Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016

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Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016

Public Act
 
2016 No 21
Date of assent
 
13 May 2016
Commencement
 
see section 2

Contents

1Title
2Commencement
3Student Loan Scheme Act 2011
4Section 4 amended (Interpretation)
5Section 5 amended (Meaning of unpaid amount)
6Section 15 amended (Right to cancel loan contract)
7New sections 27A to 27E inserted
27ACommissioner must keep and publish list of charities
27BWhen entity qualifies to be listed as charity
27CApplication by entity to be listed as charity
27DCommissioner may list tax charities even if no application made
27ECommissioner may remove entity’s listing as charity
8Cross-heading above section 63 replaced
9New sections 68A to 68C and cross-heading inserted
68ACommissioner over-deduction identified by borrower
68BCommissioner must determine whether Commissioner over-deduction made
68CProcedure if Commissioner over-deduction made
10Section 73 replaced (Meaning of adjusted net income)
73Meaning of adjusted net income, Schedule 3 adjustments, and related terms
11Section 74 replaced (Declaration of adjusted net income)
74Notification of Schedule 3 adjustments
12Section 75 amended (Extension of time for making declaration of adjusted net income)
13Section 76 amended (Commissioner to assess borrower’s end-of-year repayment obligation)
14Section 79 amended (Payment of end-of-year repayment obligation)
15Section 82 amended (Calculation of interim payments for next tax year)
16Section 83 amended (Commissioner may assess interim payments if information for preceding year not provided)
17Section 114 replaced (Notification of worldwide income by New Zealand-based non-resident borrowers)
114Notification of Schedule 3 adjustments by New Zealand-based non-resident borrowers
18Section 114A amended (Extension of time for making notification of worldwide income)
19Section 146A amended (Commissioner may grant relief from penalties)
20Section 155 replaced (Late filing penalty for certain declarations)
155Late notification penalty for Schedule 3 adjustments under section 74
21Section 156 replaced (Due dates for payment of late filing penalty)
156Due dates for payment of late notification penalty
22Section 169 amended (Power to require objection to be determined by chief executive)
23Section 173 amended (Part 4A of Tax Administration Act 1994 applies to disputes under this Act)
24New section 176A inserted (Challenge to decision relating to listing of entity as charity)
176AChallenge to decision relating to listing of entity as charity
25Section 185 replaced (Challenge to late filing penalty)
185Challenge to late notification penalty
26Section 202 amended (Provisions of Tax Administration Act 1994 and Income Tax Act 2007 to apply to this Act)
27New section 209A inserted (Disclosure of information to Australian Taxation Office in relation to borrowers who are, or may be, overseas-based)
209ADisclosure of information to Australian Taxation Office in relation to borrowers who are, or may be, overseas-based
28Section 213 repealed (Meaning of formally notify)
29Section 214 amended (Notice requirements of Tax Administration Act 1994 do not apply)
30Section 215 amended (Regulations)
31Section 220 amended (Application, savings, and transitional provisions)
32Schedule 1 amended
33Schedule 3 amended
34Schedule 4 amended
35Schedule 6 amended
36Student Loan Scheme (Charitable Organisations) Regulations 2011 consequentially revoked
37Income Tax Act 2007
38Section BE 1 amended (Withholding liabilities)
39Section BF 1 amended (Other obligations)
40Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)
41Section CB 15B amended (When land acquired)
42Section FB 3A amended (Residential land)
43Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
44New section LB 6B inserted (Tax credits for RLWT)
LB 6BTax credits for RLWT
45Section MK 2 amended (Eligibility requirements)
46New section RA 6C inserted (Withholding and payment obligations for residential land)
RA 6CWithholding and payment obligations for residential land
47Section RA 10 amended (When obligations not met)
48Section RA 15 amended (Payment dates for interim and other tax payments)
49New subpart RL inserted (Residential land withholding tax)
RL 1Residential land withholding tax
RL 2Vendors: who must pay, and how?
RL 3Associated persons: who must pay, and how?
RL 4How much RLWT?
RL 5Paying RLWT
RL 6Commissioner repaying RLWT
50Section YA 1 amended (Definitions)
51Goods and Services Tax Act 1985
52Section 2 amended (Interpretation)
53Section 5 amended (Meaning of term supply)
54Section 8 amended (Imposition of goods and services tax on supply)
55New section 8B inserted (Remote services: determining residence and status of recipients)
8BRemote services: determining residence and status of recipients
56Section 9 amended (Time of supply)
57Section 10 amended (Value of supply of goods and services)
58Section 11A amended (Zero-rating of services)
59Section 15 amended (Taxable periods)
60Section 20 amended (Calculation of tax payable)
61Section 21G amended (Definitions and requirements for apportioned supplies and adjustment periods)
62Section 24 amended (Tax invoices)
63Section 24B amended (Records to be kept by recipient of imported services)
64Section 25 amended (Credit and debit notes)
65Section 25AA amended (Consequences of change in contract for imported services)
66Section 51 amended (Persons making supplies in course of taxable activity to be registered)
67Section 51B amended (Persons treated as registered)
68Section 54B amended (Non-residents: registration)
69Section 54C amended (Non-residents: cancellation of registration)
70Section 56B amended (Branches and divisions in relation to certain imported services)
71Section 60 amended (Agents and auctioneers)
72New sections 60C and 60D inserted
60CElectronic marketplaces
60DApproved marketplaces
73Section 75 amended (Keeping of records)
74Section 77 replaced (New Zealand currency)
77New Zealand or foreign currency
75New section 85B inserted (Certain contracts entered into before 1 October 2016)
85BCertain contracts entered into before 1 October 2016
76Tax Administration Act 1994
77Section 22 amended (Keeping of business and other records)
78Section 24B amended (PAYE tax codes)
79Section 24BA amended (Offshore persons’ bank accounts and tax file numbers)
80New sections 54B, 54C, 54D, and 54E inserted
54BReturn of statement for RLWT
54CInformation in relation to payment of RLWT
54DInformation in relation to repayment of RLWT
54ERLWT certificate of exemption
81Section 81 amended (Officers to maintain secrecy)
82Section 139A amended (Late filing penalty for certain returns)
83Section 143A amended (Knowledge offences)
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: