Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017

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Corrections have been made to section 9(3) on 25 May 2017 under section 25(1)(j)(i) of the Legislation Act 2012.

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Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017

Public Act		2017 No 3
Date of assent		21 February 2017
Commencement		see section 2

1	Title
2	Commencement
	Part 1 Exchange of information
	Subpart 1—Amendments to Income Tax Act 2007
3	Income Tax Act 2007 amended
4	Section BH 1 amended (Double tax agreements)
5	Section HC 11 amended (Foreign trusts)
6	Section HC 26 amended (Foreign-sourced amounts: resident trustees)
7	Section YA 1 amended (Definitions)
	Subpart 2—Amendments to Tax Administration Act 1994
8	Tax Administration Act 1994 amended
9	Section 3 amended (Interpretation)
10	Section 22 amended (Keeping of business and other records)
11	Section 59B replaced (Disclosure of foreign trust particulars)
	59B	Foreign trust with resident foreign trustee: registration and disclosure
	59C	Time limits for registration and disclosure of changes
	59D	Annual return for foreign trust
	59E	Fees: regulations and exemption
12	Section 81 amended (Officers to maintain secrecy)
13	Section 89C amended (Notices of proposed adjustment required to be issued by Commissioner)
14	New heading and sections 91AAU to 91AAW inserted
		Determinations relating to foreign account information-sharing agreements
	91AAU	Participating jurisdictions for CRS applied standard
	91AAV	Suspension of reportable jurisdictions for CRS applied standard
	91AAW	Non-reporting financial institutions and excluded accounts for CRS applied standard
15	Section 94A amended (Assessment of shortfall penalties)
16	New section 94C inserted (Assessment of penalties under sections 142H and 142I)
	94C	Assessment of penalties under sections 142H and 142I
17	New sections 142H and 142I inserted
	142H	Failures of financial institutions to meet requirements under Part 11B and CRS applied standard
	142I	Failures to meet requirements under Part 11B to provide information, including self-certifications
18	Section 143 amended (Absolute liability offences)
19	Section 143A amended (Knowledge offences)
20	Section 185E amended (Purpose)
21	New heading inserted after section 185E
22	Section 185F amended (Permitted choices in relation to foreign account information-sharing agreements)
23	Section 185G amended (Obligations related to foreign account information-sharing agreements: registration)
24	Section 185H amended (Obligations related to foreign account information-sharing agreements: due diligence)
25	Section 185I amended (Obligations related to foreign account information-sharing agreements: information for NZ competent authority)
26	Section 185J amended (Obligations related to foreign account information-sharing agreements: information for third parties)
27	Section 185L repealed (Foreign account information-sharing agreements: anti-avoidance)
28	New headings and sections 185N to 185R inserted
		CRS standard
	185N	Requirements for financial institution
	185O	Application of Common Reporting Standard
		Foreign account information-sharing agreements generally
	185P	Requirements for persons to provide information to financial institution
	185Q	Requirements and penalties for entities that are not persons
	185R	Foreign account information-sharing agreements: anti-avoidance
29	New sections 226D and 226E inserted
	226D	Reportable jurisdictions for CRS standard and Part 11B
	226E	Application of changes to CRS standard
30	New schedule 2 inserted (Application of CRS standard)
	Part 2 Business tax: AIM provisional tax method
	Subpart 1—Amendments to Income Tax Act 2007
31	Income Tax Act 2007 amended
32	Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
33	Section RA 14 amended (Payment dates for provisional tax)
34	Section RC 1 amended (What this subpart does)
35	Section RC 5 amended (Methods for calculating provisional tax liability)
36	New section RC 7B inserted (AIM method)
	RC 7B	AIM method
37	Section RC 9 amended (Provisional tax payable in instalments)
38	Table R1 amended (Summary of instalment dates and calculation methods for provisional tax)
39	New section RC 10B inserted (Calculating amount of instalment for periods using AIM method)
	RC 10B	Calculating amount of instalment for periods using AIM method
40	Section RC 24 amended (Calculating instalments in transitional years: GST ratio method)
41	New section RM 6B inserted (Refunds for overpaid AIM method instalments)
	RM 6B	Refunds for overpaid AIM method instalments
42	RM 13 amended (Limits on refunds for ICA companies)
43	Section RP 17 amended (Tax pooling intermediaries)
44	Section RP 17B amended (Tax pooling accounts and their use)
45	Section RP 19B amended (Transfers for certain expected tax liabilities)
46	Section YA 1 amended (Definitions)
47	Schedule 3 amended (Payment of provisional tax and terminal tax)
	Subpart 2—Amendments to Tax Administration Act 1994
48	Tax Administration Act 1994 amended
49	Section 3 amended (Interpretation)
50	New heading and sections 15U to 15Z inserted
		AIM method
	15U	Approval of approved AIM providers
	15V	Revocation of approval of AIM providers: Commissioner
	15W	Revocation of approval of AIM providers: provider
	15X	Publication of approval, revocation, etc
	15Y	AIM method: approval of large business AIM-capable system
	15Z	AIM method: approval of person over $5,000,000
51	New sections 45 and 45B inserted
	45	AIM method information: taxpayers
	45B	AIM method information: approved AIM providers
52	New heading and sections 91AAX to 91AAZ inserted
		Determinations relating to AIM method
	91AAX	Accounting and rate determinations relating to AIM method
	91AAY	Class of taxpayers that must not use AIM method
	91AAZ	AIM method information
53	Section 119 amended (Commissioner may determine amount of provisional tax)
54	New section 120KBC inserted (Interest for AIM method provisional taxpayers)
	120KBC	Interest for AIM method provisional taxpayers
55	Section 120KC amended (Residual income tax of new provisional taxpayer)
56	Section 120KE amended (Provisional tax and rules on use of money interest)
57	New section 120LB inserted (Meaning of unpaid tax and overpaid tax for tax credit transferees under AIM method)
	120LB	Meaning of unpaid tax and overpaid tax for tax credit transferees under AIM method
58	New section 120VB inserted (Interest on overpaid AIM method provisional tax)
	120VB	Interest on overpaid AIM method provisional tax
59	Section 141 amended (Tax shortfalls)
60	Section 141B amended (Unacceptable tax position)
	Part 3 Business tax and remedial matters
	Subpart 1—Amendments to Income Tax Act 2007
61	Income Tax Act 2007 amended
62	Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)
63	Section CB 15B amended (When land acquired)
64	Section CB 15B amended (When land acquired)
65	Section CD 32 amended (Employee benefits)
66	Section CE 2 amended (Value and timing of benefits under share purchase agreements)
67	Section CX 6 amended (Private use of motor vehicle)
68	Section CX 17 amended (Benefits provided to employees who are shareholders or investors)
69	Section DB 7 amended (Interest: most companies need no nexus with income)
70	Section DB 8 amended (Interest: money borrowed to acquire shares in group companies)
71	New section DB 18AA inserted (Square metre rate method)
	DB 18AA	Square metre rate method
72	Section DE 1 amended (What this subpart does)
73	Section DE 2 amended (Deductions for business use)
74	New section DE 2B inserted (Election to use kilometre rate method or costs method)
	DE 2B	Election to use kilometre rate method or costs method
75	Section DE 3 amended (Methods for calculating proportion of business use)
76	Section DE 4 amended (Default method for calculating proportion of business use)
77	Heading and section DE 12 replaced
		Kilometre rates
	DE 12	Kilometre rate method
78	Section DF 4 amended (Payments for social rehabilitation)
79	Section EA 4 amended (Deferred payment of employment income)
80	Section EE 49 amended (Amount of depreciation recovery income when item partly used for business)
81	Section HD 3 amended (Agent’s duties and liabilities)
82	Section LB 7 amended (Tax credits related to personal service rehabilitation payments: providers)
83	Section LB 8 amended (Tax credits related to personal service rehabilitation payments: payers)
84	Section MD 9 amended (Fifth requirement: full-time earner)
85	Table R1 amended (Summary of instalment dates and calculation methods for provisional tax)
86	Section RD 3 amended (PAYE income payments)
87	Section RD 6 amended (Certain benefits and payments)
88	Section RD 7B amended (Treatment of certain benefits under employee share agreements)
89	Section RD 8 amended (Schedular payments)
90	Section RD 10 amended (Amounts of tax for PAYE income payments)
91	New section RD 10B inserted (Amounts of tax for schedular payments)
	RD 10B	Amounts of tax for schedular payments
92	Section RD 18 repealed (Schedular payments without notification)
93	Section RD 60 amended (Close company option)
94	Section RD 61 amended (Small business option)
95	Section RL 1 amended (Residential land withholding tax)
96	Section RL 2 amended (Vendors: who must pay, and how?)
97	Section RL 4 amended (How much RLWT?)
98	Section YA 1 amended (Definitions)
99	Schedule 4 amended (Rates of tax for schedular payments)
	Subpart 2—Amendments to Tax Administration Act 1994
100	Tax Administration Act 1994 amended
101	Section 3 amended (Interpretation)
102	Section 24G amended (Use of incorrect tax codes)
103	Section 24L amended (Schedular notification)
104	New sections 24LB and 24LC inserted
	24LB	Schedular tax rate elected by payee
	24LC	Schedular tax rate prescribed by Commissioner
105	Section 24M amended (Exemption certificates for schedular payments)
106	Section 32H amended (Providing RWT exemption certificate when person meets requirements)
107	Section 32I amended (Providing RWT exemption certificate to person who does not meet requirements)
108	Section 35 amended (Power of Commissioner to prescribe forms)
109	Section 54E amended (RLWT certificate of exemption)
110	Section 81 amended (Officers to maintain secrecy)
111	New sections 85M and 85N inserted
	85M	Disclosure of information relating to some offences to the Registrar of Companies
	85N	Disclosure of information to approved credit reporting agencies
112	Section 113A amended (Correction of minor errors in subsequent returns)
113	Section 120C amended (Definitions)
114	Section 120KB amended (Provisional tax instalments and due dates generally)
115	New section 120KBB inserted (Interest for most standard method and some estimation method provisional taxpayers)
	120KBB	Interest for most standard method and some estimation method provisional taxpayers
116	Section 120KE amended (Provisional tax and rules on use of money interest)
117	New section 120VC inserted (Interest on some provisional tax)
	120VC	Interest on some provisional tax
118	Section 138E amended (Certain rights of challenge not conferred)
119	Section 139B amended (Late payment penalty)
120	Section 139B amended (Late payment penalty)
121	Section 139BA amended (Imposition of late payment penalties when financial relief sought)
122	Section 139C amended (Late payment penalty and provisional tax)
123	Section 142A amended (New due date for payment of tax that is not a penalty)
124	Section 142B amended (Due date for shortfall penalties)
125	Section 173L amended (Transfer of excess tax within taxpayer’s accounts)
126	Section 173M amended (Transfer of excess tax to another taxpayer)
127	Section 173S amended (Transfers of interest on overpaid tax)
128	Section 183C amended (Cancellation of interest)
129	New section 227B (Regulations providing for transitional exemptions and other matters)
	227B	Regulations providing for transitional exemptions and other matters
	Subpart 3—Amendments to other enactment
130	Student Loan Scheme Act 2011 amended
131	Section 25 amended (Commissioner may treat certain borrowers as being physically in New Zealand)
132	Section 27E amended (Commissioner may remove entity’s listing as charity)
133	Schedule 1 amended (Conditions to borrower being treated as being physically in New Zealand)
	1	Definitions
	9A	Condition to government-funded full-time overseas study application
	9B	Condition to government-funded overseas internship application
	Schedule New schedule 2 inserted
	Legislative history
	Administrative information

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Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017

Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017

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