Hon Bill English
Government Bill
23—1
Explanatory note
1 Title
2 Commencement
Part 1Amendments to Income Tax Act 2007
3 Income Tax Act 2007
4 New section CW 55BB inserted (Minors' income, to limited extent)
CW 55BB Minors' income, to limited extent
5 Section EC 8 amended (Restrictions on use of herd scheme)
6 Sections and headings in subpart LC repealed (Tax credits for natural persons)
7 Section YA 1 amended (Definitions)
8 Schedule 2—Basic tax rates for PAYE income payments
Part 2Amendments to Tax Administration Act 1994
9 Tax Administration Act 1994
10 Section 24B amended (PAYE tax codes)
11 Section 24H amended (When entitlement to use tax code ends)
12 Section 41A amended (Returns by persons with tax credits for housekeeping payments and charitable or other public benefit gifts)
Part 3Student loan scheme: Repeal of 10% voluntary repayment bonus
13 Student Loan Scheme Act 2011
14 Purpose
Repeal of provisions on 10% bonus
15 Section 118 repealed (Interpretation)
16 Section 121 amended (Options that apply to excess repayments)
17 Part 3, subpart 1 repealed
Consequential changes to overseas-based repayment obligation
18 Section 110 amended (Repayment obligations of overseas-based borrowers)
19 Section 111 amended (Exceptions to repayment obligations of overseas-based borrowers)
Consequential repeals of spent amending provisions
20 Student Loan Scheme Amendment Act 2012 amended
The Parliament of New Zealand enacts as follows: