Income Tax (Annual) Act 1985

Public Act		1985 No 147
Date of assent		7 December 1985

	Title
1	Short Title
	Income Tax
2	Rates of income tax for year commencing 1 April 1985
	Excess Retention Tax
3	Rate of excess retention tax for year commencing 1 April 1985
	Repeal
4	Repeal
	Administrative information

An Act to fix the rates of income tax and excess retention tax for the year commencing on the 1st day of April 1985

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 (Annual) Act 1985, and shall be read together with and deemed part of the Income Tax Act 1976 (hereinafter referred to as the principal Act).

Income Tax

2 Rates of income tax for year commencing 1 April 1985

(1)

Subject to this section, for the year commencing on the 1st day of April 1985, income tax shall be assessed, levied, and paid pursuant to Part IV of the principal Act at the basic rates specified in the First Schedule to the principal Act (as amended by sections 19 and 21 of the Income Tax Amendment Act 1984).

(2)

Subsection (1) of this section shall not apply to—

(a)

Any income tax where the amount of that income tax is determined exclusively and finally pursuant to any provision of Part XI or Part XII of the principal Act; or

(b)

Any non-resident withholding tax.

Excess Retention Tax

3 Rate of excess retention tax for year commencing 1 April 1985

For the year commencing on the 1st day of April 1985, excess retention tax shall be assessed, levied, and paid pursuant to Part V of the principal Act at the rate specified in clause 11 of Part A of the First Schedule to that Act.

Repeal

4 Repeal

The Income Tax (Annual) Act 1984 is hereby repealed.

This Act is administered in the Inland Revenue Department.

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Income Tax (Annual) Act 1985