this Act, on income derived by him in that income year as trustee of a trust; and
“(b)
Any income so derived by the trustee in that income year is also income derived by a beneficiary entitled in possession to the receipt thereof under the trust during the same income year (whether such entitlement arises by virtue of the provisions of the trust or by virtue of the exercise by the trustee of a discretion which he is required or is empowered to exercise), not being income to which the proviso to section 227(3) of this Act applies; and
“(c)
A payment of the kind referred to in subsection (2) of this section is made by that trustee in that income year,—
that payment shall be deemed for the purposes of the said subsection (2) to be a payment made in that income year by that beneficiary to the extent of an amount calculated in accordance with the following formula—
where—
x is the amount of the income of the kind referred to in paragraph (b) of this subsection derived by that beneficiary; and
y is the amount of the income derived by the trustee of that trust in that income year; and
z is the amount of the said payment made by that trustee.
“(4)
Where, in any case, a deduction has been allowed under subsection (2) of this section in respect of the specified amount of any payment made to a mining holding company, and, in the opinion of the Commissioner,—
“(a)
The mining holding company has not within such time after the date of the payment as the Commissioner considers reasonable used the specified amount for any of the purposes specified in paragraph (a) or paragraph (b) of the definition of the term ‘specified amount’ in subsection (1) of this section; or
“(b)
Any petroleum mining company, having received the specified amount from the mining holding company, has not within such time thereafter as the Commissioner considers reasonable used that specified amount for the purposes of that petroleum mining company,—
the Commissioner may disallow the deduction and, notwithstanding section 25 of this Act, may at any time alter any assessment accordingly.
“(5)
This section shall not apply to any payment in respect of which a deduction has been allowed under section 159 of this Act.”
38 Amounts paid on shares in mining companies
(1)
Section 160(4)(a) of the principal Act is hereby amended by inserting, after the words “section 159”
, the words “or section 159a”
.
(2)
Section 160 of the principal Act is hereby further amended by adding the following subsection:
“(5)
Where, but for the Income Tax Amendment Act 1979, a payment made on or before the 31st day of March by a taxpayer in respect of the whole or part of the amount unpaid on shares owned by him in a company would have been a payment to which subsection (2) of this section applied, subsections (2) and (3) of this section shall, notwithstanding anything in this Act, apply in respect of that payment as if the Income Tax Amendment Act 1979 had not been enacted.”
39 Amounts paid on shares in petroleum mining companies
The principal Act is hereby further amended by inserting, after section 160, the following section:
“160a
“(1)
For the purposes of this section the expression ‘share’ means a share in the ordinary share capital of a company (not being a share entitled to a fixed rate of dividend, whether with or without a further right to participate in profits); but does not include the whole or part of any amount that, pursuant to section 196(3)(b) of this Act, is deemed to be share capital in the capital of the company.
“(2)
Where a taxpayer (not being an absentee, or a company or a public authority or a Maori authority or an unincorporated body or a trustee within the meaning of section 225 of this Act, or a trustee assessable and liable for income tax under section 227 or section 228 or section 229 or section 230 or section 231 of this Act) has made any payment in respect of the whole or part of the amount unpaid on any shares owned by the taxpayer in a company which, at the time of the payment, is a petroleum mining company, and the Commissioner is satisfied that the payment will be used for and is necessary for the purposes of exploring or searching for petroleum in New Zealand by that company, a deduction shall be allowed, subject to this section, of one-third of the amount of that payment in calculating the assessable income derived by the taxpayer in the income year in which the payment is made.
“(3)
Notwithstanding subsection (2) of this section, where—
“(a)
A trustee is assessable and liable for income tax for any income year under, as the case may be, section 227, or section 227 and section 228, or section 227 and section 230, or section 227 and section 231 of this Act, on income derived by him in that income year as trustee of a trust; and
“(b)
Any income so derived by the trustee in that income year is also income derived by a beneficiary entitled in possession to the receipt thereof under the trust during the same income year (whether such entitlement arises by virtue of the provisions of the trust or by virtue of the exercise by the trustee of a discretion which he is required or is empowered to exercise), not being income to which the proviso to section 227(3) of this Act applies; and
“(c)
A payment of the kind referred to in subsection (2) of this section is made by that trustee in that income year,—
that payment shall be deemed for the purposes of the said subsection (2) to be a payment made in that income year by that beneficiary to the extent of an amount calculated in accordance with the following formula—
where—
x is the amount of the income of the kind referred to in paragraph (b) of this subsection derived by that beneficiary; and
y is the amount of the income derived by the trustee of that trust in that income year; and
z is the amount of the said payment made by that trustee.
“(4)
Where, in any case, a deduction has been allowed under subsection (2) of this section in respect of the amount of any payment made on any shares in any petroleum mining company, and that company has not within such time after the date of the payment as the Commissioner considers reasonable used that payment for the purposes specified in that subsection, the Commissioner may disallow the deduction and, notwithstanding section 25 of this Act, may at any time alter any assessment accordingly.
“(5)
This section shall not apply to any payment in respect of which a deduction has been allowed under section 160 of this Act.”
40 Deductions in respect of amounts paid on mining shares and petroleum mining shares to be taken into account when calculating profit or loss on sale
Section 161 of the principal Act is hereby amended—
(a)
By inserting, after the words “or in any mining company”
, the words “or in any petroleum mining company”
:
(b)
By omitting the words “section 159 or section 160”
, and substituting the words “any of sections 159, 159a, 160, and 160a”
.
41 Losses incurred may be set off against future profits
(1)
Section 188(7) of the principal Act is hereby amended by omitting the words “subject to subsection (9)”
, and substituting the words “subject to subsections (9) and (9a)”
.
(2)
Section 188 of the principal Act is hereby further amended by inserting, after subsection (9), the following subsection:
“(9a)
Subject to the proviso to subsection (5) of section 214b of this Act, and subject to subsection (7) of that section, where the Commissioner is satisfied that the whole or part of a loss incurred by a petroleum mining company in any income year (that income year being referred to in this subsection as the year of loss) arises from the allowance of—
“(a)
A deduction of the amount of any exploration expenditure incurred by that company in exploring or searching for petroleum in an area which is or is subsequently comprised in a mining licence or, as the case may be, in 2 or more such areas (any such area being referred to in this subsection as a licence area); or
“(b)
A deduction of an amount in respect of the amount of any development expenditure incurred by that company—
“(i)
In respect of its petroleum mining operations carried on in that licence area, or, as the case may be, in each of those licence areas; or
“(ii)
In relation to its associated petroleum mining operations carried on in association with those petroleum mining operations,— the following provisions shall apply:
“(c)
The Commissioner shall determine the amount of that loss which, in his opinion, so arises from the allowance of that deduction, in relation to that licence area or, as the case may be, to each of those licence areas (the amount so determined in respect of any such licence area being referred to in this subsection as the specified sum in relation to that licence area):
“(d)
Where, in relation to that specified sum in relation to a licence area, at the beginning of any income year, being an income year after the year of loss and being the first such income year in respect of which this subsection applies with respect to that specified sum, (that income year being referred to in this paragraph as the year of claim), there remains a balance of that specified sum after taking into account—
“(i)
Such amounts of that specified sum as the Commissioner determines to have been deducted from or set off against the assessable income derived by that company in any income year or years before the year of claim under this Act or to have been allowed as a deduction in calculating the assessable income derived by any other company in any such income year or years; and
“(ii)
Where that company was, immediately before the commencement of section 214b of this Act, a company to which section 216 of this Act applied, after taking into account any amounts by which, in the determination of the Commissioner, that specified sum has been reduced in accordance with section 216(16)(a) or the first proviso to section 216(16)(b) of this Act (as those provisions applied immediately before the commencement of section 214b of this Act); and
“(iii)
By reason only of subsection (7) or subsection (8)(c) of this section, that balance would, but for this paragraph, be precluded from being, in whole or in part, deducted from or set off against any assessable income derived by that company in the year of claim,—
the said subsection (7) or the said subsection (8)(c) shall not preclude that balance from being deducted from or set off against the assessable income from petroleum mining derived by that company from that licence area in the year of claim, so far as that income extends, and, so far as that balance cannot then be deducted or set off, from being deducted from or set off against the assessable income from petroleum mining derived by that company from that licence area in the year next following the year of claim, and so on:
“(e)
Where any apportionment is required for the purposes of this subsection and any question arises as to the basis or the manner of such apportionment, it shall be determined by the Commissioner:
“(f)
For the purposes of this subsection—
“(i)
The expression ‘assessable income from petroleum mining’ has the meaning assigned to that expression by section 214a of this Act:
“(ii)
The expressions ‘development expenditure’ and ‘exploration expenditure’ have, as the context requires, the meanings assigned to those expressions by section 214a of this Act or section 215 of this Act (as in force immediately before the commencement of section 214a of this Act) or section 153e of the Land and Income Tax Act 1954:
“(iii)
The reference in this subsection to exploration expenditure in exploring or searching for petroleum in an area which is or is subsequently comprised in a mining licence shall be taken as including a reference to expenditure in exploring or searching for petroleum in any area which is outside but continuous, or geologically contiguous, with that first-mentioned area, being exploring or searching that was included (whether originally or additionally) in the programme of exploring or searching as a consequence of which application was made for that mining licence:
“(iv)
The expression ‘mining licence’ means a mining licence issued pursuant to the Petroleum Act 1937.”
42 Interpretation
(1)
Section 215(1) of the principal Act is hereby amended by repealing the definition of the expression “associated mining operations”
, and substituting the following definition:
“‘Associated mining operations’ means any operations which are carried on in New Zealand in association with mining operations and which consist of the accumulation, initial treatment, and transport of specified minerals up to the stage where, in the opinion of the Commissioner, those minerals—
“(a)
Are in a saleable form and location suitable for acquisition by a purchaser; or
“(b)
Are ready to be processed beyond the initial treatment or to be used in a manufacturing operation:”.
