Taxation (Income Tax Rate and Other Amendments) Act 2020

Reprint as at 30 March 2021

Coat of Arms of New Zealand

Taxation (Income Tax Rate and Other Amendments) Act 2020

Public Act
 
2020 No 65
Date of assent
 
7 December 2020
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Inland Revenue Department.

Contents

1Title
2Commencement
3Application
4Income Tax Act 2007
5Section RD 10 amended (Amounts of tax for PAYE income payments)
6Section RD 17 amended (Payment of extra pay with other PAYE income payments)
7Section RD 50 amended (Employer’s liability for attributed benefits)
8Section RD 52 amended (Calculation for certain employees when information lacking)
9Section RD 53 amended (Pooling non-attributed benefits)
10Section RD 58 amended (Single rate option)
11Section RD 59 amended (Alternate rate option)
12Section RD 60 amended (Close company option)
13Section RD 61 amended (Small business option)
14Section RD 67 amended (Calculating amounts of tax for employer’s superannuation cash contributions)
15Section RL 4 amended (How much RLWT?)
16Schedule 1, part A, table 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
17Schedule 1, part C, table 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
18Schedule 1, part D, table 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
19Schedule 1, part D, table 2 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
20Schedule 1, part D, table 3 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
21Schedule 1, part D, table 4 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
22Schedule 1, part D, table 5 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
23Schedule 2, part A amended (Basic tax rates for PAYE income payments)
6B“SA” tax code
24Schedule 2, part B, table 1 amended (Basic tax rates for PAYE income payments)
25Schedule 6, table 2 amended (Prescribed rates: PIE investments and retirement scheme contributions)
26Tax Administration Act 1994
27Section 28C amended (Person advising retirement savings scheme of retirement scheme prescribed rate)
28Section 48B amended (Reconciliation statement for retirement scheme contribution withholding tax)
29Schedule 4, table 1 amended (Reporting of employment information)
30Schedule 5, part A, clause 1 amended (Certain tax codes and rates)
31Schedule 5, part A, tax code table amended (Certain tax codes and rates)
32Tax Administration Act 1994
33New section 17GB inserted (Commissioner may require information or production of documents for tax policy development)
17GBCommissioner may require information or production of documents for tax policy development
34Section 59 amended (Disclosure of trust particulars)
35New sections 59BA and 59BAB inserted
59BAAnnual return for trusts
59BABCommissioner may require trust information for period after 2013–14 income year
36Income Tax Act 2007
37Section ME 1 amended (Minimum family tax credit)
38Section YA 1 amended (Definitions)
Reprint notes

The Parliament of New Zealand enacts as follows: