COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020

Coat of Arms of New Zealand

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

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