(2)
Section 215(1) of the principal Act is hereby further amended—
(a)
By repealing subparagraphs (ii) and (iii) of paragraph (d) and also paragraph (h) of the definition of the expression “development expenditure”
:
(b)
By omitting from the definition of the expression “exploration expenditure”
, in both places where they occur, the words “or petroleum”
:
(c)
By omitting from paragraph (b) of the definition of the expression “mining operations”
the words “or petroleum”
:
(d)
By omitting from the definition of the expression “mining or prospecting information”
the words “or of petroleum”
:
(e)
By omitting from the definition of the expression “mining or prospecting right”
the words “or petroleum”
.
43 Companies engaged in exploring, or searching for, or mining certain minerals
Section 216(2) of the principal Act is hereby amended—
(a)
By omitting from paragraph (a) the words “or petroleum or any combination of 2 or more specified minerals or any one or more specified minerals and petroleum”
:
(b)
By omitting from paragraph (b) the words “or petroleum or any combination of 2 or more specified minerals or of any one or more specified minerals and petroleum”
:
(c)
By omitting from subparagraphs (i) and (ii) of paragraph (b) in each case the words “or, as the case may be, of that petroleum or of that combination”
.
44 Profit or gain from sale of mining shares by companies
Section 218 of the principal Act is hereby amended by inserting, after subsection (1), the following subsection:
“(1a)
This section shall, with any necessary modifications, apply also to petroleum mining companies as if—
“(a)
Every reference to a mining company were a reference to a petroleum mining company; and
“(b)
Every reference to mining operations were a reference to petroleum exploration operations or, as the case may be, petroleum mining operations; and
“(c)
Every reference to associated mining operations were a reference to associated petroleum mining operations; and
“(d)
Every reference to a mining share included a reference to a share in a petroleum mining company.”
45 Companies holding shares in mining companies
(1)
Section 219 of the principal Act is hereby amended by adding the following subsection:
“(11)
Where and to the extent that any loan made on or after the 1st day of October 1978 by a holding company to a mining company was, in the opinion of the Commissioner, having regard to other loans made previously by the holding company and such other circumstances as he considers relevant, excessive and made to obtain an unfair advantage for tax purposes, this section shall not apply to that loan.”
(2)
Section 219 of the principal Act is hereby further amended by adding the following subsection:
“(12)
Where, but for the provisions, other than section 45(1), of the Income Tax Amendment Act 1979, any amount loaned on or before the 31st day of March 1979 by a company to another company would have been a loan to which, or in relation to which, or subsequent to the writing off or the deduction or the repayment or the deemed repayment of which, the foregoing provisions of this section would, so far as they were applicable, have applied, those provisions shall, notwithstanding anything in this Act, and so far as they are applicable, apply to, or in relation to, or subsequent to the writing off or the deduction or the repayment or the deemed repayment of, that amount loaned as if the Income Tax Amendment Act 1979 (except section 45 of that Act) had not been enacted.”
46 Resident mining operators
Section 220(2) of the principal Act is hereby amended by repealing the definition of the expression “resident mining operator”
, and substituting the following definition:
“‘Resident mining operator’, means a person (not being a mining company or a petroleum mining company) who is resident in New Zealand and in respect of whom the Commissioner is satisfied that he carries on, or proposes to carry on, in New Zealand, as a business, the activities of exploring or searching for or mining any specified mineral or performing development work relating to such exploring or searching or mining, not being activities so carried on or, as the case may be, so proposed to be carried on by him as a service to any other person for reward unless the Commissioner is satisfied that that reward is solely or principally—
“(a)
Related to and dependent upon the production of that specified mineral; or
“(b)
By way of participation in profits from the production of that specified mineral.”
47 Income derived by non-resident mining operators from mining ventures
Section 221(2) of the principal Act is hereby amended by repealing the definition of the expression “prescribed activities”
, and substituting the following definition:
“‘Prescribed activities’ means the activities of exploring or searching for or mining any specified mineral or performing development work relating to such exploring or searching or mining, not being activities carried on by a person as a service to another person for reward unless the Commissioner is satisfied that that reward is solely or principally—
“(a)
Related to and dependent upon the production of that specified mineral; or
“(b)
By way of participation in profits from the production of that specified mineral.”
Part IV General Provisions
48 Application
Except where this Part of this Act otherwise provides, this Part of this Act shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1979 and in every subsequent year.
49 Meaning of term “dividends”
Section 4 of the principal Act is hereby amended by adding, after subsection (6), the following subsection:
“(7)
Where a taxpayer is entitled, under an agreement (as defined in section 292(1) of this Act) to a tax credit (not being a tax credit to which subsection (6) of this section applies) in a country or territory outside New Zealand in respect of a dividend paid by a company resident in that country or territory, the amount of that dividend shall, for the purposes of this Act, be deemed to be increased by the amount of that tax credit.”
50 Interpretation
Section 60(1) of the principal Act is hereby amended by inserting, after the definition of the expression “international organisation”
, the following definition:
“‘Proprietor, member, or shareholder’ includes any other person where that proprietor, member, or shareholder, as the case may be, and that other person are associated persons:”.
51 Exemption from tax of income of Administrator
Section 61 of the principal Act is hereby amended by inserting, after paragraph (1), the following paragraph:
“(1a)
The salary paid to any person, pursuant to section 5 of the Civil List Act 1950, who is sworn to administer the Government during the absence or incapacity of the Governor-General or during a vacancy in that office:”.
52 Exempt income of certain societies, associations, and organisations
Section 61(34) of the principal Act is hereby amended by omitting from the proviso the expression “$500”
, and substituting the expression “$1,000”
.
53 Items included in assessable income
Section 65(1)(a)(iv) of the principal Act is hereby amended by omitting the word “registered”
.
54 Depreciation allowance where depreciated asset acquired by taxpayer
Section 111 of the principal Act is hereby amended by repealing subsection (1), and substituting the following subsection:
“(1)
Where, whether before or after the commencement of this Act, a taxpayer has acquired any property from any person entitled to a deduction in respect of the depreciation of the property, irrespective of whether or not any deduction has in fact been allowed to that person, the Commissioner shall not allow to the taxpayer acquiring the property any greater deduction in respect of the depreciation of the property than that which would have been allowed to the person from whom the property was acquired if that person had retained it:
“Provided that, where any amount so allowed as a deduction to the person from whom the property was acquired has been dealt with under section 117 of this Act, the Commissioner may allow to the taxpayer acquiring the property a deduction in respect of the depreciation of the property based on the aggregate of the total of all amounts so dealt with and the amount of the depreciated value of the property immediately before it was acquired by the taxpayer.”
55 First year depreciation allowance on plant and machinery and on certain buildings
(1)
Section 112 of the principal Act is hereby amended by adding to subsection (2) the following proviso:
“Provided that no such deduction shall be allowed in respect of expenditure of the classes referred to in paragraphs (g) and (h) of this subsection unless that expenditure was incurred on or before the 30th day of September 1981.”
(2)
The Fifth Schedule to the principal Act is hereby amended—
(a)
By omitting from column (3) the expression “22”
in relation to expenditure of the kinds referred to in section 112(2)(e) of the principal Act, and substituting the expression “20”
:
(b)
By omitting from column (3) the expression “40”
in relation to expenditure of the kinds referred to in section 112(2)(f) of the principal Act, and substituting the expression “20”
.
(3)
Subsection (2) of this section shall apply to any building (being a building to which paragraph (e) or paragraph (f) of section 112(2) of the principal Act applies) that was acquired or erected on or after the 22nd day of June 1979.
(4)
Notwithstanding anything in subsection (2) or subsection (3) of this section, in any case where—
(a)
A taxpayer has before the 22nd day of June 1979 entered into a binding contract in relation to the acquisition or erection of any building (being a building to which paragraph (e) or paragraph (f) of section 112(2) of the principal Act applies); and
(b)
That building was first used in the production of assessable income on or after the 22nd day of June 1979; and
(c)
The period commencing on the 22nd day of June 1979 and ending with the date on which that building was so first used did not exceed such period as, in the opinion of the Commissioner, is reasonable in the circumstances of the particular case,—
the taxpayer shall be entitled to the deduction by way of depreciation to which he would have been entitled if subsections (2) and (3) of this section had not been enacted.
56 Investment allowance on plant and machinery for use for farming or agricultural purposes
(1)
Section 122 of the principal Act is hereby amended by omitting from subsections (3) and (4) the expression “40 percent”
, and substituting in each case the expression “20 percent”
.
(2)
This section shall apply to plant or machinery (being plant or machinery to which section 122 of the principal Act applies) that was acquired, installed, extended or leased on or after the 22nd day of June 1979.
(3)
Notwithstanding anything in subsection (1) or subsection (2) of this section, in any case where—
(a)
A taxpayer has, before the 22nd day of June 1979, entered into a binding contract in relation to the acquisition, installation, extension, or lease of any plant or machinery (being plant or machinery to which section 122 of the principal Act applies); and
(b)
That plant or machinery was first used in the production of assessable income on or after the 22nd day of June 1979; and
(c)
The period commencing on the 22nd day of June 1979 and ending with the date on which that plant or machinery was so first used did not exceed such period as, in the opinion of the Commissioner, is reasonable in the circumstances of the particular case,—
the taxpayer shall be entitled to the deduction by way of investment allowance to which he would have been entitled if subsections (1) and (2) of this section had not been enacted.
57 Certain expenditure relating to energy conservation
Section 125 of the principal Act (as substituted by section 21 of the Income Tax Amendment Act (No. 2) 1977) is hereby amended by adding to the definition of the expression “qualifying expenditure”
in subsection (1) (as substituted by section 28 of the Income Tax Amendment Act 1978), after paragraph (d), the following paragraph:
“(e)
Any expenditure of a capital nature incurred on or after the 22nd day of June 1979, in the carrying on of any business in New Zealand, in effecting, for use for the purposes of energy conservation in that business, the conversion of road vehicles from burning and being powered by motor spirits, to burning and being powered by compressed natural gas.”
58 Amounts invested in Special Development Bonds
The principal Act is hereby further amended by repealing section 162.
59 Government and local authority grants to businesses
Section 169(1)(a) of the principal Act is hereby amended by inserting, after the words “Executive Government of New Zealand”
, the words “or any local authority”
.
60 Specified suspensory loans
(1)
Section 172 of the principal Act is hereby amended by repealing subsection (1), (as substituted by section 27(1) of the Income Tax Amendment Act (No. 2) 1977 and amended by section 31 of the Income Tax Amendment Act 1978), and substituting the following subsection:
“(1)
For the purposes of this section, the expression ‘specified suspensory loan’ means—
“(a)
Any loan made by the Development Finance Corporation of New Zealand as—
“(i)
An applied technology investment finance loan under an applied technology programme; or
“(ii)
An export suspensory loan,—
and designated as such by that Corporation:
“(b)
Any loan made by the Rural Banking and Finance Corporation of New Zealand as—
“(i)
A rural export suspensory loan; or
“(ii)
A fishing vessel construction suspensory loan; or
“(iii)
A land development encouragement loan; or
“(iv)
A sharemilkers suspensory loan,—
and designated as such by that Corporation.”
(2)
Section 27(1) of the Income Tax Amendment Act (No. 2) 1977 and section 31 of the Income Tax Amendment Act 1978 are hereby repealed.
61 Grant-related suspensory loans
Section 173(1)(b) of the principal Act (as substituted by section 32 of the Income Tax Amendment Act 1978) is hereby amended by repealing subparagraph (iii), and substituting the following subparagraphs:
“(iii)
A West Coast drainage suspensory loan; or
“(iv)
A fishing vessel refrigeration suspensory loan,—”.
62 Adverse Event Bonds
The principal Act is hereby further amended by repealing section 187.
63 Losses incurred may be set off against future profits
Section 188(6) of the principal Act is hereby amended by adding the following paragraph:
“(c)
A debt shall be deemed to have been cancelled to the extent to which it has become irrecoverable or unenforceable by action through the lapse of time.”
64 Primary producer co-operative companies
(1)
Section 200(1) of the principal Act is hereby amended by inserting in paragraph (e) of the definition of the expression “qualifying activities”
, after the word “topdressing”
, the words “or aerial spraying”
.
(2)
Section 200(1) of the principal Act is hereby further amended by inserting, after paragraph (e) of the definition of the expression “qualifying activities”
(as amended by subsection (1) of this section), the following paragraph:
“(ea)
The aerial transport of animals, goods, produce, or supplies for use by its shareholders in any farming or agricultural business carried on by those shareholders; or”.
65 Resident insurance underwriters
The principal Act is hereby further amended by inserting, after section 210, the following section:
“210a
“(1)
For the purposes of this section—
“‘Contract of insurance’ includes a policy of insurance, an insurance cover, and a renewal of a contract of insurance:
“‘Insurance’ means insurance or guarantee against loss, damage, or risk of any kind whatever except life insurance; and includes reinsurance to which section 210 of this Act applies:
“‘Underwriter’ means a person resident in New Zealand who is named in a contract of insurance as liable, or who otherwise incurs liability under a contract of insurance, to pay or contribute towards payment in whole or in part of any amount that may become claimable by the person insured under the contract, but does not include a company or a mutual insurance association incorporated under the Mutual Insurance Act 1955.
“(2)
Notwithstanding anything in this Act, with respect to the income of an underwriter carrying on the business of insurance, the assessable income of the underwriter shall not include income derived from insurance business carried on out of New Zealand to the extent that the income so derived consists of income other than income of the kinds referred to in any of paragraphs (e), (f), (g), (h), (k), (l), and (m) of section 243(2) of this Act.”
66 Associations engaged in acquiring, holding, or dealing in real property
(1)
Section 212(3)(b) of the principal Act is hereby amended by omitting from the proviso the words “paragraph (e) of that subsection”
, and substituting the words “subsection (7) of this section”
.
(2)
This section shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1978 and in every subsequent year.
67 Interpretation
(1)
Section 215(1) of the principal Act is hereby amended by inserting in the definition of the expression “specified minerals”
, after the word “bentonite”
, the words “(other than bentonite mined in the county of Malvern)”
.
(2)
This section shall apply with respect to the tax on income derived in the income year that commenced on the 1st day of April 1978 and in every subsequent year.
68 Classes of income deemed to be derived from New Zealand
(1)
Section 243 of the principal Act is hereby amended by repealing subsection (1), and substituting the following subsection:
“(1)
For the purposes of this section—
“‘Money lent’ includes—
“(a)
Money advanced, deposited, or otherwise let out, whether on current account or otherwise:
“(b)
Any credit given (including the forbearance of any debt), whether on current account or otherwise:
“‘Paid’ includes distributed, credited, or dealt with in the interest of or on behalf of a person; and ‘payment’ has a corresponding meaning:
“‘Specified activities’ means activities which are carried on beyond the territorial sea of New Zealand, not being activities in connection with the exploration of the continental shelf of New Zealand or the exploitation of its natural resources.”
(2)
Section 243(2) of the principal Act is hereby amended by inserting, after paragraph (p), the following paragraph:
“(pa)
Payments of any kind to the extent to which they are paid as consideration for the use of, or the right to use, whether in New Zealand or elsewhere, any personal property, being payments—
“(i)
That are paid by a person who is resident in New Zealand; or
“(ii)
That are paid by a person who is not resident in New Zealand and are deductible by him in calculating his assessable income for the purposes of tax in New Zealand:
“Provided that this paragraph shall not apply to income which is deemed to be derived from New Zealand by virtue of paragraph (p) of this subsection.
“Provided also that this paragraph shall not apply to any payments to the extent to which the Commissioner is satisfied that those payments relate to a period during which that personal property is being used wholly or principally for specified activities.”
69 Terminating dates of taxation incentives
(1)
The principal Act is hereby amended by repealing the Third Schedule (as substituted by section 43 of the Income Tax Amendment Act 1978), and substituting the new Third Schedule set out in the Fifth Schedule to this Act.
(2)
The Income Tax Amendment Act 1978 is hereby amended by repealing section 43 and the Fourth Schedule thereto.
SCHEDULES
FIRST SCHEDULE New Part B of First Schedule to Principal Act
Section 14
“PART B Rates Referred to in Paragraph (b) of Clause 9 or Clause 10 of Part A
| The rate of tax for every $1 shall be— | On so much of the income as— |
| Cents | |
| Does not exceed $4,500 | 14.5 |
| Exceeds $4,500 but does not exceed $10,000 | 36.5 |
| Exceeds $10,000 but does not exceed $11,000 | 41.5 |
| Exceeds $11,000 but does not exceed $16,000 | 48.0 |
| Exceeds $16,000 but does not exceed $22,000 | 55.0 |
| Over $22,000 | 60.0” |
SECOND SCHEDULE New Part B of First Schedule to Principal Act
Section 15
“PART B Rates Referred to in Paragraph (b) of Clause 9 or Clause 10 of Part A
| The rate of tax for every $1 shall be— | On so much of the income as— |
| Cents | |
| Does not exceed $4,500 | 14.5 |
| Exceeds $4,500 but does not exceed $11,000 | 35.0 |
| Exceeds $11,000 but does not exceed $16,000 | 48.0 |
| Exceeds $16,000 but does not exceed $22,000 | 55.0 |
| Over $22,000 | 60.0” |
THIRD SCHEDULE NEW APPENDIX A TO SECOND SCHEDULE TO PRINCIPAL ACT
Section 16
“APPENDIX A Tax Deductions From Payments For Weekly Pay Periods
| *EARNINGS | TAX TO BE DEDUCTED AT CODE | *EARNINGS | TAX TO BE DEDUCTED AT CODE | *EARNINGS | TAX TO BE DEDUCTED AT CODE | |||||||||
| S | S+F | M | M + F | S | S + F | M | M+F | S | S+F | M | M+F | |||
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| .50 | .06 | .00 | .00 | .00 | 25.50 | 3.62 | .00 | .62 | .00 | 50.50 | 7.17 | .00 | 4.17 | .00 |
| 1.00 | .13 | .00 | .00 | .00 | 26.00 | 3.69 | .00 | .69 | .00 | 51.00 | 7.25 | .00 | 4.25 | .00 |
| 1.50 | .21 | .00 | .00 | .00 | 26.50 | 3.76 | .00 | .76 | .00 | 51.50 | 7.32 | .00 | 4.32 | .00 |
| 2.00 | .28 | .00 | .00 | .00 | 27.00 | 3.83 | .00 | .83 | .00 | 52.00 | 7.39 | .00 | 4.39 | .00 |
| 2.50 | .35 | .00 | .00 | .00 | 27.50 | 3.90 | .00 | .90 | .00 | 52.50 | 7.46 | .00 | 4.46 | .00 |
| 3.00 | .42 | .00 | .00 | .00 | 28.00 | 3.97 | .00 | .97 | .00 | 53.00 | 7.54 | .00 | 4.54 | .00 |
| 3.50 | .49 | .00 | .00 | .00 | 28.50 | 4.04 | .00 | 1.04 | .00 | 53.50 | 7.61 | .00 | 4.61 | .00 |
| 4.00 | .56 | .00 | .00 | .00 | 29.00 | 4.11 | .00 | 1.11 | .00 | 54.00 | 7.68 | .00 | 4.68 | .00 |
| 4.50 | .63 | .00 | .00 | .00 | 29.50 | 4.19 | .00 | 1.19 | .00 | 54.50 | 7.75 | .00 | 4.75 | .00 |
| 5.00 | .70 | .00 | .00 | .00 | 30.00 | 4.26 | .00 | 1.26 | .00 | 55.00 | 7.83 | .00 | 4.83 | .00 |
| 5.50 | .78 | .00 | .00 | .00 | 30.50 | 4.33 | .00 | 1.33 | .00 | 55.50 | 7.90 | .00 | 4.90 | .00 |
| 6.00 | .85 | .00 | .00 | .00 | 31.00 | 4.40 | .00 | 1.40 | .00 | 56.00 | 7.97 | .00 | 4.97 | .00 |
| 6.50 | .92 | .00 | .00 | .00 | 31.50 | 4.47 | .00 | 1.47 | .00 | 56.50 | 8.04 | .00 | 5.04 | .00 |
| 7.00 | .99 | .00 | .00 | .00 | 32.00 | 4.54 | .00 | 1.54 | .00 | 57.00 | 8.12 | .00 | 5.12 | .00 |
| 7.50 | 1.06 | .00 | .00 | .00 | 32.50 | 4.61 | .00 | 1.61 | .00 | 57.50 | 8.19 | .00 | 5.19 | .00 |
| 8.00 | 1.13 | .00 | .00 | .00 | 33.00 | 4.68 | .00 | 1.68 | .00 | 58.00 | 8.26 | .00 | 5.26 | .00 |
| 8.50 | 1.20 | .00 | .00 | .00 | 33.50 | 4.75 | .00 | 1.75 | .00 | 58.50 | 8.33 | .00 | 5.33 | .00 |
| 9.00 | 1.27 | .00 | .00 | .00 | 34.00 | 4.82 | .00 | 1.82 | .00 | 59.00 | 8.41 | .00 | 5.41 | .00 |
| 9.50 | 1.34 | .00 | .00 | .00 | 34.50 | 4.90 | .00 | 1.90 | .00 | 59.50 | 8.48 | .00 | 5.48 | .00 |
| 10.00 | 1.41 | .00 | .00 | .00 | 35.00 | 4.97 | .00 | 1.97 | .00 | 60.00 | 8.55 | .00 | 5.55 | .00 |
| 10.50 | 1.49 | .00 | .00 | .00 | 35.50 | 5.04 | .00 | 2.04 | .00 | 60.50 | 8.62 | .00 | 5.62 | .00 |
| 11.00 | 1.56 | .00 | .00 | .00 | 36.00 | 5.11 | .00 | 2.11 | .00 | 61.00 | 8.70 | .00 | 5.70 | .00 |
| 11.50 | 1.63 | .00 | .00 | .00 | 36.50 | 5.18 | .00 | 2.18 | .00 | 61.50 | 8.77 | .00 | 5.77 | .00 |
| 12.00 | 1.70 | .00 | .00 | .00 | 37.00 | 5.25 | .00 | 2.25 | .00 | 62.00 | 8.84 | .00 | 5.84 | .00 |
| 12.50 | 1.77 | .00 | .00 | .00 | 37.50 | 5.32 | .00 | 2.32 | .00 | 62.50 | 8.91 | .00 | 5.91 | .00 |
| 13.00 | 1.84 | .00 | .00 | .00 | 38.00 | 5.39 | .00 | 2.39 | .00 | 63.00 | 8.99 | .00 | 5.99 | .00 |
| 13.50 | 1.91 | .00 | .00 | .00 | 38.50 | 5.46 | .00 | 2.46 | .00 | 63.50 | 9.06 | .06 | 6.06 | .00 |
| 14.00 | 1.98 | .00 | .00 | .00 | 39.00 | 5.54 | .00 | 2.54 | .00 | 64.00 | 9.13 | .13 | 6.13 | .00 |
| 14.50 | 2.05 | .00 | .00 | .00 | 39.50 | 5.61 | .00 | 2.61 | .00 | 64.50 | 9.20 | .20 | 6.20 | .00 |
| 15.00 | 2.13 | .00 | .00 | .00 | 40.00 | 5.68 | .00 | 2.68 | .00 | 65.00 | 9.28 | .28 | 6.28 | .00 |
| 15.50 | 2.20 | .00 | .00 | .00 | 40.50 | 5.75 | .00 | 2.75 | .00 | 65.50 | 9.35 | .35 | 6.35 | .00 |
| 16.00 | 2.27 | .00 | .00 | .00 | 41.00 | 5.82 | .00 | 2.82 | .00 | 66.00 | 9.42 | .42 | 6.42 | .00 |
| 16.50 | 2.34 | .00 | .00 | .00 | 41.50 | 5.89 | .00 | 2.89 | .00 | 66.50 | 9.49 | .49 | 6.49 | .00 |
| 17.00 | 2.41 | .00 | .00 | .00 | 42.00 | 5.96 | .00 | 2.96 | .00 | 67.00 | 9.57 | .57 | 6.57 | .00 |
| 17.50 | 2.48 | .00 | .00 | .00 | 42.50 | 6.03 | .00 | 3.03 | .00 | 67.50 | 9.64 | .64 | 6.64 | .00 |
| 18.00 | 2.55 | .00 | .00 | .00 | 43.00 | 6.10 | .00 | 3.10 | .00 | 68.00 | 9.71 | .71 | 6.71 | .00 |
| 18.50 | 2.62 | .00 | .00 | .00 | 43.50 | 6.17 | .00 | 3.17 | .00 | 68.50 | 9.78 | .78 | 6.78 | .00 |
| 19.00 | 2.69 | .00 | .00 | .00 | 44.00 | 6.25 | .00 | 3.25 | .00 | 69.00 | 9.86 | .86 | 6.86 | .00 |
| 19.50 | 2.76 | .00 | .00 | .00 | 44.50 | 6.32 | .00 | 3.32 | .00 | 69.50 | 9.93 | .93 | 6.93 | .00 |
| 20.00 | 2.84 | .00 | .00 | .00 | 45.00 | 6.39 | .00 | 3.39 | .00 | 70.00 | 10.00 | 1.00 | 7.00 | .00 |
| 20.50 | 2.91 | .00 | .00 | .00 | 45.50 | 6.46 | .00 | 3.46 | .00 | 70.50 | 10.07 | 1.07 | 7.07 | .00 |
| 21.00 | 2.98 | .00 | .00 | .00 | 46.00 | 6.53 | .00 | 3.53 | .00 | 71.00 | 10.15 | 1.15 | 7.15 | .00 |
| 21.50 | 3.05 | .00 | .05 | .00 | 46.50 | 6.60 | .00 | 3.60 | .00 | 71.50 | 10.22 | 1.22 | 7.22 | .00 |
| 22.00 | 3.12 | .00 | .12 | .00 | 47.00 | 6.67 | .00 | 3.67 | .00 | 72.00 | 10.29 | 1.29 | 7.29 | .00 |
| 22.50 | 3.19 | .00 | .19 | .00 | 47.50 | 6.74 | .00 | 3.74 | .00 | 72.50 | 10.36 | 1.36 | 7.36 | .00 |
| 23.00 | 3.26 | .00 | .26 | .00 | 48.00 | 6.82 | .00 | 3.82 | .00 | 73.00 | 10.44 | 1.44 | 7.44 | .00 |
| 23.50 | 3.33 | .00 | .33 | .00 | 48.50 | 6.89 | .00 | 3.89 | .00 | 73.50 | 10.51 | 1.51 | 7.51 | .00 |
| 24.00 | 3.41 | .00 | .41 | .00 | 49.00 | 6.96 | .00 | 3.96 | .00 | 74.00 | 10.58 | 1.58 | 7.58 | .00 |
| 24.50 | 3.48 | .00 | .48 | .00 | 49.50 | 7.03 | .00 | 4.03 | .00 | 74.50 | 10.65 | 1.65 | 7.65 | .00 |
| 25.00 | 3.55 | .00 | .55 | .00 | 50.00 | 7.10 | .00 | 4.10 | .00 | 75.00 | 10.73 | 1.73 | 7.73 | .00 |
| 75.50 | 10.80 | 1.80 | 7.80 | .00 | 100.50 | 17.08 | 8.08 | 14.08 | 5.08 | 131.00 | 27.75 | 18.75 | 24.75 | 15.75 |
| 76.00 | 10.87 | 1.87 | 7.87 | .00 | 101.00 | 17.25 | 8.25 | 14.25 | 5.25 | 132.00 | 28.10 | 19.10 | 25.10 | 16.10 |
| 76.50 | 10.94 | 1.94 | 7.94 | .00 | 101.50 | 17.43 | 8.43 | 14.43 | 5.43 | 133.00 | 28.45 | 19.45 | 25.45 | 16.45 |
| 77.00 | 11.02 | 2.02 | 8.02 | .00 | 102.00 | 17.60 | 8.60 | 14.60 | 5.60 | 134.00 | 28.80 | 19.80 | 25.80 | 16.80 |
| 77.50 | 11.09 | 2.09 | 8.09 | .00 | 102.50 | 17.78 | 8.78 | 14.78 | 5.78 | 135.00 | 29.15 | 20.15 | 26.15 | 17.15 |
| 78.00 | 11.16 | 2.16 | 8.16 | .00 | 103.00 | 17.95 | 8.95 | 14.95 | 5.95 | 136.00 | 29.50 | 20.50 | 26.50 | 17.50 |
| 78.50 | 11.23 | 2.23 | 8.23 | .00 | 103.50 | 18.13 | 9.13 | 15.13 | 6.13 | 137.00 | 29.85 | 20.85 | 26.85 | 17.85 |
| 79.00 | 11.31 | 2.31 | 8.31 | .00 | 104.00 | 18.30 | 9.30 | 15.30 | 6.30 | 138.00 | 30.20 | 21.20 | 27.20 | 18.20 |
| 79.50 | 11.38 | 2.38 | 8.38 | .00 | 104.50 | 18.48 | 9.48 | 15.48 | 6.48 | 139.00 | 30.55 | 21.55 | 27.55 | 18.55 |
| 80.00 | 11.45 | 2.45 | 8.45 | .00 | 105.00 | 18.65 | 9.65 | 15.65 | 6.65 | 140.00 | 30.90 | 21.90 | 27.90 | 18.90 |
| 80.50 | 11.52 | 2.52 | 8.52 | .00 | 105.50 | 18.83 | 9.83 | 15.83 | 6.83 | 141.00 | 31.25 | 22.25 | 28.25 | 19.25 |
| 81.00 | 11.60 | 2.60 | 8.60 | .00 | 106.00 | 19.00 | 10.00 | 16.00 | 7.00 | 142.00 | 31.60 | 22.60 | 28.60 | 19.60 |
| 81.50 | 11.67 | 2.67 | 8.67 | .00 | 106.50 | 19.18 | 10.18 | 16.18 | 7.18 | 143.00 | 31.95 | 22.95 | 28.95 | 19.95 |
| 82.00 | 11.74 | 2.74 | 8.74 | .00 | 107.00 | 19.35 | 10.35 | 16.35 | 7.35 | 144.00 | 32.30 | 23.30 | 29.30 | 20.30 |
| 82.50 | 11.81 | 2.81 | 8.81 | .00 | 107.50 | 19.53 | 10.53 | 16.53 | 7.53 | 145.00 | 32.65 | 23.65 | 29.65 | 20.65 |
| 83.00 | 11.89 | 2.89 | 8.89 | .00 | 108.00 | 19.70 | 10.70 | 16.70 | 7.70 | 146.00 | 33.00 | 24.00 | 30.00 | 21.00 |
| 83.50 | 11.96 | 2.96 | 8.96 | .00 | 108.50 | 19.88 | 10.88 | 16.88 | 7.88 | 147.00 | 33.35 | 24.35 | 30.35 | 21.35 |
| 84.00 | 12.03 | 3.03 | 9.03 | .03 | 109.00 | 20.05 | 11.05 | 17.05 | 8.05 | 148.00 | 33.70 | 24.70 | 30.70 | 21.70 |
| 84.50 | 12.10 | 3.10 | 9.10 | .10 | 109.50 | 20.23 | 11.23 | 17.23 | 8.23 | 149.00 | 34.05 | 25.05 | 31.05 | 22.05 |
| 85.00 | 12.18 | 3.18 | 9.18 | .18 | 110.00 | 20.40 | 11.40 | 17.40 | 8.40 | 150.00 | 34.40 | 25.40 | 31.40 | 22.40 |
| 85.50 | 12.25 | 3.25 | 9.25 | .25 | 110.50 | 20.58 | 11.58 | 17.58 | 8.58 | 151.00 | 34.75 | 25.75 | 31.75 | 22.75 |
| 86.00 | 12.32 | 3.32 | 9.32 | .32 | 111.00 | 20.75 | 11.75 | 17.75 | 8.75 | 152.00 | 35.10 | 26.10 | 32.10 | 23.10 |
| 86.50 | 12.39 | 3.39 | 9.39 | .39 | 111.50 | 20.93 | 11.93 | 17.93 | 8.93 | 153.00 | 35.45 | 26.45 | 32.45 | 23.45 |
| 87.00 | 12.47 | 3.47 | 9.47 | .47 | 112.00 | 21.10 | 12.10 | 18.10 | 9.10 | 154.00 | 35.80 | 26.80 | 32.80 | 23.80 |
| 87.50 | 12.54 | 3.54 | 9.54 | .54 | 112.50 | 21.28 | 12.28 | 18.28 | 9.28 | 155.00 | 36.15 | 27.15 | 33.15 | 24.15 |
| 88.00 | 12.70 | 3.70 | 9.70 | .70 | 113.00 | 21.45 | 12.45 | 18.45 | 9.45 | 156.00 | 36.50 | 27.50 | 33.50 | 24.50 |
| 88.50 | 12.88 | 3.88 | 9.88 | .88 | 113.50 | 21.63 | 12.63 | 18.63 | 9.63 | 157.00 | 36.85 | 27.85 | 33.85 | 24.85 |
| 89.00 | 13.05 | 4.05 | 10.05 | 1.05 | 114.00 | 21.80 | 12.80 | 18.80 | 9.80 | 158.00 | 37.20 | 28.20 | 34.20 | 25.20 |
| 89.50 | 13.23 | 4.23 | 10.23 | 1.23 | 114.50 | 21.98 | 12.98 | 16.98 | 9.98 | 159.00 | 37.55 | 28.55 | 34.55 | 25.55 |
| 90.00 | 13.40 | 4.40 | 10.40 | 1.40 | 115.00 | 22.15 | 13.15 | 19.15 | 10.15 | 160.00 | 37.90 | 28.90 | 34.90 | 25.90 |
| 90.50 | 13.58 | 4.58 | 10.58 | 1.58 | 115.50 | 22.33 | 13.33 | 19.33 | 10.33 | 161.00 | 38.25 | 29.25 | 35.25 | 26.25 |
| 91.00 | 13.75 | 4.75 | 10.75 | 1.75 | 116.00 | 22.50 | 13.50 | 19.50 | 10.50 | 162.00 | 38.60 | 29.60 | 35.60 | 26.60 |
| 91.50 | 13.93 | 4.93 | 10.93 | 1.93 | 116.50 | 22.68 | 13.68 | 19.68 | 10.68 | 163.00 | 38.95 | 29.95 | 35.95 | 26.95 |
| 92.00 | 14.10 | 5.10 | 11.10 | 2.10 | 117.00 | 22.85 | 13.85 | 19.85 | 10.85 | 164.00 | 39.30 | 30.30 | 36.30 | 27.30 |
| 92.50 | 14.28 | 5.28 | 11.28 | 2.28 | 117.50 | 23.03 | 14.03 | 20.03 | 11.03 | 165.00 | 39.65 | 30.65 | 36.65 | 27.65 |
| 93.00 | 14.45 | 5.45 | 11.45 | 2.45 | 118.00 | 23.20 | 14.20 | 20.20 | 11.20 | 166.00 | 40.00 | 31.00 | 37.00 | 28.00 |
| 93.50 | 14.63 | 5.63 | 11.63 | 2.63 | 118.50 | 23.36 | 14.38 | 20.38 | 11.38 | 167.00 | 40.35 | 31.35 | 37.35 | 28.35 |
| 94.00 | 14.80 | 5.80 | 11.80 | 2.80 | 119.00 | 23.55 | 14.55 | 20.55 | 11.55 | 168.00 | 40.70 | 31.70 | 37.70 | 28.70 |
| 94.50 | 14.96 | 5.98 | 11.98 | 2.98 | 119.50 | 23.73 | 14.73 | 20.73 | 11.73 | 169.00 | 41.05 | 32.05 | 38.05 | 29.05 |
| 95.00 | 15.15 | 6.15 | 12.15 | 3.15 | 120.00 | 23.90 | 14.90 | 20.90 | 11.90 | 170.00 | 41.40 | 32.40 | 38.40 | 29.40 |
| 95.50 | 15.33 | 6.33 | 12.33 | 3.33 | 121.00 | 24.25 | 15.25 | 21.25 | 12.25 | 171.00 | 41.75 | 32.75 | 38.75 | 29.75 |
| 96.00 | 15.50 | 6.50 | 12.50 | 3.50 | 122.00 | 24.60 | 15.60 | 21.60 | 12.60 | 172.00 | 42.10 | 33.10 | 39.10 | 30.10 |
| 96.50 | 15.68 | 6.68 | 12.68 | 3.68 | 123.00 | 24.95 | 15.95 | 21.95 | 12.95 | 173.00 | 42.45 | 33.45 | 39.45 | 30.45 |
| 97.00 | 15.85 | 6.85 | 12.85 | 3.85 | 124.00 | 25.30 | 16.30 | 22.30 | 13.30 | 174.00 | 42.80 | 33.80 | 39.80 | 30.80 |
| 97.50 | 16.03 | 7.03 | 13.03 | 4.03 | 125.00 | 25.65 | 16.65 | 22.65 | 13.65 | 175.00 | 43.15 | 34.15 | 40.15 | 31.15 |
| 98.00 | 16.20 | 7.20 | 13.20 | 4.20 | 126.00 | 26.00 | 17.00 | 23.00 | 14.00 | 176.00 | 43.50 | 34.50 | 40.50 | 31.50 |
| 98.50 | 16.38 | 7.38 | 13.38 | 4.38 | 127.00 | 26.35 | 17.35 | 23.35 | 14.35 | 177.00 | 43.85 | 34.85 | 40.85 | 31.85 |
| 99.00 | 16.55 | 7.55 | 13.55 | 4.55 | 128.00 | 26.70 | 17.70 | 23.70 | 14.70 | 178.00 | 44.20 | 35.20 | 41.20 | 32.20 |
| 99.50 | 16.73 | 7.73 | 13.73 | 4.73 | 129.00 | 27.05 | 18.05 | 24.05 | 15.05 | 179.00 | 44.55 | 35.55 | 41.55 | 32.55 |
| 100.00 | 16.90 | 7.90 | 13.90 | 4.90 | 130.00 | 27.40 | 18.40 | 24.40 | 15.40 | 180.00 | 44.90 | 35.90 | 41.90 | 32.90 |
| 181.00 | 45.25 | 36.25 | 42.25 | 33.25 | 231.00 | 65.15 | 61.15 | 62.15 | 58.15 | 281.00 | 89.15 | 89.15 | 86.15 | 86.15 |
| 182,00 | 45.60 | 36.70 | 42.60 | 33.70 | 232.00 | 65.63 | 61.73 | 62.63 | 58.73 | 282.00 | 89.63 | 89.63 | 86.63 | 86.63 |
| 183.00 | 45.95 | 37.15 | 42.95 | 34.15 | 233.00 | 66.11 | 62.31 | 63.11 | 59.31 | 283.00 | 90.11 | 90.11 | 87.11 | 87.11 |
| 184.00 | 46.30 | 37.60 | 43.30 | 34.60 | 234.00 | 66.59 | 62.89 | 63.59 | 59.89 | 284.00 | 90.59 | 90.59 | 87.59 | 87.59 |
| 185.00 | 46.65 | 38.05 | 43.65 | 35.05 | 235.00 | 67.07 | 63.47 | 64.07 | 60.47 | 285.00 | 91.07 | 91.07 | 88.07 | 88.07 |
| 186.00 | 47.00 | 38.50 | 44.00 | 35.50 | 236.00 | 67.55 | 64.05 | 64.55 | 61.05 | 286.00 | 91.55 | 91.55 | 88.55 | 88.55 |
| 187.00 | 47.35 | 38.95 | 44.35 | 35.95 | 237.00 | 68.03 | 64.63 | 65.03 | 61.63 | 287.00 | 92.03 | 92.03 | 89.03 | 89.03 |
| 188.00 | 47.70 | 39.40 | 44.70 | 36.40 | 238.00 | 68.51 | 65.21 | 65.51 | 62.21 | 288.00 | 92.51 | 92.51 | 89.51 | 89.51 |
| 189.00 | 48.05 | 39.85 | 45.05 | 36.85 | 239.00 | 68.99 | 65.79 | 65.99 | 62.79 | 289.00 | 92.99 | 92.99 | 89.99 | 89.99 |
| 190.00 | 48.40 | 40.30 | 45.40 | 37.30 | 240.00 | 69.47 | 66.37 | 66.47 | 63.37 | 290.00 | 93.47 | 93.47 | 90.47 | 90.47 |
| 191.00 | 48.75 | 40.75 | 45.75 | 37.75 | 241.00 | 69.95 | 66.95 | 66.95 | 63.95 | 291.00 | 93.95 | 93.95 | 90.95 | 90.95 |
| 192.00 | 49.10 | 41.20 | 46.10 | 38.20 | 242.00 | 70.43 | 67.53 | 67.43 | 64.53 | 292.00 | 94.43 | 94.43 | 91.43 | 91.43 |
| 193.00 | 49.45 | 41.65 | 46.45 | 38.65 | 243.00 | 70.91 | 68.11 | 67.91 | 65.11 | 293.00 | 94.91 | 94.91 | 91.91 | 91.91 |
| 194.00 | 49.80 | 42.10 | 46.80 | 39.10 | 244.00 | 71.39 | 68.69 | 68.39 | 65.69 | 294.00 | 95.39 | 95.39 | 92.39 | 92.39 |
| 195.00 | 50.15 | 42.55 | 47.15 | 39.55 | 245.00 | 71.87 | 69.27 | 68.87 | 66.27 | 295.00 | 95.87 | 95.87 | 92.87 | 92.87 |
| 196.00 | 50.50 | 43.00 | 47.50 | 40.00 | 246.00 | 72.35 | 69.85 | 69.35 | 66.85 | 296.00 | 96.35 | 96.35 | 93.35 | 93.35 |
| 197.00 | 50.85 | 43.45 | 47.85 | 40.45 | 247.00 | 72.83 | 70.43 | 69.83 | 67.43 | 297.00 | 96.83 | 96.83 | 93.83 | 93.83 |
| 198.00 | 51.20 | 43.90 | 48.20 | 40.90 | 248.00 | 73.31 | 71.01 | 70.31 | 68.01 | 298.00 | 97.31 | 97.31 | 94.31 | 94.31 |
| 199.00 | 51.55 | 44.35 | 48.55 | 41.35 | 249.00 | 73.79 | 71.59 | 70.79 | 68.59 | 299.00 | 97.79 | 97.79 | 94.79 | 94.79 |
| 200.00 | 51.90 | 44.80 | 48.90 | 41.80 | 250.00 | 74.27 | 72.17 | 71.27 | 69.17 | 300.00 | 98.27 | 98.27 | 95.27 | 95.27 |
| 201.00 | 52.25 | 45.25 | 49.25 | 42.25 | 251.00 | 74.75 | 72.75 | 71.75 | 69.75 | 301.00 | 98.75 | 98.75 | 95.75 | 95.75 |
| 202.00 | 52.60 | 45.70 | 49.60 | 42.70 | 252.00 | 75.23 | 73.33 | 72.23 | 70.33 | 302.00 | 99.23 | 99.23 | 96.23 | 96.23 |
| 203.00 | 52.95 | 46.15 | 49.95 | 43.15 | 253.00 | 75.71 | 73.91 | 72.71 | 70.91 | 303.00 | 99.71 | 99.71 | 96.71 | 96.71 |
| 204.00 | 53.30 | 46.60 | 50.30 | 43.60 | 254.00 | 76.19 | 74.49 | 73.19 | 71.49 | 304.00 | 100.19 | 100.19 | 97.19 | 97.19 |
| 205.00 | 53.65 | 47.05 | 50.65 | 44.05 | 255.00 | 76.67 | 75.07 | 73.67 | 72.07 | 305.00 | 100.67 | 100.67 | 97.67 | 97.67 |
| 206.00 | 54.00 | 47.50 | 51.00 | 44.50 | 256.00 | 77.15 | 75.65 | 74.15 | 72.65 | 306.00 | 101.15 | 101.15 | 98.15 | 98.15 |
| 207.00 | 54.35 | 47.95 | 51.35 | 44.95 | 257.00 | 77.63 | 76.23 | 74.63 | 73.23 | 307.00 | 101.63 | 101.63 | 98.63 | 98.63 |
| 208.00 | 54.70 | 48.40 | 51.70 | 45.40 | 258.00 | 78.11 | 76.81 | 75.11 | 73.81 | 308.00 | 102.11 | 102.11 | 99.11 | 99.11 |
| 209.00 | 55.05 | 48.85 | 52.05 | 45.85 | 259.00 | 78.59 | 77.39 | 75.59 | 74.39 | 309.00 | 102.62 | 102.62 | 99.62 | 99.62 |
| 210.00 | 55.40 | 49.30 | 52.40 | 46.30 | 260.00 | 79.07 | 77.97 | 76.07 | 74.97 | 310.00 | 103.17 | 103.17 | 100.17 | 100.17 |
| 211.00 | 55.75 | 49.75 | 52.75 | 46.75 | 261.00 | 79.55 | 78.55 | 76.55 | 75.55 | 311.00 | 103.72 | 103.72 | 100.72 | 100.72 |
| 212.00 | 56.10 | 50.20 | 53.10 | 47.20 | 262.00 | 80.03 | 79.13 | 77.03 | 76.13 | 312.00 | 104.27 | 104.27 | 101.27 | 101.27 |
| 213.00 | 56.51 | 50.71 | 53.51 | 47.71 | 263.00 | 80.51 | 79.71 | 77.51 | 76.71 | 313.00 | 104.82 | 104.82 | 101.82 | 101.82 |
| 214.00 | 56.99 | 51.29 | 53.99 | 48.29 | 264.00 | 80.99 | 80.29 | 77.99 | 77.29 | 314.00 | 105.37 | 105.37 | 102.37 | 102.37 |
| 215.00 | 57.47 | 51.87 | 54.47 | 48.87 | 265.00 | 81.47 | 80.87 | 78.47 | 77.87 | 315.00 | 105.92 | 105.92 | 102.92 | 102.92 |
| 216.00 | 57.95 | 52.45 | 54.95 | 49.45 | 266.00 | 81.95 | 81.45 | 78.95 | 78.45 | 316.00 | 106.47 | 106.47 | 103.47 | 103.47 |
| 217.00 | 58.43 | 53.03 | 55.43 | 50.03 | 267.00 | 82.43 | 82.03 | 79.43 | 79.03 | 317.00 | 107.02 | 107.02 | 104.02 | 104.02 |
| 218.00 | 58.91 | 53.61 | 55.91 | 50.61 | 268.00 | 82.91 | 82.61 | 79.91 | 79.61 | 318.00 | 107.57 | 107.57 | 104.57 | 104.57 |
| 219.00 | 59.39 | 54.19 | 56.39 | 51.19 | 269.00 | 83.39 | 83.19 | 80.39 | 80.19 | 319.00 | 108.12 | 108.12 | 105.12 | 105.12 |
| 220.00 | 59.87 | 54.77 | 56.87 | 51.77 | 270.00 | 83.87 | 83.77 | 80.87 | 80.77 | 320.00 | 108.67 | 108.67 | 105.67 | 105.67 |
| 221.00 | 60.35 | 55.35 | 57.35 | 52.35 | 271.00 | 84.35 | 84.35 | 81.35 | 81.35 | 321.00 | 109.22 | 109.22 | 106.22 | 106.22 |
| 222.00 | 60.83 | 55.93 | 57.83 | 52.93 | 272.00 | 84.83 | 84.83 | 81.83 | 81.83 | 322.00 | 109.77 | 109.77 | 106.77 | 106.77 |
| 223.00 | 61.31 | 56.51 | 58.31 | 53.51 | 273.00 | 85.31 | 85.31 | 82.31 | 82.31 | 323.00 | 110.32 | 110.32 | 107.32 | 107.32 |
| 224.00 | 61.79 | 57.09 | 58.79 | 54.09 | 274.00 | 85.79 | 85.79 | 82.79 | 82.79 | 324.00 | 110.87 | 110.87 | 107.87 | 107.87 |
| 225.00 | 62.27 | 57.67 | 59.27 | 54.67 | 275.00 | 86.27 | 86.27 | 83.27 | 83.27 | 325.00 | 111.42 | 111.42 | 108.42 | 108.42 |
| 226.00 | 62.75 | 58.25 | 59.75 | 55.25 | 276.00 | 86.75 | 86.75 | 83.75 | 83.75 | 326.00 | 111.97 | 111.97 | 108.97 | 108.97 |
| 227.00 | 63.23 | 58.83 | 60.23 | 55.83 | 277.00 | 87.23 | 87.23 | 84.23 | 64.23 | 327.00 | 112.52 | 112.52 | 109.52 | 109.52 |
| 228.00 | 63.71 | 59.41 | 60.71 | 56.41 | 278.00 | 87.71 | 87.71 | 84.71 | 84.71 | 328.00 | 113.07 | 113.07 | 110.07 | 110.07 |
| 229.00 | 64.19 | 59.99 | 61.19 | 56.99 | 279.00 | 88.19 | 88.19 | 85.19 | 85.19 | 329.00 | 113.62 | 113.62 | 110.62 | 110.62 |
| 230.00 | 64.67 | 60.57 | 61.67 | 57.57 | 280.00 | 88.67 | 68.67 | 85.67 | 85.67 | 330.00 | 114.17 | 114.17 | 111.17 | 111.17 |
| 331.00 | 114.72 | 114.72 | 111.72 | 111.72 | 381.00 | 142.22 | 142.22 | 139.22 | 139.22 | 431.00 | 170.06 | 170.06 | 167.06 | 167.06 |
| 332.900 | 115.27 | 115.27 | 112.27 | 112.27 | 382.00 | 142.77 | 142.77 | 139.77 | 139.77 | 432.00 | 170.66 | 170.66 | 167.66 | 167.66 |
| 333.00 | 115.82 | 115.82 | 112.82 | 112.82 | 383.00 | 143.32 | 143.32 | 140.32 | 140.32 | 433.00 | 171.26 | 171.26 | 168.26 | 168.26 |
| 334.00 | 116.37 | 116.37 | 113.37 | 113.37 | 384.00 | 143.87 | 143.87 | 140.87 | 140.87 | 434.00 | 171.86 | 171.86 | 168.86 | 168.86 |
| 335.00 | 116.92 | 116.92 | 113.92 | 113.92 | 385.00 | 144.42 | 144.42 | 141.42 | 141.42 | 435.00 | 172.46 | 172.46 | 169.46 | 169.46 |
| 336.00 | 117.47 | 117.47 | 114.47 | 114.47 | 386.00 | 144.97 | 144.97 | 141.97 | 141.97 | 436.00 | 173.06 | 173.06 | 170.06 | 170.06 |
| 337.00 | 118.02 | 118.02 | 115.02 | 115.02 | 387.00 | 145.52 | 145.52 | 142.52 | 142.52 | 437.00 | 173.66 | 173.66 | 170.66 | 170.66 |
| 338.00 | 118.57 | 118.57 | 115.57 | 115.57 | 388.00 | 146.07 | 146.07 | 143.07 | 143.07 | 438.00 | 174.26 | 174.26 | 171.26 | 171.26 |
| 339.00 | 119.12 | 119.12 | 116.12 | 116.12 | 389.00 | 146.62 | 146.62 | 143.62 | 143.62 | 439.00 | 174.86 | 174.86 | 171.86 | 171.86 |
| 340.00 | 119.67 | 119.67 | 116.67 | 116.67 | 390.00 | 147.17 | 147.17 | 144.17 | 144.17 | 440.00 | 175.46 | 175.46 | 172.46 | 172.46 |
| 341.00 | 120.22 | 120.22 | 117.22 | 117.22 | 391.00 | 147.72 | 147.72 | 144.72 | 144.72 | 441.00 | 176.06 | 176.06 | 173.06 | 173.06 |
| 342.00 | 120.77 | 120.77 | 117.77 | 117.77 | 392.00 | 148.27 | 148.27 | 145.27 | 145.27 | 442.00 | 176.66 | 176.66 | 173.66 | 173.66 |
| 343.00 | 121.32 | 121.32 | 118.32 | 118.32 | 393.00 | 148.82 | 148.82 | 145.82 | 145.82 | 443.00 | 177.26 | 177.26 | 174.26 | 174.26 |
| 344.00 | 121.87 | 121.87 | 118.87 | 118.87 | 394.00 | 149.37 | 149.37 | 146.37 | 146.37 | 444.00 | 177.86 | 177.86 | 174.86 | 174.86 |
| 345.00 | 122.42 | 122.42 | 119.42 | 119.42 | 395.00 | 149.92 | 149.92 | 146.92 | 146.92 | 445.00 | 178.46 | 178.46 | 175.46 | 175.46 |
| 346.00 | 122.97 | 122.97 | 119.97 | 119.97 | 396.00 | 150.47 | 150.47 | 147.47 | 147.47 | 446.00 | 179.06 | 179.06 | 176.06 | 176.06 |
| 347.00 | 123.52 | 123.52 | 120.52 | 120.52 | 397.00 | 151.02 | 151.02 | 148.02 | 148.02 | 447.00 | 179.66 | 179.66 | 176.66 | 176.66 |
| 348.00 | 124.07 | 124.07 | 121.07 | 121.07 | 398.00 | 151.57 | 151.57 | 148.57 | 148.57 | 448.00 | 180.26 | 180.26 | 177.26 | 177.26 |
| 349.00 | 124.62 | 124.62 | 121.62 | 121.62 | 399.00 | 152.12 | 152.12 | 149.12 | 149.12 | 449.00 | 180.86 | 180.86 | 177.86 | 177.86 |
| 350.00 | 125.17 | 125.17 | 122.17 | 122.17 | 400.00 | 152.67 | 152.67 | 149.67 | 149.67 | 450.00 | 181.46 | 181.46 | 178.46 | 178.46 |
| 351.00 | 125.72 | 125.72 | 122.72 | 122.72 | 401.00 | 153.22 | 153.22 | 150.22 | 150.22 | 451.00 | 182.06 | 182.06 | 179.06 | 179.06 |
| 352.00 | 126.27 | 126.27 | 123.27 | 123.27 | 402.00 | 153.77 | 153.77 | 150.77 | 150.77 | 452.00 | 182.66 | 182.66 | 179.66 | 179.66 |
| 353.00 | 126.82 | 126.82 | 123.82 | 123.82 | 403.00 | 154.32 | 154.32 | 151.32 | 151.32 | 453.00 | 183.26 | 183.26 | 180.26 | 180.26 |
| 354.00 | 127.37 | 127.37 | 124.37 | 124.37 | 404.00 | 154.87 | 154.87 | 151.87 | 151.87 | 454.00 | 183.86 | 183.86 | 180.86 | 180.86 |
| 355.00 | 127.92 | 127.92 | 124.92 | 124.92 | 405.00 | 155.42 | 155.42 | 152.42 | 152.42 | 455.00 | 184.46 | 184.46 | 181.46 | 181.46 |
| 356.00 | 128.47 | 128.47 | 125.47 | 125.47 | 406.00 | 155.97 | 155.97 | 152.97 | 152.97 | 456.00 | 185.06 | 185.06 | 182.06 | 182.06 |
| 357.00 | 129.02 | 129.02 | 126.02 | 126.02 | 407.00 | 156.52 | 156.52 | 153.52 | 153.52 | 457.00 | 185.66 | 185.66 | 182.66 | 182.66 |
| 358.00 | 129.57 | 129.57 | 126.57 | 126.57 | 408.00 | 157.07 | 157.07 | 154.07 | 154.07 | 458.00 | 186.26 | 186.26 | 183.26 | 183.26 |
| 359.00 | 130.12 | 130.12 | 127.12 | 127.12 | 409.00 | 157.62 | 157.62 | 154.62 | 154.62 | 459.00 | 186.86 | 186.86 | 183.86 | 183.86 |
| 360.00 | 130.67 | 130.67 | 127.67 | 127.67 | 410.00 | 158.17 | 158.17 | 155.17 | 155.17 | 460.00 | 187.46 | 187.46 | 184.46 | 184.46 |
| 361.00 | 131.22 | 131.22 | 128.22 | 128.22 | 411.00 | 158.72 | 158.72 | 155.72 | 155.72 | 461.00 | 188.06 | 188.06 | 185.06 | 185.06 |
| 362.00 | 131.77 | 131.77 | 128.77 | 128.77 | 412.00 | 159.27 | 159.27 | 156.27 | 156.27 | 462.00 | 188.66 | 188.66 | 185.66 | 185.66 |
| 363.00 | 132.32 | 132.32 | 129.32 | 129.32 | 413.00 | 159.82 | 159.82 | 156.82 | 156.82 | 463.00 | 189.26 | 189.26 | 186.26 | 186.26 |
| 364.00 | 132.87 | 132.87 | 129.87 | 129.87 | 414.00 | 160.37 | 160.37 | 157.37 | 157.37 | 464.00 | 189.86 | 189.86 | 186.86 | 186.86 |
| 365.00 | 133.42 | 133.42 | 130.42 | 130.42 | 415.00 | 160.92 | 160.92 | 157.92 | 157.92 | 465.00 | 190.46 | 190.46 | 187.46 | 187.46 |
| 366.00 | 133.97 | 133.97 | 130.97 | 130.97 | 416.00 | 161.47 | 161.47 | 158.47 | 158.47 | 466.00 | 191.06 | 191.06 | 188.06 | 188.06 |
| 367.00 | 134.52 | 134.52 | 131.52 | 131.52 | 417.00 | 162.02 | 162.02 | 159.02 | 159.02 | 467.00 | 191.66 | 191.66 | 188.66 | 188.66 |
| 368.00 | 135.07 | 135.07 | 132.07 | 132.07 | 418.00 | 162.57 | 162.5? | 159.57 | 159.57 | 468.00 | 192.26 | 192.26 | 189.26 | 189.26 |
| 369.00 | 135.62 | 135.62 | 132.62 | 132.62 | 419.00 | 163.12 | 163.12 | 160.12 | 160.12 | 469.00 | 192.86 | 192.86 | 189.86 | 189.86 |
| 370.00 | 136.17 | 136.17 | 133.17 | 133.17 | 420.00 | 163.67 | 163.67 | 160.67 | 160.67 | 470.00 | 193.46 | 193.46 | 190.46 | 190.46 |
| 371.00 | 136.72 | 136.72 | 133.72 | 133.72 | 421.00 | 164.22 | 164.22 | 161.22 | 161.22 | 471.00 | 194.06 | 194.06 | 191.06 | 191.06 |
| 372.00 | 137.27 | 137.27 | 134.27 | 134.27 | 422.00 | 164.77 | 164.77 | 161.77 | 161.77 | 472.00 | 194.66 | 194.66 | 191.66 | 191.66 |
| 373.00 | 137.82 | 137.82 | 134.82 | 134.82 | 423.00 | 165.32 | 165.32 | 162.32 | 162.32 | 473.00 | 195.26 | 195.26 | 192.26 | 192.26 |
| 374.00 | 138.37 | 138.37 | 135.37 | 135.37 | 424.00 | 165.87 | 165.87 | 162.87 | 162.87 | 474.00 | 195.86 | 195.86 | 192.86 | 192.86 |
| 375.00 | 138.92 | 138.92 | 135.92 | 135.92 | 425.00 | 166.46 | 166.46 | 163.46 | 163.46 | 475.00 | 196.46 | 196.46 | 193.46 | 193.46 |
| 376.00 | 139.47 | 139.47 | 136.47 | 136.47 | 426.00 | 167.06 | 167.06 | 164.06 | 164.06 | 476.00 | 197.06 | 197.06 | 194.06 | 194.06 |
| 377.00 | 140.02 | 140.02 | 137.02 | 137.02 | 427.00 | 167.66 | 167.66 | 164.66 | 164.66 | 477.00 | 197.66 | 197.66 | 194.66 | 194.66 |
| 378.00 | 140.57 | 140.57 | 137.57 | 137.57 | 428.00 | 168.26 | 168.26 | 165.26 | 165.26 | 478.00 | 198.26 | 198.26 | 195.26 | 195.26 |
| 379.00 | 141.12 | 141.12 | 138.12 | 138.12 | 429.00 | 168.86 | 168.86 | 165.86 | 165.86 | 479.00 | 198.86 | 198.86 | 195.86 | 195.86 |
| 380.00 | 141.67 | 141.67 | 138.67 | 138.67 | 430.00 | 169.46 | 169.46 | 166.46 | 166.46 | 480.00 | 199.46 | 199.46 | 196.46 | 196.46 |
NOTE—In calculating weekly earnings, ignore cents in excess and include value of allowances—e.g., board and lodging.
FOURTH SCHEDULE NEW SEVENTH SCHEDULE TO PRINCIPAL ACT
Section 27
“SEVENTH SCHEDULE Qualifying Scheduled Goods
Section 156(1)
Part A
Goods excluded from operation of paragraph (e) of the definition of the expression “non-qualifying goods”
in section 156(1) of this Act.
Reconditioned or rebuilt secondhand plant and machinery.
Part B
Goods excluded from operation of paragraph (f) of the definition of the expression “non-qualifying goods”
in section 156(1) of this Act.
Farmed salmon.
Fats and oils of fish, canned and bottled fish, prepared fish dinners, prepared consumer fish packs, fish paste, fish balls, fish cakes, fish fingers, fish sausages, fish extracts, fish soups, and fishmeal.
Fish and shellfish of the following species: Barracouta, Black Bream, Blue Hake, Creamfish (Leather Jacket), Hoki (Whiptail), Kahawai, Kingfish, Ling, Mao Mao, Mackerel, Moki, Monkfish, Mullet, Pilchard, Red Cod, Southern Blue Whiting, Trevally, Warehou, Octopus, Squid, Mussel, farmed or cultivated, Pacific Oysters, and Rock Oysters.
Smoked fish, excluding Snapper and Blue Cod.
Whole smoked eels and smoked eel fillets.
Comb honey in consumer packs and honey dew.
Extracted honey in consumer packs, weighing 3 kilograms net or less.
Pollen.
Propolis in cake form.
Refined beeswax.
Chilled or frozen retail consumer packs principally comprising edible meat portions, which have been processed beyond the primal cut stage, have a minimum packing standard of clipped, tied, or sealed wrapping, and are sold for retail consumption without further processing or packaging.
Chilled or frozen retail consumer packs comprising edible poultry portions only, which have a minimum packing standard of clipped, tied, or sealed wrapping and are sold for retail consumption without further processing or packaging.
Chilled or frozen portion controlled cuts of meat, which have been processed beyond the primal cut stage, have been produced with an exacting weight tolerance, and are sold for consumption without further processing or packaging.
Chilled or frozen edible fancy meats (including poultry fancy meats) which are sold for consumption without further processing or packaging.
Dried, concentrated, or evaporated meat or poultry products (other than canned goods) which are sold for consumption without further processing or packaging.
Manufactured meat or poultry smallgoods (other than canned goods).
Animal gland or organ extracts and chemicals resulting from the same or from dairy products or dairy waste, for use in the pharmaceutical industry or for research purposes.
Beef powder.
Catgut processed to a quality suitable for use for surgical, sporting, or musical purposes.
Cholic acid, and products and by-products of cholic acid.
Denatured and processed lamb caeca.
Dried mucosa.
Dried and processed deer by-products.
Edible powders of, or edible powdered offal from, meat or poultry or fish.
Frozen fertilised ova.
Lactose and products and by-products of lactose.
Leather and leather products.
Pet foods not fit for human consumption.
Prepared dinners containing either meat and vegetables or game and vegetables.
Processed cheese.
Processed deep frozen semen.
Selected and tubed natural sausage casings derived from animals other than pigs.
Sera derived from animal blood.
Soup stock.
Spray-dried goat milk powder.
Taxidermy products.
Wool grease and products of wool grease.
Woollen and worsted yarns.
Part C
Goods excluded from operation of paragraph (g) of the definition of the expression “non-qualifying goods”
in section 156(1) of this Act.
Any produce, being fruit, legumes, vegetables, or cereals (including extracts, fats, oils, concentrates, powders, soups, juices, jams, jellies, pastes or purees derived from fruit, legumes, vegetables, or cereals), which has been canned, dried, dehydrated, evaporated, individually quick frozen, or otherwise incorporates a significant degree of local processing.
Block frozen berry fruit.
Bulbs.
Fresh cut flowers.
Fresh fruit (other than apples and pears).
Fresh vegetables.
Retail packet seeds.
Trees and shrubs.
Wine and grapejuice.
Part A
Goods excluded from operation of paragraph (h) of the definition of the expression “non-qualifying goods”
in section 156(1) of this Act.
Pulp, paper (including newsprint), sawn timber, woodchips, and manufactured articles of wood and reconstituted wood.
Part A
Goods excluded from operation of paragraph (i) of the definition of the expression “non-qualifying goods”
in section 156(1) of this Act.
Kauri gum.
Pottery clay body.
Precious and semi-precious stones (excluding greenstone) which have been fully worked and cut for use in jewellery or goldsmith’s or silversmith’s wares.
Processed bentonite.
Pure dried vacuum salt.”
FIFTH SCHEDULE New Third Schedule to Principal Act
Section 69
“THIRD SCHEDULE Terminating Dates
Section 2
| Section of Act | General Description | Terminating Date |
| 119 | Regional investment allowance | 31 March 1981 |
| 120 | Export investment allowance | 31 March 1983 |
| 121 | Industrial development plan investment allowance | 31 March 1981 |
| 121A | High priority activity investment allowance | 31 March 1982 |
| 122 | Farming and agriculture investment allowance | 31 March 1981 |
| 123 | Fishing investment allowance | 31 March 1981 |
| 127 | Development expenditure on farming or agricultural land | 31 March 1981 |
| 128 | Development expenditure on rock oyster or mussel farms or freshwater fish farms | 31 March 1981 |
| 154(2) | Export-market development expenditure | 31 March 1980 |
| 154(3) | Tourist-promotion expenditure | 31 March 1980 |
| 155 | Export-market development by self-employed persons | 31 March 1980 |
| 156 | Increased exports | 31 March 1983 |
| 156A | Export performance incentive for qualifying goods | 31 March 1985 |
| 156B | Export performance incentive for qualifying services | 31 March 1985 |
| 156D | Export performance incentive for qualifying overseas projects | 31 March 1985 |
| 156E | Export performance incentive for qualifying tourist services | 31 March 1985 |
| 156F | Export-market development and tourist promotion incentive | 31 March 1985 |
| 156G | Export-market development (self-employed taxpayers) incentive | 31 March 1985 |
| 157 | Increased exports to new markets | 31 March 1981 |
| 158 | Export of qualifying services | 31 March 1980 |
| 158A | Export earnings from qualifying overseas projects | 31 March 1980 |
| 171 | New markets export development grants | 31 March 1980 |
The reference in the second column of this Schedule to the nature of the deduction is by way of general description only and shall not be construed as limiting or extending the deduction under the section referred to in the first column of this Schedule.”
This Act is administered in the Inland Revenue Department.
Versions
Income Tax Amendment Act 1979
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