Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

  • enacted

Hon Judith Collins

Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

Government Bill

130—3

Contents

Key
1Title
2Commencement
Part 1
Annual rates of income tax
3Annual rates of income tax for 2016–17 tax year
Part 2
Amendments to Income Tax Act 2007
4Income Tax Act 2007
5Application of provisions related to non-resident financial arrangement income
6Section BH 1 amended (Double tax agreements)
8Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)
8BSection CB 6 amended (Disposal: land acquired for purpose or with intention of disposal)
9Section CB 9 amended (Disposal within 10 years: land dealing business)
10Section CB 10 amended (Disposal within 10 years: land development or subdivision business)
11Section CB 11 amended (Disposal within 10 years of improvement: building business)
12New heading and new section CB 15C inserted
Exclusions for bodies controlled by local authorities
CB 15CCouncil-controlled organisations and other companies
13Section CB 32B amended (Owners of look-through companies)
14Section CB 32C replaced (Income for first year of look-through company)
CB 32CDividend income for first year of look-through company
15Section CC 4 amended (Payments of interest)
16Section CD 5 amended (What is a transfer of value?)
17Section CD 15 amended (Tax credits linked to dividends)
18Section CD 16 amended (Certain dividends not increased by tax credits)
19Section CD 17 amended (Credit transfer notice)
20Section CD 39 amended (Calculation of amount of dividend when property made available)
21Section CD 40 amended (Adjustment if dividend recovered by company)
22Section CD 43 amended (Available subscribed capital (ASC) amount)
23Section CD 44 amended (Available capital distribution amount)
24Section CD 53 amended (Prevention of double taxation of share cancellation dividends)
25Section CE 5 amended (Meaning of expenditure on account of an employee)
26Section CG 2 amended (Remitted amounts)
27Section CG 2B repealed (Remitted amounts on discharge from bankruptcy)
28New section CG 9 inserted (Recovery of deductions for aircraft engine overhaul)
CG 9Recovery of deductions for aircraft engine overhaul
29Section CQ 5 amended (When FIF income arises)
29BSection CV 2 amended (Consolidated groups: income of company in group)
29CSection CW 10 amended (Dividend within New Zealand wholly-owned group)
29DSection CW 14 replaced (Dividends derived by qualifying companies)
CW 14Dividends derived by qualifying companies
29ESection CW 14 amended (Dividends derived by qualifying companies)
30Section CW 19 amended (Amounts derived during short-term visits)
30BSection CW 39 amended (Local authorities)
31Section CX 5 amended (Relationship with exempt income)
32Section CX 16 amended (Contributions to life or health insurance)
33New section CX 19B inserted (Transport in vehicle other than motor vehicle)
CX 19BTransport in vehicle other than motor vehicle
34Section CX 47 amended (Government grants to businesses)
35Heading and section CX 48D repealed
36Section CX 63 amended (Dividends derived after company ceased to be look-through company)
36BSection CZ 9 amended (Available capital distribution amount: 1965 and 1985–1992)
36CSection CZ 9B repealed (Available capital distribution amount: 1988 to 2010)
37New section CZ 34 inserted (Income arising from tax accounting provision for aircraft engine overhauls)
CZ 34Income arising from tax accounting provision for aircraft engine overhauls
38Section DB 7 amended (Interest: most companies need no nexus with income)
38BSection DB 11 amended (Negative base price adjustment)
39Section DB 13 amended (Repayment of debt disposed of at discount to associate of debtor)
40Section DB 19 amended (Expenses in application for resource consent)
40BSection DB 23 amended (Cost of revenue account property)
41Section DB 31 amended (Bad debts)
41BNew section DV 18B inserted (Cost base for shares when debt forgiven within economic group)
DV 18BCost base for shares when debt forgiven within economic group
42New sections DW 5 and DW 6 inserted
DW 5Aircraft operators: aircraft engines and aircraft engine overhauls
DW 6Aircraft operators: payments and adjustments under finance leases
43New sections DZ 22 and DZ 23 inserted
DZ 22Aircraft maintenance: aircraft engines acquired before 2017–18 income year
DZ 23Aircraft maintenance: tax accounting provisions for expenditure incurred after 2016–17 income year
43BSection EA 2 amended (Other revenue account property)
43CSection EA 3 amended (Prepayments)
44Section EC 26B amended (Entering partners’ cost base)
45Section ED 1 amended (Valuation of excepted financial arrangements)
46Section EE 1 amended (What this subpart does)
47Section EE 7 amended (What is not depreciable property?)
48Section EE 41 amended (Transfer of depreciable property on certain amalgamations on or after 14 May 2002)
49Section EE 44 amended (Application of sections EE 48 to EE 52)
49BSection EE 45 amended (Consideration for purposes of section EE 44)
50Section EE 47 amended (Events for purposes of section EE 44)
51Section EE 49 amended (Amount of depreciation recovery income when item partly used for business)
51BSection EE 57 amended (Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies)
51CSection EE 58 amended (Base value in section EE 56 when no previous deduction)
51DSection EE 60 amended (Total deductions in section EE 56)
52Section EJ 2 amended (Spreading forward of deductions for repairs to fishing boats)
53New heading and new sections EJ 24, EJ 25, EJ 26, and EJ 27 inserted
Aircraft engine overhauls
EJ 24Allocation of expenditure on aircraft engine overhauls
EJ 25Allocation of expenditure on aircraft engine overhauls: election by IFRS user
EJ 26Allocation of expenditure on aircraft engine overhauls: election by operator of single aircraft
EJ 27Disposal of aircraft engine or aircraft
54Section EW 5 amended (What is an excepted financial arrangement?)
54BSection EW 8 amended (Election to treat certain excepted financial arrangements as financial arrangements)
55Section EW 11 amended (What financial arrangements rules do not apply to)
56Section EW 31 amended (Base price adjustment formula)
56BSection EW 39 amended (Consideration affected by unfavourable factors)
57New section EW 46C inserted (Consideration when debt forgiven within economic group)
EW 46CConsideration when debt forgiven within economic group
57BSection EW 46C amended (Consideration when debt forgiven within economic group)
58Section EW 49 amended (Income and deduction when debt disposed of at discount to associate of debtor)
59New section EW 49B inserted (Guarantees within economic group for associated persons)
EW 49BGuarantees within economic group for associated persons
60Section EX 46 amended (Limits on choice of calculation methods)
61Section EY 2 amended (Policyholder base)
62Section EY 3 amended (Shareholder base)
62BSection EY 16 amended (Policyholder base allowable deductions: non-participation policies)
63New section EY 16B inserted (Policyholder base allowable deductions: consideration for investment management services)
EY 16BPolicyholder base allowable deductions: consideration for investment management services
64Section EY 17 amended (Policyholder base income: profit participation policies)
66New section EY 19B inserted (Shareholder base income: consideration credited for investment management services)
EY 19BShareholder base income: consideration credited for investment management services
67Section EY 21 amended (Shareholder base income: profit participation policies)
68Section EY 23 amended (Reserving amounts for life insurers: non-participation policies)
69Section EY 25 amended (Premium smoothing reserving amount: non-participation policies not annuities)
70Section EY 28 amended (Shareholder base other profit: profit participation policies that are existing business)
71Section EY 29 amended (Shareholder base other profit: profit participation policies that are new business)
72New section EZ 23BA inserted (Aircraft acquired before 2017–18 income year: adjusted tax value, base value, reduced; total deductions increased)
EZ 23BAAircraft acquired before 2017–18 income year: adjusted tax value, base value, reduced; total deductions increased
72BNew section EZ 23BC inserted (Property acquired after depreciable property affected by Hurunui/Kaikōura earthquakes)
EZ 23BCProperty acquired after depreciable property affected by Hurunui/Kaikōura earthquakes
72CNew heading and sections EZ 78 and EZ 79 inserted
Damage from Hurunui/Kaikōura earthquakes
EZ 78Insurance for Hurunui/Kaikōura earthquake damage of property: treatment as disposal and reacquisition
EZ 79Insurance for Hurunui/Kaikōura earthquake damage of property: limit on depreciation recovery income
73Section FA 4 amended (Recharacterisation of shareholder’s base: company repurchasing share)
74Section FA 9 amended (Treatment when lease ends: lessee acquiring asset)
75Section FA 10 amended (Treatment when lease ends: lessor acquiring asset)
76Section FA 11 amended (Adjustments for leases that become finance leases)
77Section FC 1 amended (Disposals to which this subpart applies)
78Section FC 2 amended (Transfer at market value)
79New heading and new section FC 10 inserted
Bankruptcy or insolvency of person under Insolvency Act 2006
FC 10Transfers from person to Official Assignee under Insolvency Act 2006
80Section FE 2 amended (When this subpart applies)
80BSection FE 4 amended (Some definitions)
81Section FE 9 amended (Elections)
82BSection FE 36B amended (Identifying members of the New Zealand banking group: Crown-owned, no interest apportionment)
83New subpart FG inserted (Treatment of notional loans to New Zealand branches of foreign banks)
Subpart FG—Treatment of notional loans to New Zealand branches of foreign banks
FG 1When this subpart applies
FG 2Notional loans
FG 3Notional interest
84Section FM 6 amended (Some general rules for treatment of consolidated groups)
85Section FM 7 amended (Treatment of amounts derived or expenditure incurred)
85BSection FM 9 amended (Amounts that are company’s income)
86Section FM 27 repealed (Refunds of FDP)
87Section FM 28 repealed (Refund when consolidated group has loss)
88Section FM 29 repealed (Treatment of credit balance in consolidated group’s FDP account)
89Section FM 30 amended (Application of certain provisions to consolidated groups)
90Section FM 30 amended (Application of certain provisions to consolidated groups)
91Section FO 12 amended (Financial arrangements: resident’s restricted amalgamation, companies in wholly-owned group)
91BSection FO 18 amended (When amalgamating companies are parties to financial arrangement)
92Section FO 20 amended (Calculation of outstanding accrued balance: amounts remitted)
92BNew section FO 21 inserted (When amalgamating companies are parties to financial arrangements: economic groups)
FO 21When amalgamating companies are parties to financial arrangements: economic groups
93Section FZ 6 amended (Transitional valuation rule for estate property)
94Section GB 35 amended (Imputation arrangements to obtain tax advantage)
95Section GB 36 amended (Reconstruction of imputation arrangements to obtain tax advantage)
96Section GB 41 repealed (FDPA arrangements for carrying amounts forward)
97Heading and section GB 50 amended (Arrangements involving partners)
98Section HA 6 amended (Corporate requirements)
99Section HA 15 amended (Fully imputed distributions)
99BSection HA 17 amended (Dividends derived by qualifying companies)
100Section HA 18 amended (Treatment of dividends when qualifying company status ends)
101Section HA 19 amended (Credit accounts and dividend statements)
102Section HA 24 amended (Treatment of tax losses other than certain foreign losses)
103Section HA 41 amended (Calculating qualifying company election tax)
104Section HB 4 amended (General provisions relating to disposals)
105Section HB 11 amended (Limitation on deductions by persons with interests in look-through companies)
106Section HB 13 amended (LTC elections)
107Section HG 2 amended (Partnerships are transparent)
108Section HG 5 amended (Disposal of partner’s interests)
109Section HG 6 amended (Disposal of trading stock)
110Section HG 7 amended (Disposal of depreciable property)
111Section HG 8 amended (Disposal of financial arrangements and certain excepted financial arrangements)
112Section HG 9 amended (Disposal of short-term agreements for sale and purchase)
113Section HG 11 amended (Limitation on deductions by partners in limited partnerships)
114Section HM 3 amended (Foreign PIE equivalents)
115Section HM 19 amended (Requirements for listed PIEs: fully crediting distributions)
116Section HM 52 amended (Use of foreign tax credits by zero-rated and certain exiting investors)
117Section HM 70 amended (Maximum amount of formation losses allocated by multi-rate PIEs to investor classes)
118Section HM 76 repealed (Transition: FDPA companies)
118BNew section HZ 4E inserted (Transition out of LTC regime for Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2016)
HZ 4ETransition out of LTC regime for Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2016)
119New section HZ 8 inserted (Retrospective transitional provision for market valuation under section HB 4)
HZ 8Retrospective transitional provision for market valuation under section HB 4
120Section IA 3 amended (Using tax losses in tax year)
121New section IA 3B inserted (Tax losses and procedures under Insolvency Act 2006)
IA 3BTax losses and procedures under Insolvency Act 2006
122Section IA 7 amended (Restrictions relating to ring-fenced tax losses)
123Section IC 9 amended (Date for payment and notice to Commissioner)
124Section IE 3 replaced (Treatment of tax losses by amalgamated company)
IE 3Treatment of tax losses by amalgamated company
125Section IS 1 amended (General treatment of mineral miners’ net losses)
126Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
127Section LE 1 amended (Tax credits for imputation credits)
128Section LE 6 amended (Partners in partnerships)
129Section LE 8 amended (Application of imputation ratio)
130Section LE 9 repealed (Application of combined imputation and FDP ratio)
131Subpart LF repealed (Tax credits for foreign dividend payment (FDP) credits)
132Section LJ 1 amended (What this subpart does)
133Section LJ 3 amended (Meaning of foreign income tax)
134Section LJ 8 repealed (Repaid foreign tax: effect on FDP liability)
135Section LP 2 amended (Tax credits for supplementary dividends)
136Section LP 3 amended (Use of remaining credits)
137Section LP 5 amended (Application of benchmark dividend rules and imputation credit ratio)
138Section MB 7B amended (Family scheme income from employment benefits: employees not controlling shareholders)
139New section MB 14 inserted (Remission income of discharged bankrupt excluded)
MB 14Remission income of discharged bankrupt excluded
140Section MB 14 repealed (Remission income of discharged bankrupt excluded)
141Section MD 1 amended (Abating WFF tax credit)
142Section MD 2 amended (Calculating net contributions to credits)
143Section MD 11 amended (Entitlement to parental tax credit)
144Section MD 12 amended (Calculation of parental tax credit)
145New section MD 12B inserted (Additional parental tax credit amount included in lump sum if 56-day period crosses 2 tax years)
MD 12BAdditional parental tax credit amount included in lump sum if 56-day period crosses 2 tax years
146Section MD 13 amended (Calculation of family credit abatement)
147Section MD 16 amended (Calculation of parental tax credit abatement)
148Section MX 7 amended (Reinstatement of R&D tax losses and R&D repayment tax)
149Section OA 2 amended (Memorandum accounts)
150Section OA 5 amended (Credits)
151Section OA 6 amended (Debits)
152Section OA 7 amended (Opening balances of memorandum accounts)
153Section OA 8 amended (Shareholder continuity requirements for memorandum accounts)
154Section OA 10 amended (When credits or debits due to amalgamating company but not recorded)
155Section OA 11 repealed (FDP account on resident’s restricted amalgamation)
156Section OA 13 repealed (Policyholder credit account on resident’s restricted amalgamation)
157Section OA 14 amended (Continuity of shareholding when group companies amalgamate)
158Section OA 15 amended (When credits or debits due to consolidated group but not recorded)
159Section OA 16 repealed (When FDP account ends on resident’s restricted amalgamation)
160Section OA 17 repealed (When policyholder credit account ends on resident’s restricted amalgamation)
161Section OA 18 amended (Calculation of maximum permitted ratios)
162Section OB 4 amended (ICA payment of tax)
163Section OB 6 amended (ICA transfer from tax pooling account)
164Section OB 7C repealed (ICA expenditure on research and development)
165Section OB 10 repealed (ICA dividend derived with FDP credit)
166Section OB 12 repealed (ICA transfer from FDP account)
167New section OB 19B inserted (ICA transfer to loss-using group company)
OB 19BICA transfer to loss-using group company
168Section OB 24 amended (ICA credit on resident’s restricted amalgamation)
169Section OB 26 amended (ICA elimination of double debit)
170Section OB 36 repealed (ICA refund of FDP)
171Section OB 37 amended (ICA refund of tax credit)
172Section OB 38 repealed (ICA overpayment of FDP)
173Section OB 43 amended (ICA breach of imputation ratio)
174Section OB 45 amended (ICA redemption debit)
175New section OB 46B inserted (ICA transfer from group company to loss-using group company)
OB 46BICA transfer from group company to loss-using group company
176Section OB 53 amended (ICA debit on resident’s restricted amalgamation)
177Section OB 60 amended (Imputation credits attached to dividends)
178Section OB 61 amended (ICA benchmark dividend rules)
179Section OB 67 amended (Reduction of further income tax)
180Section OB 71 amended (Imputation additional tax on leaving wholly-owned group)
181Section OB 72 amended (Imputation additional tax on joining wholly-owned group)
182Section OB 72B amended (Limit on using entitlement to refund after joining wholly-owned group)
183Section OB 76 repealed (Statutory producer boards attaching FDP credits)
184Section OB 81 repealed (Co-operative companies attaching FDP credits)
185Section OB 82 amended (When and how co-operative company makes election)
186New heading and new sections OB 83 and OB 84 inserted
Election by group company for transfer of imputation credits with transfer of tax loss
OB 83Group companies transferring imputation credits with transfer of tax loss
OB 84When and how group company transferring tax loss makes election
187Table O1 amended (Imputation credits)
188Table O2 amended (Imputation debits)
189Subpart OC repealed (Foreign dividend payment accounts (FDPA))
191Table O4 amended (FDP debits)
193Section OE 19 amended (BETA person’s payment of income tax on foreign income)
194Section OK 1 amended (General rules for Maori authorities with Maori authority credit accounts)
195Section OK 2 amended (MACA payment of tax)
196Section OK 4B repealed (MACA expenditure on research and development)
197Section OK 7 repealed (MACA dividend derived with FDP credit)
198Section OK 14 repealed (MACA refund of FDP)
199Section OK 14B amended (MACA refund of tax credit)
200Table O17 amended (Maori authority credits)
201Table O18 amended (Maori authority debits)
202Section OP 5 amended (When credits and debits arise only in consolidated imputation group accounts)
203Section OP 7 amended (Consolidated ICA payment of tax)
204Section OP 9 amended (Consolidated ICA transfer from tax pooling account)
205Section OP 11B repealed (Consolidated ICA expenditure on research and development)
206Section OP 13 repealed (Consolidated ICA dividend derived with FDP credit)
207Section OP 18 repealed (Consolidated ICA transfer from group company’s FDP account)
208Section OP 19 repealed (Consolidated ICA transfer from group’s FDP account)
209Section OP 23 amended (Consolidated ICA elimination of double debit)
210Section OP 34 repealed (Consolidated ICA refund of FDP)
211Section OP 35 amended (Consolidated ICA refund of tax credit)
212Section OP 36 repealed (Consolidated ICA overpayment of FDP)
213Section OP 45 amended (Consolidated ICA redemption debit)
214Table O19 amended (Imputation credits of consolidated imputation groups)
215Table O20 amended (Imputation debits of consolidated imputation groups)
216Sections OP 51 to OP 74, and cross-headings between table O20 and section OP 75, repealed
217Section OP 75 repealed (Consolidated FDPA breach of FDP ratio by PCA company)
218Sections OP 76 and OP 77 repealed
219Table O21 repealed (FDP credits of consolidated FDP groups)
220Table O22 amended (FDP debits of consolidated FDP groups)
221Table O22 repealed (FDP debits of consolidated FDP groups)
222Section OZ 3 amended (Overpaid income tax or foreign dividend payment for pre-imputation income year)
223Section OZ 5 amended (ASCA lost excess available subscribed capital)
224Section OZ 7B amended (Maori authority credit ratios for transitional period)
225Section OZ 8 amended (Attaching imputation credits and FDP credits: maximum permitted ratio)
226Section OZ 9 amended (Benchmark dividends: ratio change)
227Section OZ 10 amended (Modifying ratios for imputation credits and FDP credits)
228Section OZ 11 amended (Tax credits for imputation credits and FDP credits)
229Section OZ 12 amended (Tax credits for non-resident investors)
230Section OZ 18 repealed (Credit-back of PCA balance)
231Section RA 15 amended (Payment dates for interim and other tax payments)
232Section RA 19 amended (Refunds of excess amounts or when amounts mistakenly paid)
233Section RB 2 repealed (Income tax liability for non-filing taxpayers for non-resident passive income)
234Section RD 3 amended (PAYE income payments)
235Section RD 3 amended (PAYE income payments)
236New sections RD 3B and RD 3C inserted
RD 3BShareholders who are employees, for some companies: income other than PAYE
RD 3CShareholders who are employees, for some companies: PAYE and income other than PAYE
237Section RD 5 amended (Salary or wages)
238Section RD 21 amended (When amounts of tax not withheld or payment insufficient)
238BSection RD 36 amended (Repayment of employment-related loans)
239Section RE 2 amended (Resident passive income)
240Section RE 13 amended (Dividends other than non-cash dividends)
241Section RE 14 amended (Non-cash dividends other than certain share issues)
242New section RE 14B inserted (Combined cash and non-cash dividends)
RE 14BCombined cash and non-cash dividends
243Section RE 15 amended (Bonus issues in lieu and shares issued under profit distribution plans)
244Section RE 17 amended (Replacement payments under share-lending arrangements)
245Section RE 23 repealed (When amount of tax treated as FDP credit)
246Section RF 1 amended (NRWT rules and their application)
247Section RF 2 amended (Non-resident passive income)
248New sections RF 2BA and RF 2B inserted
RF 2BANon-resident financial arrangement income: outline and concepts
RF 2BMeaning of non-resident financial arrangement income
249Section RF 8 amended (Certain dividends)
250Section RF 9 amended (When dividends fully imputed or fully credited)
251Section RF 10 amended (Non-cash dividends)
252Section RF 12 amended (Interest paid by approved issuers or transitional residents)
253New heading and new sections RF 12D to RF 12J inserted
Certain financial arrangements involving related-party debt
RF 12DDetermining amount of non-resident financial arrangement income
RF 12EWhen non-resident financial arrangement income treated as paid
RF 12FAdjustments: first year additional amounts
RF 12GChoosing to treat income as non-resident financial arrangement income
RF 12HMeaning of related-party debt
RF 12IConcepts used for definition of related-party debt
RF 12JTreatment of certain payments made under indirect associated funding arrangements
254Section RF 14 repealed (Treatment of FDP credits)
255Section RM 1 amended (What this subpart does)
256Section RM 3 repealed (Refunds for overpaid FDP)
257Section RM 13 amended (Limits on refunds for ICA companies)
258Heading and sections RM 18 to RM 21 repealed
259Heading and sections RM 28 to RM 31 repealed
260Section RZ 6 amended (Limits on refunds: transitional dates)
261New heading and new section RZ 13 inserted
Non-resident financial arrangement income
RZ 13Treatment of prepayments
262Section YA 1 amended (Definitions)
263Section YA 2 amended (Meaning of income tax varied)
264Section YB 14 amended (Tripartite relationship)
266Section YC 12 amended (Public unit trusts)
267Section YC 17 amended (Demutualisation of insurers)
268Section YC 18 amended (Reverse takeovers)
269Section YD 4 amended (Classes of income treated as having New Zealand source)
270Section YD 5 amended (Apportionment of income derived partly in New Zealand)
271Schedule 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
272Schedule 32 amended (Recipients of charitable or other public benefit gifts)
Part 3
Amendments to other enactments
Amendments to Tax Administration Act 1994
273Tax Administration Act 1994
273BSection 3 amended (Interpretation)
273CSection 14 amended (Modes of communication: general provisions)
273DSection 14F amended (Giving information by personal delivery, post, fax, or electronic means)
274Section 22 amended (Keeping of business and other records)
274BSection 24BA amended (Offshore persons’ bank accounts and tax file numbers)
274CSection 24F amended (Special tax codes)
274DSection 24IB amended (Special tax code notification
275Section 24K amended (Certain information required in returns)
276Section 29 amended (Shareholder dividend statement to be provided by company)
277Section 30 repealed (Statement to shareholder when FDP credit attached to dividend)
278Section 30C amended (Credit transfer notice to share supplier and Commissioner when share user transfers imputation credit under share-lending arrangement)
278BNew section 30E inserted (Statement to transferee by life insurer when transferring life insurance policies)
30EStatement to transferee by life insurer when transferring life insurance policies
279Section 32M amended (Persons with approved issuer status)
280Section 39 amended (Consequential adjustments on change in balance date)
281New section 42C inserted (Income tax returns by undischarged bankrupt)
42CIncome tax returns by undischarged bankrupt
282Section 43A amended (Non-active companies may be excused from filing returns)
283Section 68 repealed (Statement when FDP credit attached to dividend)
284Section 69 amended (Annual ICA return)
285Section 71 repealed (Annual FDPA return)
286Cross-heading before section 71B repealed (Foreign dividends)
287Section 71B repealed (Return requirements for refunds: foreign dividends)
288Section 72 repealed (Annual FDPA return to be furnished where Commissioner so requires, or where company ceases to be resident in New Zealand)
289Section 73 repealed (Annual FDPA returns of consolidated groups)
290Section 78D amended (Evidential requirements for tax credits)
291BSection 80KH amended (Cancellation of notice of entitlement)
291CSection 80KK amended (Payment by instalment of family tax credit (without abatement))
291DSection 81 amended (Officers to maintain secrecy)
292Section 81A amended (Disclosure of information under approved information sharing agreement)
292BSection 82 amended (Disclosure of information for matching purposes)
292CSection 82A repealed (Disclosure of information to prevent cessation of benefit payments)
292DSection 83 repealed (Disclosure of information for purposes of entitlement card)
292ESection 84 repealed (Disclosure of information for WFF tax credit double payment identification)
292FSection 85 repealed (Disclosure of address information in relation to debtors)
292GSection 85G repealed (Disclosure of information in relation to Working for Families tax credits)
292HSection 87 amended (Further secrecy requirements)
293Section 90AF amended (Imputation arrangement to obtain tax advantage)
295Section 108 amended (Time bar for amendment of income tax assessment)
296Section 113B amended (Amended assessments if dividend recovered or repaid)
297Section 125 amended (Certain rights of objection not conferred)
298Section 140B amended (Imputation penalty tax payable where end of year debit balance)
299Section 166 amended (Tax paid in excess may be set off against additional tax when assessment reopened)
300Section 174AA amended (Power of Commissioner in respect of small amounts of refunds or tax payable)
301Section 180 amended (Remissions and refunds of imputation penalty tax)
302Section 185 amended (Payment out of Crown Bank Account)
302BSchedule 2 amended
Amendments to Goods and Services Tax Act 1985
303Goods and Services Tax Act 1985
304Section 2 amended (Interpretation)
305Section 3 amended (Meaning of term financial services)
306Section 5 amended (Meaning of term supply)
307Section 6 amended (Meaning of term taxable activity)
307BSection 8B amended (Remote services: determining residence and status of recipients)
308Section 9 amended (Time of supply)
309Section 10 amended (Value of supply of goods and services)
310Section 11 amended (Zero-rating of goods)
311Section 11A amended (Zero-rating of services)
312Section 15 amended (Taxable periods)
313Section 15C amended (Changes in taxable periods)
314Section 20 amended (Calculation of tax payable)
314BNew section 20H inserted (Goods and services tax incurred in making financial services for raising funds)
20HGoods and services tax incurred in making financial services for raising funds
315Section 21 amended (Adjustments for apportioned supplies)
316Section 21D amended (Calculating amount of adjustment)
317Section 21HC amended (Transitional rules relating to members of unit title bodies corporate)
318Section 21I amended (Fringe benefits and entertainment expenses)
318BSection 24 amended (Tax invoices)
319New section 25AB inserted (Consequences of change in contract for secondhand goods)
25ABConsequences of change in contract for secondhand goods
320Section 26 amended (Bad debts)
321Section 45 amended (Refund of excess tax)
323Section 51B amended (Persons treated as registered)
324Section 54B amended (Requirements for registration for certain non-resident suppliers)
324BSection 54C amended (Cancellation of registration of certain non-resident suppliers)
325Section 55 amended (Group of companies)
326Section 60 amended (Agents and auctioneers)
327Section 61 amended (Liability for tax payable by company left with insufficient assets)
Amendments to Stamp and Cheque Duties Act 1971
328Stamp and Cheque Duties Act 1971
329Section 86F amended (Interpretation)
330BSection 86GB inserted (Treatment of approved issuer levy when prepayments or transfer pricing adjustment made)
86GBTreatment of approved issuer levy when prepayments or transfer pricing adjustment made
332Section 86I amended (Application of approved issuer levy and zero-rating)
332BSection 86IB amended (Zero rate of approved issuer levy—requirements for securities)
333New section 86IC inserted (When payment of approved issuer levy compulsory)
86ICWhen payment of approved issuer levy compulsory
Amendments to Student Loan Scheme Act 2011
334AStudent Loan Scheme Act 2011
334ABSection 207 amended (Disclosure of information between authorised persons)
334Schedule 3 amended (Adjustments to net income for purposes of section 73, applying from 1 April 2014 for 2014–2015 and later tax years)
14BRemission income of discharged bankrupt excluded
335Schedule 3 amended (Adjustments to net income for purposes of section 73, applying from 1 April 2014 for 2014–2015 and later tax years)
Amendments to Child Support Act 1991
335BChild Support Act 1991
335CSection 240 amended (Secrecy)
Amendments to Income Tax Act 2004
336Income Tax Act 2004
337Section CD 4 amended (What is a transfer of value?)
338Section CD 32 amended (Available subscribed capital amount)
339Section CD 33 amended (Available capital distribution amount)
340New section CX 17B inserted (Transport in vehicle other than motor vehicle)
CX 17BTransport in vehicle other than motor vehicle
340BNew section DV 10C inserted (Cost base for shares when debt forgiven within economic group)
DV 10CCost base for shares when debt forgiven within economic group
341Section EE 42 amended (Amount of depreciation recovery income when item partly used for business)
342New section EW 46B inserted (Consideration when debt forgiven within economic group)
EW 46BConsideration when debt forgiven within economic group
342BSection HG 10 amended (Taxation of qualifying company)
342CNew section HG 10B inserted (Dividends derived by qualifying companies)
HG 10BDividends derived by qualifying companies
343Section OB 1 amended (Definitions)
Amendments to Privacy Act 1993
343BPrivacy Act 1993
343CSection 103 amended (Notice of adverse action proposed)
343DSchedule 3 amended (Information matching rules)
Amendment to Goods and Services Tax (Grants and Subsidies) Order 1992
344Goods and Services Tax (Grants and Subsidies) Order 1992 amended
Legislative history

The Parliament of New Zealand enacts as follows: