Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016

Coat of Arms of New Zealand

Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016

Public Act
 
2016 No 27
Date of assent
 
2 June 2016
Commencement
 
see section 2

Contents

1Title
2Commencement
3Income Tax Act 2007 amended
4Section BF 1 amended (Other obligations)
5Section CB 8 amended (Disposal: land used for landfill, if notice of election)
6Section CB 28 amended (Environmental restoration accounts)
7Section CD 34B amended (Distributions to members of co-operative companies)
8Section CE 2 amended (Value and timing of benefits under share purchase agreements)
9Section CX 55 amended (Proceeds from disposal of investment shares)
10Section CZ 25 amended (Land and buildings as revenue account property affected by Canterbury earthquakes and replaced—insurance or compensation, Government purchase)
11Section CZ 26 amended (Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 11 and CB 14 overridden for Crown purchases)
12Section DQ 4 amended (Environmental restoration accounts scheme)
13Section EC 7 amended (Valuation methods)
14Section EC 46 amended (Use of bloodstock for racing)
15Section EC 48 amended (Replacement breeding stock)
16Section EG 1 amended (Election to use balance date used in foreign country)
17Section EH 12 amended (Application for refund by person, trustee of estate, Official Assignee, or liquidator)
18Section EH 13 amended (Refund on request)
19Section EH 14 amended (Income when refund given on request)
20Section EH 44 amended (Application for refund by person, trustee of estate, Official Assignee, or liquidator)
21Section EH 45 amended (Refund on request)
22Section EH 46 amended (Income when refund given on request)
23Section EH 70 amended (Application for refund by person or liquidator)
24Section EH 71 amended (Refund on request)
25Section EH 72 amended (Income when refund given on request)
26Section EI 1 amended (Spreading backward of income from timber)
27Section EI 3 amended (Assigning or granting copyright)
28Section EI 8 amended (Disposal of land to the Crown)
29Section EK 11 amended (Application for refund)
30Section EK 12 amended (Refund if request or excess balance)
31Section EK 13 amended (Income when refund given on request)
32Section EK 14 amended (Application for transfer)
33Section EK 15 amended (Transfer on request)
34Section EK 16 amended (Transfer on death, bankruptcy, or liquidation)
35Section EW 15E amended (Determination alternatives)
36Section EW 26 (Change of spreading method)
37Section EW 33B amended (Foreign ASAPs: designated FX hedges)
38Section EX 31 amended (Exemption for ASX-listed Australian companies)
39Section EY 11 amended (Superannuation schemes providing life insurance)
40Section EY 49 amended (Non-resident life insurer becoming resident)
41Section EZ 23B amended (Property acquired after depreciable property affected by Canterbury earthquakes)
42Section EZ 23BB amended (Interest in property acquired after depreciable property affected by Canterbury earthquakes)
43Section EZ 35 amended (Accruals in relation to income and expenditure in respect of financial arrangements)
44Section EZ 52B amended (Consistency of use of IFRS method: Determination G3 change allowed)
45Section FE 18 (Measurement of debts and assets of worldwide group)
46Section FM 4 amended (Limiting joint and several liability of group companies)
47Section GC 11 amended (Requests for matching treatment)
48Section HB 13 amended (LTC elections)
49Section LF 8 amended (Credits for persons who are non-resident or who receive exempt income)
50Heading and sections LZ 9 to LZ 12 repealed
51Section RC 8 amended (GST ratio method)
52Section RC 17 amended (When GST ratio must not be used)
53Section RC 18 amended (Changing calculation method)
54Section RC 19 amended (Disposal of assets)
55Section RD 6 amended (Certain benefits and payments)
56Section RD 7 amended (Extra pay)
57New section RD 7B inserted (Treatment of certain benefits under employee share agreements)
RD 7BTreatment of certain benefits under employee share agreements
58Section RD 30 amended (Private use of motor vehicle: 24-hour period)
59Section RD 60 amended (Close company option)
60Section RD 61 amended (Small business option)
61Section RD 68 amended (Choosing to have amount treated as salary or wages)
62Section RM 5 amended (Overpayment on income statements)
63Section RM 12 amended (Reduction in provisional tax liability)
64Section RM 21 amended (Refunds when loss balances used to reduce net income)
65Section RP 17B amended (Tax pooling accounts and their use)
66Section RP 19 amended (Transfers from tax pooling accounts)
67Section RP 19B amended (Transfers for certain expected tax liabilities)
68Section RP 20 amended (Declining, amending, or reversing transfers)
69Section RP 21 amended (Refunds from tax pooling accounts)
70Heading and sections RZ 7 to RZ 10 repealed
71Section YA 1 amended (Definitions)
72New section YA 4 inserted (General rules for giving information or communicating matters)
YA 4General rules for giving information or communicating matters
73New section YZ 4 (Saving of effect of certain terms defined in Canterbury Earthquake Recovery Act 2011
YZ 4Saving of effect of certain terms defined in Canterbury Earthquake Recovery Act 2011
74Income Tax Act 2007: insertion of items in lists of defined terms
75Tax Administration Act 1994 amended
76Section 3 amended (Interpretation)
77Section 13 amended (Proof of signature of Commissioner)
78New section 13B inserted (Use of electronic signatures for tax administration purposes)
13BUse of electronic signatures for tax administration purposes
79Sections 14, 14B, and 14C replaced
14Modes of communication: general provisions
14BAsking, requesting, or informing
14CApplying or notifying
14DFormally notifying
14EOverriding provisions
14FGiving information by personal delivery, post, fax, or electronic means
14GContact addresses
80Section 15P amended (Role of Commissioner)
81Section 17 amended (Information to be furnished on request of Commissioner)
82Section 17A amended (Court orders for production of information or return)
83Section 20 amended (Privilege for confidential communications between legal practitioners and their clients)
84Section 20C amended (Treatment of document)
85Section 20D amended (Claim that document is tax advice document)
86Section 21 amended (Information requisitions in relation to offshore payments)
87Section 22 amended (Keeping of business and other records)
88Section 24B amended (PAYE tax codes)
89Section 24F amended (Special tax code certificates)
90Section 24H amended (When entitlement to use tax code ends)
91Section 24I amended (PAYE tax code notification and certificate)
92New section 24IB inserted (Special tax code notification)
24IBSpecial tax code notification
93Section 25 amended (RWT withholding certificates)
94Section 26 amended (Records to be kept for RWT purposes)
95Section 27 amended (Provision of tax file numbers)
96Section 28 amended (Recipient of resident passive income to provide tax file number when RWT not withheld)
97Section 28B amended (Notification of investors’ tax rates)
98Section 29 amended (Shareholder dividend statement to be provided by company)
99Section 31 amended (Maori authority to give notice of amounts distributed)
100Section 32 amended (Records of specified charitable, benevolent, philanthropic, or cultural bodies)
101Section 32A amended (Records to be provided by employer who contributes to superannuation fund)
102Section 32D amended (Disclosure requirements for purpose of continuity provisions and public unit trusts)
103Section 32E amended (Applications for RWT exemption certificates)
104Section 32I amended (Providing RWT exemption certificate to person who does not meet requirements)
105Section 32M amended (Persons with approved issuer status)
106Section 33AA amended (Exceptions to requirement for return of income)
107Section 33A amended (Annual returns of income not required)
108Section 34B amended (Commissioner to list tax agents)
109Section 38 amended (Returns to annual balance date)
110Section 40 amended (General requirements for returns)
111Section 41B amended (Return by person applying for tax credit on redundancy payment)
112Section 43A amended (Non-active companies may be excused from filing returns)
113Section 44D amended (Natural product dealer certificate)
114Section 46 amended (Employers to make returns as to employees)
115Section 46A amended (Accident Rehabilitation and Compensation Insurance Corporation to provide information as to recipients of weekly compensation)
116Section 56 repealed (Returns of special accounts)
117Section 58 amended (Returns of specified charitable, benevolent, philanthropic, or cultural bodies)
118Section 63 amended (Commissioner to be notified of bonus issue)
119Section 80F amended (Taxpayer obligations and assessment on receipt of income statement)
120Section 80G amended (Income statement deemed return)
121Section 80H amended (Income statement deemed assessment)
122Section 81 amended (Officers to maintain secrecy)
123Section 82A amended (Disclosure of information to prevent cessation of benefit payments)
124Section 83 amended (Disclosure of information for purposes of entitlement card)
125Section 85C amended (Use and supply of information supplied for purposes of section 85B)
126Section 85E amended (Disclosure of information for assessment of levies)
127Section 87 amended (Further secrecy requirements)
128Section 89 amended (Commissioner to inform Minister where funds of gift-exempt body applied for non-charitable purpose, etc)
129Section 89F amended (Content of notice of proposed adjustment)
130Section 89H amended (Deemed acceptance)
131Section 89I amended (Circumstances where disputant may not challenge adjustment)
132Section 89M amended (Disclosure notices)
133Section 89N amended (Completing the disputes process)
134Section 89O amended (Test cases)
135Section 90AC amended (Determinations relating to financial arrangements)
136Section 90AE amended (Four-year period in which determination not required to be applied)
137Section 91AAG amended (Determination on special rates and provisional rates)
138Section 91AAL amended (Determination on maximum pooling value)
139Section 91AAN amended (Determinations on rates for diminishing value of environmental expenditure)
140Section 91AAQ amended (Determination on insurer as non-attributing active CFC)
141Section 91DD amended (Extension of a public ruling)
142Section 91E amended (Commissioner to make private rulings on request)
143Section 91EB amended (Application of a private ruling)
144Section 91EC amended (Applying for a private ruling)
145Section 91EE amended (Commissioner may request further information)
146Section 91EG amended (Right to consultation)
147Section 91EH amended (Content and notification of a private ruling)
148Section 91EI amended (Withdrawal of a private ruling)
149Section 91FB amended (Application of a product ruling)
150Section 91FE amended (Commissioner may request further information)
151Section 91FG amended (Right to consultation)
152Section 91FH amended (Content and notification of a product ruling)
153Section 91GB amended (Commissioner to make status rulings on request)
154Section 91GD amended (Commissioner may request further information)
155Section 91GE amended (Right to consultation)
156Section 91GG amended (Notification of status ruling)
157Section 95 repealed (Assessment of withdrawal tax)
158Section 106 amended (Assessment where default made in furnishing returns)
159Section 108B amended (Extension of time bars)
160Section 120KE amended (Provisional tax and rules on use of money interest)
161Section 124A amended (Application of Part 8)
162Section 126 amended (Procedure for objections to assessments)
163Section 130 amended (Objections to allowance determinations)
164Section 136 amended (When objection may be referred directly to High Court)
165Section 137 amended (Test case procedure)
166Section 138B amended (When disputant entitled to challenge assessment)
167Section 138R amended (Stay of proceedings for similar cases)
168Section 139BA amended (Imposition of late payment penalties when financial relief sought)
169Section 141JA amended (Application of Part 9 to non-filing taxpayers)
170Section 141L amended (Duty of Commissioner to report on application of penalties)
171Section 150D amended (Evidence in proceedings for failure to furnish returns or information)
172Section 157 amended (Deduction of tax from payments due to defaulters)
173Section 159 amended (Procedure in District Court where defendant absent from New Zealand)
174Section 177 amended (Taxpayer may apply for financial relief)
175Section 177A amended (How to apply serious hardship provisions)
176Section 183CA amended (Cancellation of interest charged on unpaid provisional tax)
177Section 183CB amended (Cancellation of interest charged on payments under PAYE rules or provisional tax rules arising from work in Canterbury earthquake recovery programme)
178Section 183H amended (Remission on application)
179Section 184 amended (Refund of tax paid on income subsequently exempted by Order in Council)
180Section 226B amended (Business group amnesties)
181Goods and Services Tax Act 1985 amended
182Section 2 amended (Interpretation)
183Section 5 amended (Meaning of term supply)
184Section 8 amended (Imposition of goods and services tax on supply)
185Section 11 amended (Zero-rating of goods)
186Section 14 amended (Exempt supplies)
187Section 19 amended (Accounting basis)
188Section 19A amended (Requirements for accounting on payments basis)
189Section 25 amended (Credit and debit notes)
190Section 43 amended (Deduction of tax from payment due to defaulters)
191Section 51 amended (Persons making supplies in course of taxable activity to be registered)
192Section 51B amended (Persons treated as registered)
193Section 52 amended (Cancellation of registration)
194Section 53 amended (Registered person to notify change of status)
195Section 55 amended (Group of companies)
196Section 56 amended (Branches and divisions)
197Section 57 amended (Unincorporated bodies)
198Section 58 amended (Personal representative, liquidator, receiver, etc)
199Section 60 amended (Agents and auctioneers)
200Section 60B amended (Nominated recipients of supplies)
201Section 75 amended (Keeping of records)
202New section 75B inserted (General rules for giving information or communicating matters)
75BGeneral rules for giving information or communicating matters
203Section 78A amended (Returns to be furnished in 2 parts for taxable period in which change in rate of tax occurs)
204Section 78BA amended (Adjustments to tax payable in relation to credit and debit notes following change in rate of tax)
205Section 78E amended (Alteration of agreed price in relation to supply mistakenly believed to be of a going concern)
206Section 78F amended (Liability in relation to supplies of land)
207Section 86 amended (Alternative method of accounting for transitional supplies)
208KiwiSaver Act 2006 amended
209Section 4 amended (Interpretation)
210Section 10 replaced (Who automatic enrolment rules apply to)
10Who automatic enrolment rules apply to
211Section 18 amended (Extension of opt-out period)
212Section 59A amended (When this subpart applies)
213Section 59B amended (Initial back-dated validation)
214Section 59C amended (Confirmed back-dated validation)
215New section 59CB inserted (Confirmed back-dated validation for those under 18 years at time of enrolment or opt-in)
59CBConfirmed back-dated validation for those under 18 years at time of enrolment or opt-in
216Section 59D amended (What happens when initial back-dated validation ends, with no confirmed back-dated validation?)
217Section 217 amended (Giving of notices by and to Commissioner)
218Section 220B replaced (Information sharing)
220BInformation sharing
219Child Support Act 1991 amended
220Section 9 amended (Social security beneficiaries must apply for formula assessment)
221Section 122 amended (Social security beneficiary to be compellable witness against liable parent)
222Section 156 amended (Copy of deduction notice to be given to liable person)
223Student Loan Scheme Act 2011 amended
224Section 50 amended (Procedures for issue of additional deduction rate notice)
225Section 214 amended (Notice requirements of Tax Administration Act 1994 do not apply)
226Section 12L of Gaming Duties Act 1971 amended (Deduction of duty from payments due to defaulters)
227Accident Compensation Act 2001 amended
228Section 11 amended (Earnings as an employee: what it does not include)
229Section 15 amended (Earnings as a shareholder-employee)
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: