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Taxation (Transformation: First Phase Simplification and Other Measures) Bill
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Hon Michael Woodhouse
Taxation (Transformation: First Phase Simplification and Other Measures) Bill
Government Bill
41—3
Contents
Key
1
Title
2
Commencement
Part 1
Amendments to Income Tax Act 2007
3
Income Tax Act 2007 amended
4
Section BF 1 amended (Other obligations)
5
Section CB 8 amended (Disposal: land used for landfill, if notice of election)
6
Section CB 28 amended (Environmental restoration accounts)
7
Section CD 34B amended (Distributions to members of co-operative companies)
7B
Section CE 2 amended (Value and timing of benefits under share purchase agreements)
7C
Section CX 55 amended (Proceeds from disposal of investment shares)
8
Section CZ 25 amended (Land and buildings as revenue account property affected by Canterbury earthquakes and replaced—insurance or compensation, Government purchase)
8B
Section CZ 26 amended (Land and buildings affected by Canterbury earthquakes
—
sections CB 9 to CB 11 and CB 14 overridden for Crown purchases)
9
Section DQ 4 amended (Environmental restoration accounts scheme)
10
Section EC 7 amended (Valuation methods)
11
Section EC 46 amended (Use of bloodstock for racing)
12
Section EC 48 amended (Replacement breeding stock)
13
Section EG 1 amended (Election to use balance date used in foreign country)
14
Section EH 12 amended (Application for refund by person, trustee of estate, Official Assignee, or liquidator)
15
Section EH 13 amended (Refund on request)
16
Section EH 14 amended (Income when refund given on request)
17
Section EH 44 amended (Application for refund by person, trustee of estate, Official Assignee, or liquidator)
18
Section EH 45 amended (Refund on request)
19
Section EH 46 amended (Income when refund given on request)
20
Section EH 70 amended (Application for refund by person or liquidator)
21
Section EH 71 amended (Refund on request)
22
Section EH 72 amended (Income when refund given on request)
23
Section EI 1 amended (Spreading backward of income from timber)
24
Section EI 3 amended (Assigning or granting copyright)
25
Section EI 8 amended (Disposal of land to the Crown)
26
Section EK 11 amended (Application for refund)
27
Section EK 12 amended (Refund if request or excess balance)
28
Section EK 13 amended (Income when refund given on request)
29
Section EK 14 amended (Application for transfer)
30
Section EK 15 amended (Transfer on request)
31
Section EK 16 amended (Transfer on death, bankruptcy, or liquidation)
32
Section EW 15E amended (Determination alternatives)
33
Section EW 26 (Change of spreading method)
34
Section EW 33B amended (Foreign ASAPs: designated FX hedges)
35
Section EX 31 amended (Exemption for ASX-listed Australian companies)
36
Section EY 11 amended (Superannuation schemes providing life insurance)
37
Section EY 49 amended (Non-resident life insurer becoming resident)
38
Section EZ 23B amended (Property acquired after depreciable property affected by Canterbury earthquakes)
39
Section EZ 23BB amended (Interest in property acquired after depreciable property affected by Canterbury earthquakes)
40
Section EZ 35 amended (Accruals in relation to income and expenditure in respect of financial arrangements)
41
Section EZ 52B amended (Consistency of use of IFRS method:
Determination G3
change allowed)
42
Section FE 18 (Measurement of debts and assets of worldwide group)
43
Section FM 4 amended (Limiting joint and several liability of group companies)
44
Section GC 11 amended (Requests for matching treatment)
45
Section HB 13 amended (LTC elections)
46
Section LF 8 amended (Credits for persons who are non-resident or who receive exempt income)
47
Heading and sections LZ 9 to LZ 12 repealed
48
Section RC 8 amended (GST ratio method)
49
Section RC 17 amended (When GST ratio must not be used)
50
Section RC 18 amended (Changing calculation method)
51
Section RC 19 amended (Disposal of assets)
52
Section RD 6 amended (Certain benefits and payments)
53
Section RD 7 amended (Extra pay)
54
New section RD 7B inserted (Treatment of certain benefits under employee share agreements)
RD 7B
Treatment of certain benefits under employee share agreements
55
Section RD 30 amended (Private use of motor vehicle: 24-hour period)
56
Section RD 60 amended (Close company option)
57
Section RD 61 amended (Small business option)
58
Section RD 68 amended (Choosing to have amount treated as salary or wages)
59
Section RM 5 amended (Overpayment on income statements)
60
Section RM 12 amended (Reduction in provisional tax liability)
61
Section RM 21 amended (Refunds when loss balances used to reduce net income)
62
Section RP 17B amended (Tax pooling accounts and their use)
63
Section RP 19 amended (Transfers from tax pooling accounts)
64
Section RP 19B amended (Transfers for certain expected tax liabilities)
65
Section RP 20 amended (Declining, amending, or reversing transfers)
66
Section RP 21 amended (Refunds from tax pooling accounts)
67
Heading and sections RZ 7 to RZ 10 repealed
68
Section YA 1 amended (Definitions)
69
New section YA 4 inserted (General rules for giving information or communicating matters)
YA 4
General rules for giving information or communicating matters
69AB
New section YZ 4 (Saving of effect of certain terms defined in Canterbury Earthquake Recovery Act 2011
YZ 4
Saving of effect of certain terms defined in Canterbury Earthquake Recovery Act 2011
69B
Income Tax Act 2007: insertion of items in lists of defined terms
Part 2
Amendments to Tax Administration Act 1994
70
Tax Administration Act 1994 amended
71
Section 3 amended (Interpretation)
72
Section 13 amended (Proof of signature of Commissioner)
73
New section 13B inserted (Use of electronic signatures for tax administration purposes)
13B
Use of electronic signatures for tax administration purposes
74
Sections 14, 14B, and 14C replaced
14
Modes of communication: general provisions
14B
Asking, requesting, or informing
14C
Applying or notifying
14D
Formally notifying
14E
Overriding provisions
14F
Giving information by personal delivery, post, fax, or electronic means
14G
Contact addresses
75
Section 15P amended (Role of Commissioner)
76
Section 17 amended (Information to be furnished on request of Commissioner)
77
Section 17A amended (Court orders for production of information or return)
78
Section 20 amended (Privilege for confidential communications between legal practitioners and their clients)
79
Section 20C amended (Treatment of document)
80
Section 20D amended (Claim that document is tax advice document)
81
Section 21 amended (Information requisitions in relation to offshore payments)
82
Section 22 amended (Keeping of business and other records)
83
Section 24B amended (PAYE tax codes)
84
Section 24F amended (Special tax code certificates)
85
Section 24H amended (When entitlement to use tax code ends)
86
Section 24I amended (PAYE tax code notification and certificate)
87
New section 24IB inserted (Special tax code notification)
24IB
Special tax code notification
88
Section 25 amended (RWT withholding certificates)
89
Section 26 amended (Records to be kept for RWT purposes)
90
Section 27 amended (Provision of tax file numbers)
91
Section 28 amended (Recipient of resident passive income to provide tax file number when RWT not withheld)
92
Section 28B amended (Notification of investors’ tax rates)
93
Section 29 amended (Shareholder dividend statement to be provided by company)
94
Section 31 amended (Maori authority to give notice of amounts distributed)
95
Section 32 amended (Records of specified charitable, benevolent, philanthropic, or cultural bodies)
96
Section 32A amended (Records to be provided by employer who contributes to superannuation fund)
97
Section 32D amended (Disclosure requirements for purpose of continuity provisions and public unit trusts)
98
Section 32E amended (Applications for RWT exemption certificates)
99
Section 32I amended (Providing RWT exemption certificate to person who does not meet requirements)
100
Section 32M amended (Persons with approved issuer status)
101
Section 33AA amended (Exceptions to requirement for return of income)
102
Section 33A amended (Annual returns of income not required)
103
Section 34B amended (Commissioner to list tax agents)
104
Section 38 amended (Returns to annual balance date)
105
Section 40 amended (General requirements for returns)
106
Section 41B amended (Return by person applying for tax credit on redundancy payment)
107
Section 43A amended (Non-active companies may be excused from filing returns)
108
Section 44D amended (Natural product dealer certificate)
109
Section 46 amended (Employers to make returns as to employees)
110
Section 46A amended (Accident Rehabilitation and Compensation Insurance Corporation to provide information as to recipients of weekly compensation)
111
Section 56 repealed (Returns of special accounts)
112
Section 58 amended (Returns of specified charitable, benevolent, philanthropic, or cultural bodies)
113
Section 63 amended (Commissioner to be notified of bonus issue)
114
Section 80F amended (Taxpayer obligations and assessment on receipt of income statement)
115
Section 80G amended (Income statement deemed return)
116
Section 80H amended (Income statement deemed assessment)
117
Section 81 amended (Officers to maintain secrecy)
118
Section 82A amended (Disclosure of information to prevent cessation of benefit payments)
119
Section 83 amended (Disclosure of information for purposes of entitlement card)
120
Section 85C amended (Use and supply of information supplied for purposes of section 85B)
121
Section 85E amended (Disclosure of information for assessment of levies)
122
Section 87 amended (Further secrecy requirements)
123
Section 89 amended (Commissioner to inform Minister where funds of gift-exempt body applied for non-charitable purpose, etc)
124
Section 89F amended (Content of notice of proposed adjustment)
125
Section 89H amended (Deemed acceptance)
126
Section 89I amended (Circumstances where disputant may not challenge adjustment)
127
Section 89M amended (Disclosure notices)
128
Section 89N amended (Completing the disputes process)
129
Section 89O amended (Test cases)
130
Section 90AC amended (Determinations relating to financial arrangements)
131
Section 90AE amended (Four-year period in which determination not required to be applied)
132
Section 91AAG amended (Determination on special rates and provisional rates)
133
Section 91AAL amended (Determination on maximum pooling value)
134
Section 91AAN amended (Determinations on rates for diminishing value of environmental expenditure)
135
Section 91AAQ amended (Determination on insurer as non-attributing active CFC)
136
Section 91DD amended (Extension of a public ruling)
137
Section 91E amended (Commissioner to make private rulings on request)
138
Section 91EB amended (Application of a private ruling)
139
Section 91EC amended (Applying for a private ruling)
140
Section 91EE amended (Commissioner may request further information)
141
Section 91EG amended (Right to consultation)
142
Section 91EH amended (Content and notification of a private ruling)
143
Section 91EI amended (Withdrawal of a private ruling)
145
Section 91FB amended (Application of a product ruling)
146
Section 91FE amended (Commissioner may request further information)
147
Section 91FG amended (Right to consultation)
148
Section 91FH amended (Content and notification of a product ruling)
149
Section 91GB amended (Commissioner to make status rulings on request)
150
Section 91GD amended (Commissioner may request further information)
151
Section 91GE amended (Right to consultation)
152
Section 91GG amended (Notification of status ruling)
153
Section 95 repealed (Assessment of withdrawal tax)
154
Section 106 amended (Assessment where default made in furnishing returns)
155
Section 108B amended (Extension of time bars)
157
Section 120KE amended (Provisional tax and rules on use of money interest)
158
Section 124A amended (Application of Part 8)
159
Section 126 amended (Procedure for objections to assessments)
160
Section 130 amended (Objections to allowance determinations)
161
Section 136 amended (When objection may be referred directly to High Court)
162
Section 137 amended (Test case procedure)
163
Section 138B amended (When disputant entitled to challenge assessment)
164
Section 138R amended (Stay of proceedings for similar cases)
165
Section 139BA amended (Imposition of late payment penalties when financial relief sought)
166
Section 141JA amended (Application of Part 9 to non-filing taxpayers)
167
Section 141L amended (Duty of Commissioner to report on application of penalties)
168
Section 150D amended (Evidence in proceedings for failure to furnish returns or information)
169
Section 157 amended (Deduction of tax from payments due to defaulters)
170
Section 159 amended (Procedure in District Court where defendant absent from New Zealand)
171
Section 177 amended (Taxpayer may apply for financial relief)
172
Section 177A amended (How to apply serious hardship provisions)
173
Section 183CA amended (Cancellation of interest charged on unpaid provisional tax)
173B
Section 183CB amended (Cancellation of interest charged on payments under PAYE rules or provisional tax rules arising from work in Canterbury earthquake recovery programme)
174
Section 183H amended (Remission on application)
175
Section 184 amended (Refund of tax paid on income subsequently exempted by Order in Council)
176
Section 226B amended (Business group amnesties)
Part 3
Amendments to other enactments
Amendments to Goods and Services Tax Act 1985
177
Goods and Services Tax Act 1985 amended
177B
Section 2 amended (Interpretation)
178
Section 5 amended (Meaning of term supply)
179
Section 8 amended (Imposition of goods and services tax on supply)
180
Section 11 amended (Zero-rating of goods)
181
Section 14 amended (Exempt supplies)
182
Section 19 amended (Accounting basis)
183
Section 19A amended (Requirements for accounting on payments basis)
184
Section 25 amended (Credit and debit notes)
185
Section 43 amended (Deduction of tax from payment due to defaulters)
186
Section 51 amended (Persons making supplies in course of taxable activity to be registered)
187
Section 51B amended (Persons treated as registered)
188
Section 52 amended (Cancellation of registration)
189
Section 53 amended (Registered person to notify change of status)
190
Section 55 amended (Group of companies)
191
Section 56 amended (Branches and divisions)
192
Section 57 amended (Unincorporated bodies)
193
Section 58 amended (Personal representative, liquidator, receiver, etc)
194
Section 60 amended (Agents and auctioneers)
195
Section 60B amended (Nominated recipients of supplies)
196
Section 75 amended (Keeping of records)
197
New section 75B inserted (General rules for giving information or communicating matters)
75B
General rules for giving information or communicating matters
198
Section 78A amended (Returns to be furnished in 2 parts for taxable period in which change in rate of tax occurs)
199
Section 78BA amended (Adjustments to tax payable in relation to credit and debit notes following change in rate of tax)
200
Section 78E amended (Alteration of agreed price in relation to supply mistakenly believed to be of a going concern)
201
Section 78F amended (Liability in relation to supplies of land)
202
Section 86 amended (Alternative method of accounting for transitional supplies)
Amendments to KiwiSaver Act 2006
203
KiwiSaver Act 2006 amended
204
Section 4 amended (Interpretation)
205
Section 10 replaced (Who automatic enrolment rules apply to)
10
Who automatic enrolment rules apply to
206
Section 18 amended (Extension of opt-out period)
207
Section 59A amended (When this subpart applies)
208
Section 59B amended (Initial back-dated validation)
209
Section 59C amended (Confirmed back-dated validation)
210
New section 59CB inserted (Confirmed back-dated validation for those under 18 years at time of enrolment or opt-in)
59CB
Confirmed back-dated validation for those under 18 years at time of enrolment or opt-in
211
Section 59D amended (What happens when initial back-dated validation ends, with no confirmed back-dated validation?)
212
Section 217 amended (Giving of notices by and to Commissioner)
213
Section 220B replaced (Information sharing)
220B
Information sharing
Amendments to Child Support Act 1991
214
Child Support Act 1991 amended
215
Section 9 amended (Social security beneficiaries must apply for formula assessment)
216
Section 122 amended (Social security beneficiary to be compellable witness against liable parent)
217
Section 156 amended (Copy of deduction notice to be given to liable person)
Amendments to Student Loan Scheme Act 2011
218
Student Loan Scheme Act 2011 amended
219
Section 50 amended (Procedures for issue of additional deduction rate notice)
220
Section 214 amended (Notice requirements of Tax Administration Act 1994 do not apply)
Amendment to Gaming Duties Act 1971
221
Section 12L of Gaming Duties Act 1971 amended (Deduction of duty from payments due to defaulters)
Amendment to Accident Compensation Act 2001
221B
Accident Compensation Act 2001 amended
222
Section 11 amended (Earnings as an employee: what it does not include)
223
Section 15 amended (Earnings as a shareholder-employee)
Schedule
Income Tax Act 2007: insertion of items in lists of defined terms
Legislative history
The Parliament of New Zealand enacts as follows: