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Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016
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Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016
Public Act
2016 No 1
Date of assent
24 February 2016
Commencement
see section 2
Contents
1
Title
2
Commencement
Part 1
Child support remedial matters
Amendments to Child Support Act 1991
3
Child Support Act 1991 amended
4
Section 2 amended (Interpretation)
5
Section 3A amended (Transitional and savings provisions relating to amendments to this Act)
6
Section 4A amended (Overview of child support payable under formula assessment)
7
Section 8 amended (Who may apply for formula assessment)
8
Section 13 amended (Notification by Commissioner of application)
9
New section 13A inserted (Cases where formula assessment to be refused)
13A
Cases where formula assessment to be refused
10
Section 25 amended (When liability to pay child support ceases)
11
Section 27 replaced (Election by receiving carer to end formula assessment)
27
Election by receiving carer to end formula assessment
12
Section 32 amended (Minimum annual rate of child support)
13
Section 34 amended (Child support income amount)
14
Section 35 amended (Adjusted taxable income)
15
Section 35A amended (Living allowance)
16
Section 39A amended (Commissioner may take overseas income into account)
17
Section 40AA amended (Interpretation for purposes of sections 40 to 45)
18
Section 40 amended (Estimated taxable income)
19
Section 41 amended (Effect of election)
20
Section 42 amended (Revocation of election and subsequent elections)
21
Section 44 amended (End-of-year reconciliation)
22
Section 44A amended (Determining income amount if no tax return filed)
23
Section 45 repealed (Penalty if estimated income less than 80% of actual income)
24
Section 51 amended (Exception in respect of child support voluntary agreement where formula assessment in force)
25
Section 88 amended (Notice of assessment of formula assessment of child support)
26
Section 88A amended (Details in notices of assessments)
27
Section 89L amended (Application for determination)
28
Section 90 amended (Objections to appealable decisions)
29
Section 91 amended (Objections to assessments)
30
Section 96C amended (Matters as to which Commissioner must be satisfied before making determination)
31
Section 96D amended (Determinations that may be made)
32
Section 96X amended (Commissioner to notify receiving carers and liable parent who is not subject parent)
33
Section 96Y amended (Election by receiving carer or by liable parent who is not subject parent to become party or discontinue proceedings)
34
Section 96Z amended (Written representations by parties)
35
Section 96ZA amended (Procedure for making determination)
36
Section 98 amended (Minimum liability in respect of child support)
37
Section 99 amended (Declarations in respect of step-parents)
38
Section 102 amended (Appeals against decisions of Commissioner)
39
Section 103 amended (Appeals against assessments)
40
Section 105 amended (Matters as to which court must be satisfied before making order)
41
New sections 106A and 106B inserted
106A
Further provision on orders for re-establishment costs situations if income increases
106B
Further provision on orders for offsetting of liabilities situations
42
Section 107 amended (Implementation of orders)
43
Section 129 replaced (Right to choose payment method)
129
Right to choose voluntary automatic deductions or other payment method
44
Section 130 amended (Defaulters to pay child support by automatic deduction)
45
Section 135G amended (Discretionary relief for residual incremental penalty debt)
46
Section 135GA amended (Discretionary relief for residual penalty-only debt)
47
New section 135JA inserted (Relief from incremental penalties unpaid before deduction plan made on or after 1 April 2016)
135JA
Relief from incremental penalties unpaid before deduction plan made on or after 1 April 2016
48
Section 135L amended (Writing-off of incremental penalties if non-compliance with arrangement)
49
Section 152B amended (Offsetting child support payments)
50
Section 154 amended (Deduction notice)
51
Section 158 amended (Life of deduction notices)
52
Section 180 amended (Payee may uplift financial support debt)
53
Section 240 amended (Secrecy)
54
Section 276 amended (Transitional and savings provisions relating to amendments to Act)
55
Schedule 1 amended
Amendments to Child Support Amendment Act 2013
56
Child Support Amendment Act 2013 amended
57
Section 2 amended (Commencement)
58
Section 37 and cross-heading above section 37 repealed
59
Section 38 and cross-heading above section 38 repealed
60
Section 43 amended (New section 135FA inserted)
61
Section 44 amended (Discretionary relief for residual incremental penalty debt)
62
Section 45 amended (New section 135GA inserted)
63
Section 57 repealed (New section 152B inserted)
64
Section 58 and cross-heading above section 58 repealed
65
Section 59 amended (Payee may uplift financial support debt)
66
Section 60 amended (New sections 180A to 180C inserted)
180D
Sections 180B and 180C to cover child support penalties
67
Section 61 repealed (Direct payment to payee)
68
Section 62 replaced (New section 276 substituted)
62
Section 276 amended
69
Section 63 amended (Schedule 1 amended)
11
Insertion of sections 180A and 180C (Writing off of child support debt)
Amendment to Social Security Act 1964
70
Section 70A of Social Security Act 1964 amended (Rates of benefits for sole parents may be reduced)
Part 2
Annual rates of income tax
71
Annual rates of income tax for 2015–16 tax year
Part 3
Amendments to Income Tax Act 2007
72
Income Tax Act 2007
73
Section CD 18 amended (Dividend reduced if foreign tax paid on company’s income)
74
Section CD 39 amended (Calculation of amount of dividend when property made available)
75
Section CD 44 amended (Available capital distribution amount)
76
Section CE 1C amended (Exception: overseas accommodation)
77
Section CE 1E amended (Exception: accommodation provided to ministers of religion)
78
Section CF 3 amended (Withdrawals from foreign superannuation scheme)
79
Section CG 7B amended (Disposals or applications after earlier deductions)
80
New section CG 7C inserted (Disposal or rerecognition of derecognised non-depreciable assets)
CG 7C
Disposal or rerecognition of derecognised non-depreciable assets
81
Section CQ 2 amended (When attributed CFC income arises)
82
Section CQ 5 amended (When FIF income arises)
83
Section CW 16B amended (Accommodation expenditure: out-of-town secondments and projects)
84
Section CW 42 amended (Charities: business income)
85
Section CW 42B amended (Community housing trusts and companies)
86
Section CW 55BA replaced (Tertiary education institutions)
CW 55BA
Tertiary education institutions and subsidiaries
87
Section CX 48 repealed (Amounts remitted as condition of new start grant)
88
Section CX 56C amended (Distributions to investors by listed PIEs)
89
Section CZ 10 repealed (Transitional relief for calculation of attributed repatriation dividends: 2 July 1992)
90
Section CZ 27 amended (Prior bad debt deductions clawback)
91
Section CZ 29 amended (Accommodation expenditure: Canterbury earthquake relief)
92
New section CZ 33 inserted (Transitional exception for accommodation provided to ministers of religion)
CZ 33
Transitional exception for accommodation provided to ministers of religion
93
Section DA 5 repealed (Treatment of expenditure for commercial fit-out)
94
New section DB 22B inserted (Amounts paid for commercial fit-out for building)
DB 22B
Amounts paid for commercial fit-out for building
95
Section DB 31 amended (Bad debts)
96
Section DB 34 amended (Research or development)
97
Section DB 35 amended (Some definitions)
98
Section DB 37 amended (Expenses in application for patent)
99
Section DB 40B amended (Expenditure in unsuccessful development of software)
100
Section DF 1 amended (Government grants to businesses)
101
Section DG 4 amended (Meaning of private use for this subpart)
102
Section DG 9 amended (Apportionment formula)
103
Section DG 11 amended (Interest expenditure: close companies)
104
Section DG 12 amended (Interest expenditure: group companies)
105
Section DG 13 amended (Interest expenditure: corporate shareholders)
106
Section DG 14 amended (Interest expenditure: non-corporate shareholders)
107
Section DG 16 amended (Quarantined expenditure when asset activity negative)
108
Section DN 6 amended (When FIF loss arises)
109
Section DT 3 replaced (Acquisition of privileges and permits)
DT 3
Acquisition of privileges and permits
110
Section DT 8 replaced (Acquisition of certain petroleum mining assets)
DT 8
Acquisition of certain petroleum mining assets
111
New heading and section DV 26 inserted (Deduction for reinstatement of R&D tax losses)
Reinstatement of R&D tax losses
DV 26
Deduction for reinstatement of R&D tax losses
112
Section DZ 4 amended (Expenditure on abandoned exploratory well before 16 December 1991)
113
Section DZ 5 amended (Farm-out arrangements for petroleum mining before 16 December 1991)
114
Section EC 31 amended (Enhanced production)
115
Section EC 41 amended (Reduction: bloodstock not previously used for breeding in New Zealand other than as shuttle stallions)
116
Section EE 16 amended (Amount resulting from standard calculation)
117
New section EE 18B inserted (Cost: some depreciable intangible property)
EE 18B
Cost: some depreciable intangible property
118
Section EE 18B amended (Cost: some depreciable intangible property)
119
Section EE 19 amended (Cost: fixed life intangible property)
120
Section EE 32 amended (Election in relation to certain depreciable property acquired on or after 1 April 2005)
121
Section EE 33 amended (Annual rate for fixed life intangible property)
122
Section EE 34 amended (Annual rate for patent granted in 2005–06 or later income year)
123
New section EE 34B inserted (Annual rate for design registrations)
EE 34B
Annual rate for design registrations
124
Section EE 44 amended (Application of sections EE 48 to EE 52)
125
Section EE 57 amended (Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies)
126
Section EE 60 amended (Total deductions in section EE 56)
127
Section EE 61 amended (Meaning of annual rate)
128
Section EE 67 amended (Other definitions)
129
Section EM 1 amended (Australian non-attributing shares and attributing FDR method interests)
130
Section EM 6 amended (Income and expenditure for fair dividend rate hedge portions)
131
Section EW 9 amended (Persons to whom financial arrangements rules apply)
132
Section EW 15D amended (IFRS financial reporting method)
133
Section EW 15G amended (Modified fair value method)
134
Section EW 33C amended (Consideration in foreign currency: some agreements for sale and purchase)
135
Section EW 46 repealed (Consideration when debtor released as condition of new start grant)
136
Section EX 16 amended (Income interests for certain purposes)
137
Section EX 20B amended (Attributable CFC amount)
138
Section EX 20C amended (Net attributable CFC income or loss)
139
Section EX 21 amended (Attributable CFC amount and net attributable CFC income or loss: calculation rules)
140
Section EX 21D amended (Non-attributing active CFC: default test)
141
Section EX 21E amended (Non-attributing active CFC: test based on accounting standard)
142
Section EX 24 amended (Companies moving to or from New Zealand)
143
Section EX 25 amended (Change of CFC’s balance date)
144
Section EX 31 amended (Exemption for ASX-listed Australian companies)
145
New section EX 33 inserted (Exemption for Australian regulated superannuation savings)
EX 33
Exemption for Australian regulated superannuation savings
146
Section EX 35 amended (Exemption for interest in FIF resident in Australia)
147
Section EX 44 amended (Five calculation methods)
148
Section EX 50 amended (Attributable FIF income method)
149
New section EX 52A inserted (Fair dividend rate method: use of different forms)
EX 52A
Fair dividend rate method: use of different forms
150
Section EX 52 amended (Fair dividend rate method: usual method)
151
Section EX 53 amended (Fair dividend rate method for unit-valuing funds and others by choice)
152
Section EX 58 amended (Additional FIF income or loss if CFC owns FIF)
153
Section EX 62 amended (Limits on changes of method)
154
Section EX 63 amended (Consequences of changes in method)
155
Section EX 72 amended (Commissioner’s default assessment power)
156
Section EZ 5 amended (Reduction: bloodstock not previously used for breeding in New Zealand: pre-1 August 2006)
157
New section EZ 32G inserted (Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014)
EZ 32G
Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014
158
New section EZ 69B inserted (IFRS financial reporting method: equity or other comprehensive income)
EZ 69B
IFRS financial reporting method: equity or other comprehensive income
159
Section EZ 70 amended (Insurance for Canterbury earthquake damage of property: deemed sale and purchase)
160
Section EZ 76 amended (Consideration for property or services: non-IFRS foreign ASAPs before 2014–15 income year)
161
Section FB 1 replaced (What this subpart does)
FB 1
When this subpart applies
162
New section FB 1B inserted (Meaning of settlement of relationship property)
FB 1B
Meaning of settlement of relationship property
163
Section FB 1B replaced (Meaning of settlement of relationship property)
FB 1B
Meaning of settlement of relationship property and property
164
Section FB 1B amended (Meaning of settlement of relationship property and property)
165
New section FB 1C inserted (Obligations for periods before and from transfer of property)
FB 1C
Obligations for periods before and from transfer of property
166
Section FC 1 amended (What this subpart does)
167
Section FC 4 replaced (Property transferred to charities or to close relatives and others)
FC 4
Property transferred to charities or to close relatives and others
168
Section FC 4 amended (Property transferred to charities or to close relatives and others)
169
Section FC 6 amended (Forestry assets transferred to close relatives)
170
Section FE 1 amended (What this subpart does)
171
Section FE 2 amended (When this subpart applies)
172
Section FE 4 amended (Some definitions)
173
Section FE 12 amended (Calculation of debt percentages)
174
Section FE 18 amended (Measurement of debts and assets of worldwide group)
175
Section FE 28 amended (Identifying members of New Zealand group)
176
Section FE 31D replaced (Worldwide group for entity with New Zealand parent depending on non-resident owning body)
FE 31D
Worldwide group for entity controlled by non-resident owning body or trustee
177
Section FO 12 amended (Financial arrangements: resident’s restricted amalgamation, companies in wholly-owned group)
178
Section FO 13 amended (Financial arrangements: resident’s restricted amalgamation, calculation method unchanged)
179
Section GB 8 repealed (Arrangements involving attributed repatriation from CFCs)
180
Section GB 9 amended (Temporary disposals of direct control or income interests)
181
Section GB 11 amended (Temporary increases in totals for control interest categories)
182
Section GB 13 amended (When combination of changes reduces income)
183
New section GB 15BA inserted (CFC income or loss: arrangements for inclusion of CFC in test group)
GB 15BA
CFC income or loss: arrangements for inclusion of CFC in test group
184
Section GB 27 amended (Attribution rule for income from personal services)
185
Section HC 10 amended (Complying trusts)
186
Section HC 27 amended (Who is a settlor?)
187
Section HC 29 amended (Settlors’ liability to income tax)
188
Section HC 33 amended (Choosing to satisfy income tax liability of trustee)
189
Section HG 10 amended (Disposal of livestock)
190
Section HM 42 amended (Exit calculation option)
191
Section HM 43 amended (Quarterly calculation option)
192
Section HM 44 amended (Provisional tax calculation option)
193
Section HR 3 amended (Definitions for section HR 2: group investment funds)
194
Section HR 8 amended (Transitional residents)
195
Section HZ 4B amended (Qualifying companies: transition into partnership)
196
Section HZ 4D amended (Qualifying companies: transition into sole traderships)
197
Section IQ 1A amended (When this subpart applies)
198
Section LA 7 amended (Remaining refundable credits: tax credits under social policy schemes)
199
New section LB 4B inserted (Tax credit for R&D tax losses)
LB 4B
Tax credit for R&D tax losses
200
Section LD 1 amended (Tax credits for charitable or other public benefit gifts)
201
Section LD 3 amended (Meaning of charitable or other public benefit gift)
202
Subpart LH repealed (Tax credits for expenditure on research and development)
203
Heading after section LP 6 deleted (Supplementary dividend holding companies)
204
Section LU 1 amended (Tax credits for mineral miners)
205
Section MA 1 amended (What this Part does)
206
Section MB 1 amended (Adjustments for calculation of family scheme income)
207
Section MB 4 amended (Family scheme income of major shareholders in close companies)
208
Section MB 7 amended (Family scheme income of settlor of trust)
209
Section MB 9 repealed (Family scheme income from deposits in main income equalisation accounts)
210
Section MB 13 amended (Family scheme income from other payments)
211
Section MC 5 amended (Third requirement: residence)
212
Section MF 6 amended (Overpayment or underpayment of tax credit)
213
New subpart MX inserted (Tax credits for R&D tax losses)
Subpart MX—Tax credits for R&D tax losses
MX 1
When subpart applies
MX 2
Corporate eligibility criteria
MX 3
Wage intensity criteria
MX 4
R&D loss tax credits
MX 5
Cancellation of R&D tax losses
MX 6
Deduction if increase in basic tax rate for company
MX 7
Reinstatement of R&D tax losses and R&D repayment tax
214
Section OB 1 amended (General rules for companies with imputation credit accounts)
215
New section OB 47B inserted (Tax paid by recipients of R&D loss tax credits)
OB 47B
Tax paid by recipients of R&D loss tax credits
216
Table O2 amended (Imputation debits)
217
Section OP 27 amended (Consolidated ICA payment of schedular income tax)
218
Section OP 50 amended (Consolidated ICA refund of schedular income tax)
219
Table O19 amended (Imputation credits of consolidated imputation groups)
220
Table O20 amended (Imputation debits of consolidated imputation groups)
221
Section RC 7 amended (Estimation method)
222
Section RC 17 amended (When GST ratio must not be used)
223
Section RC 18 amended (Changing calculation method)
224
Section RD 27 amended (Determining fringe benefit values)
225
Section RD 35 amended (Employment-related loans: value using market interest rates)
226
Section RE 18B amended (Capital value increase under inflation-indexed instruments: RWT cap)
227
Section RF 2 amended (Non-resident passive income)
228
Section RM 10 amended (Using refund to satisfy tax liability)
229
Section RP 17 amended (Tax pooling intermediaries)
230
Section RP 17B amended (Tax pooling accounts and their use)
231
Section RP 19 amended (Transfers from tax pooling accounts)
232
Section RP 19B amended (Transfers for certain expected tax liabilities)
233
New cross-heading inserted (Refunds for life insurers)
234
New cross-heading (Tax pooling intermediaries) and section RZ 12 inserted (Adjustments to interest in requests made after commencement)
Tax pooling intermediaries
RZ 12
Adjustments to interest in requests made after commencement
235
Section YA 1 amended (Definitions)
236
Section YC 10 amended (Shareholders holding less than 10% direct interests)
237
Schedule 6 amended (Prescribed rates: PIE investments and retirement scheme contributions)
238
Schedule 14 amended (Depreciable intangible property)
239
New schedule 22 inserted (Proscribed R&D activities)
240
Schedule 32 amended (Recipients of charitable or other public benefit gifts)
241
New schedule 34 inserted (Community housing trusts and companies: income and assets of beneficiaries and clients)
242
Amendments to certain sale-related terms and definitions
243
Amendments to lists of defined terms
Part 4
Amendments to other enactments
Amendments to Tax Administration Act 1994
244
Tax Administration Act 1994 amended
245
Section 3 amended (Interpretation)
246
Section 15E amended (Revocation of approval)
247
Section 24O repealed (Certain information required from agricultural, horticultural, or viticultural employers)
248
Section 33AA amended (Exceptions to requirement for return of income)
249
Section 33A amended (Annual returns of income not required)
250
Section 41 amended (Annual returns by persons who receive family assistance credit)
251
Sections 68D, 68E, and 68F repealed
252
New section 70C inserted (Statements in relation to R&D loss tax credits and R&D repayment tax)
70C
Statements in relation to R&D loss tax credits and R&D repayment tax
253
Section 80D amended (Commissioner must issue income statement)
254
Section 80KV replaced (Statement of family scheme income)
80KV
Statement of family scheme income
255
Section 81 amended (Officers to maintain secrecy)
256
Section 81A amended (Disclosure of information under approved information sharing agreement)
257
Section 89AB amended (Response periods)
258
New section 89AC inserted (Response period when initiating notice filed late)
89AC
Response period when initiating notice filed late
259
Section 89M amended (Disclosure notices)
260
Section 92AAA repealed (Determination on cost of timber)
261
New section 97C inserted (Assessment of R&D repayment tax)
97C
Assessment of R&D repayment tax
262
Section 113C repealed (Amended assessments for attributed repatriation dividends)
263
Section 120B amended (Persons excluded)
264
Section 138G amended (Effect of disclosure notice)
265
Section 139AA amended (Non-electronic filing penalty)
266
Section 139B amended (Late payment penalty)
267
Section 141A amended (Not taking reasonable care)
268
Section 177D repealed (Relief to taxpayers to whom new start grants payable)
269
Section 183ABA amended (Remission in circumstances of emergency event)
270
Section 185 amended (Payment out of Crown Bank Account)
271
Section 225D amended (Regulations: community housing trusts and companies)
Amendments to Goods and Services Tax Act 1985
272
Goods and Services Tax Act 1985 amended
273
Section 2 amended (Interpretation)
274
Section 5 amended (Meaning of term supply)
275
Section 10 amended (Value of supply of goods and services)
276
Section 20 amended (Calculation of tax payable)
277
Section 21B amended (Adjustments when person or partnership becomes registered after acquiring goods and services)
278
Section 21HB amended (Transitional rules related to treatment of dwellings)
279
New section 21HC inserted (Transitional rules relating to members of unit title bodies corporate)
21HC
Transitional rules relating to members of unit title bodies corporate
280
Section 48A repealed (Relief from tax where new start grant made)
281
Section 51 amended (Persons making supplies in course of taxable activity to be registered)
282
Section 52 amended (Cancellation of registration)
Amendments to Income Tax Act 2004
283
Income Tax Act 2004 amended
284
New section CF 4 inserted (Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014)
CF 4
Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014
285
Section DB 23 amended (Bad debts)
286
Section HH 4 amended (Trustee income)
287
Section NG 1 amended (Application of NRWT rules)
288
Section OB 1 amended (Definitions)
Amendments to Income Tax Act 1994
289
Income Tax Act 1994 amended
290
New section CC 5 inserted (Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014)
CC 5
Person deriving pension from foreign superannuation scheme and returning as income before 1 April 2014
291
Section HH 4 amended (Trustee income)
292
Section NG 1 amended (Application of NRWT rules)
293
Section OB 1 amended (Definitions)
Amendments to Income Tax Act 1976
294
Income Tax Act 1976 amended
295
Section 226 amended (Interpretation)
296
Section 228 amended (Trustee income)
Amendments to Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014
297
Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 amended
298
Section 32 amended (New section CW 42B inserted)
299
Section 129 amended (New section HR 12 inserted)
Amendment to Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013
300
Section 104 amended (Schedule 20 amended)
Amendment to Finance Act (No 2) 1990
301
Section 3 of the Finance Act (No 2) 1990 amended (Meaning of approved unit trust)
Amendment to Goods and Services Tax (Grants and Subsidies) Order 1992
302
Schedule to Goods and Services Tax (Grants and Subsidies) Order 1992 amended (Non-taxable grants and subsidies)
Schedule 1
New schedule 22 inserted
Schedule 2
New schedule 34 inserted
Schedule 3
Amendments to sale-related terms and definitions in Income Tax Act 2007
Schedule 4
Amendments to lists of defined terms in Income Tax Act 2007
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: