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COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020
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COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020
Public Act
2020 No 10
Date of assent
30 April 2020
Commencement
see section 2
Contents
1
Title
2
Commencement
Part 1
Amendments to Inland Revenue Acts
Income Tax Act 2007 amended
3
Income Tax Act 2007
4
Section CW 33 amended (Allowances and benefits)
5
Section DF 1 amended (Government grants to businesses)
6
Section EW 45 amended (Consideration when debtor released from obligation)
7
New section GB 3B inserted (Arrangements for carrying back net losses: companies)
GB 3B
Arrangements for carrying back net losses: companies
8
Section GB 4 amended (Arrangements for grouping tax losses: companies)
9
Section IC 9 amended (Date for payment and notice to Commissioner)
10
Section ID 1 amended (Treatment of tax losses by consolidated groups)
11
New section IZ 8 inserted (Election to use net loss for 2019–20 or 2020–21 year as tax loss in preceding year)
IZ 8
Election to use net loss for 2019–20 or 2020–21 year as tax loss in preceding year
12
Section MD 6 amended (Second requirement: principal care)
13
Section RC 7 amended (Estimation method)
14
Section RM 10 amended (Using refund to satisfy tax liability)
15
Section YA 1 amended (Definitions)
Tax Administration Act 1994 amended
16
Tax Administration Act 1994
17
Section 3 amended (Interpretation)
18
New heading and new sections 6H and 6I inserted
COVID-19 response variations
6H
COVID-19 response: powers to vary provisions of Inland Revenue Acts
6I
COVID-19 response: Commissioner’s variations
19
New section 7AA inserted (Authorisation to make payments under small business cashflow scheme)
7AA
Authorisation to make payments under small business cashflow loan scheme
20
Section 80KK amended (Payment by instalment of family tax credit and Best Start tax credit (without abatement))
21
New section 113G inserted (Amended assessments: tax year to which net loss carried back under section IZ 8)
113G
Amended assessments: tax year to which net loss carried back under section IZ 8
22
Section 183ABAB amended (Remission for taxpayers affected by COVID-19)
23
Schedule 7 amended (Disclosure Rules)
45B
Social Development: wage subsidy scheme information
Child Support Act 1991 amended
24
Child Support Act 1991
25
Section 2 amended (Interpretation)
26
Section 9 amended (Social security beneficiaries must apply for formula assessment)
27
Section 27 amended (Election by receiving carer to end formula assessment)
28
Section 35A amended (Living allowance)
29
Section 142 amended (Payment of formula assessment child support to receiving carers who are social security beneficiaries)
Part 2
Amendments to other Acts
Animal Welfare Amendment Act (No 2) 2015 amended
30
Animal Welfare Amendment Act (No 2) 2015
31
Section 2 amended (Commencement)
Credit Contracts Legislation Amendment Act 2019 amended
32
Credit Contracts Legislation Amendment Act 2019
33
Section 2 amended (Commencement)
34
Schedule 2 amended
Consequential amendments to Schedule 1AA of Credit Contracts and Consumer Finance Act 2003
35
Consequential amendments to Schedule 1AA of Credit Contracts and Consumer Finance Act 2003
Public Finance Act 1989 amended
36
Public Finance Act 1989
37
New section 41AA inserted (Minister may grant extension of time requirement to provide information on strategic intentions: COVID-19)
41AA
Minister may grant extension of time requirement to provide information on strategic intentions: COVID-19
Crown Entities Act 2004 amended
38
Crown Entities Act 2004
39
New section 139C inserted (Responsible Minister may grant extension of time for requirement to provide statement of intent: COVID-19)
139C
Responsible Minister may grant extension of time for requirement to provide statement of intent: COVID-19
40
New section 149CA inserted (Responsible Minister may grant extension of time for obligation to prepare statement of performance expectations: COVID-19)
149CA
Responsible Minister may grant extension of time for obligation to prepare statement of performance expectations: COVID-19
State-Owned Enterprises Act 1986 amended
41
State-Owned Enterprises Act 1986
42
New section 14A inserted (Shareholding Ministers may grant extension of time for delivery of statement of corporate intent: COVID-19)
14A
Shareholding Ministers may grant extension of time for delivery of statement of corporate intent: COVID-19
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: