Taxation (Budget Tax Measures) Act 2009
Checking for alerts... Loading...
Taxation (Budget Tax Measures) Act 2009
| Public Act | 2009 No 14 |
| Date of assent | 29 May 2009 |
| Commencement | see section 2 |
Contents
Amendments to Taxation (Urgent Measures and Annual Rates) Act 2008
Amendments to Taxation (Business Tax Measures) Act 2009
The Parliament of New Zealand enacts as follows:
1 Title
This Act is the Taxation (Budget Tax Measures) Act 2009.
2 Commencement
-
(1) This Act comes into force on the date on which it receives the Royal assent, except as provided in this section.
(2) Sections 5, 6, 7, and 8 are treated as coming into force on 1 June 2009.
Part 1
Personal tax cuts and independent earner tax credits: repeal of later years' changes
Amendments to Taxation (Urgent Measures and Annual Rates) Act 2008
3 Sections repealed
Sections 5(2), 6(2), 7(2), 8(2), 9(2), 10(2) and (3), 11(2) and (3), 12(2) and (3), 13(2) and (3), 14(2) and (3), 16(2), 17(2), and 32 of the Taxation (Urgent Measures and Annual Rates) Act 2008 are repealed.
Amendments to Taxation (Business Tax Measures) Act 2009
4 Sections repealed
Sections 29(2), 30(2), and 31(2) of the Taxation (Business Tax Measures) Act 2009 are repealed.
Part 2
KiwiSaver: closing mortgage diversion facility participation
Amendments to KiwiSaver Act 2006
5 Regulations relating to mortgage diversion facility
After section 229(3)(e) of the KiwiSaver Act 2006, the following is inserted:
“(eb) closing the mortgage diversion facility to new participants by specifying a date before which a member of a KiwiSaver scheme or complying superannuation fund must request his or her mortgagee to participate in the facility in respect of the member's mortgage; and”.
6 New section 236 of KiwiSaver Act 2006
After section 235 of the KiwiSaver Act 2006, the following is added:
“236 Protection from non-compliance: Taxation (Budget Tax Measures) Act 2009
If, as a result of amendments in Part 2 of the Taxation (Budget Tax Measures) Act 2009, there is non-compliance with an enactment related to securities, the non-compliance is ignored, if it starts before 31 July 2009 and does not continue on or after 31 July 2009, or if it relates to––
“(a) a prospectus that is registered under the Securities Act 1978 before 1 June 2009:
“(b) an investment statement under the Securities Act 1978 that is dated before 1 June 2009.”
Amendments to KiwiSaver Regulations 2006
7 Mortgage diversion facility
In regulation 21(1) of the KiwiSaver Regulations 2006,
“if the provider and the mortgagee choose to participate in the mortgage diversion facility”
is replaced by“if the provider and the mortgagee choose to participate in the mortgage diversion facility and the member requests participation before it is closed to new participants”
.
8 What member of KiwiSaver scheme must do first to participate in mortgage diversion facility
In regulation 24(a) of the KiwiSaver Regulations 2006,
“request his or her mortgagee to participate”
is replaced by“request, before 1 June 2009, his or her mortgagee to participate”
.
Legislative history | |
|---|---|
| 28 May 2009 | Introduction (Bill 41–1) |
| 28 May 2009 | First reading |
| 28 May 2009 | Second reading |
| 28 May 2009 | Committee of the whole House |
| 28 May 2009 | Third reading |
| 29 May 2009 | Royal assent |
This Act is administered by the Inland Revenue Department.
Versions
Taxation (Budget Tax Measures) Act 2009
RSS feed link copied, you can now paste this link into your feed reader.