Clause 2
In clause 2(6), replace “100”
(page 13, line 15) with “100, 101C”
.
After clause 2(15) (page 14, after line 15), insert:
(15B)
Section 114(1A) comes into force on 28 May 2018.
In clause 2(17), replace “81E”
(page 14, line 17) with “81E, 81EB”
.
In clause 2(19), replace “147B”
(page 14, line 21) with “141BB, 147B”
.
In clause 2(22), replace “32C, 33, 33B, 33C, 34, 35, 36, 37”
(page 14, line 37) with “32B, 32C, 33, 33B, 33C, 34, 35, 36, 37, 37B, 37C”
.
In clause 2(22), replace “101,”
(page 15, line 2) with “101, 101B,”
.
In clause 2(22), replace “107B”
(page 15, line 3) with “107B, 107D”
.
In clause 2(22), delete “111F,”
(page 15, line 4).
In clause 2(22), replace “116C”
(page 15, line 5) with “116C, 116CB”
.
Clause 37C
In clause 37C, new section 243(a), replace “38, 107D,”
(page 28, line 8) with “38, 59B, 77B(1) and (3), 98C, 107D,”
.
In clause 37C, new section 243(c), replace “the period of the non-compliance ends”
(page 28, line 14) with “comes to an end”
.
Clause 98C
In clause 98C(1), new section HM 36B(2), replace the formula (page 59, line 25) with:
(amount of PIE income × investor’s PIR) − (credits used + amount of tax credit).
In clause 98C(1), after new section HM 36B(3)(b) (page 59, after line 32), insert:
(bb)
credits used is the amount of any tax credits used by the PIE to satisfy the investor’s income tax liability for the amount of attributed PIE income referred to in paragraph (a):
In clause 98C(1), new section HM 36B(4), replace “is added to the terminal tax payable by the person for the tax year”
(page 59, line 38) with “is included in the investor’s schedular income tax liability for the tax year under section BC 7(5)”
.
In clause 98C(1), replace new section HM 36B(5), other than the heading (page 60, lines 2 to 4), with:
(5)
If the result of the calculation in subsection (3) is negative,—
(a)
the amount of the adjustment is first applied to reduce the terminal tax payable by the person for the tax year:
(b)
any amount of adjustment remaining is refundable under sections RB 4, RM 2 to 8, and RM 10 (which relates to refunds and their use), as applicable:
(c)
the investor’s schedular income tax liability for the tax year under section BC 7(5) is zero.
In clause 98C(1), new section HM 36B, list of defined terms (page 60, line 13), insert “residual income tax”
.
Clause 111C
In clause 111C, replace new section RE 10C(2), other than the heading (page 70, lines 2 to 4), with:
(2)
This section does not apply to a custodial institution that is the specified operator of a designated settlement system under the Reserve Bank of New Zealand Act 1989. The exclusion extends to a nominee or agent of the specified operator.
In clause 111C, new section RE 10C(6), replace “RF 4”
(page 70, line 27) with “RF 4,”
.
Clause 116H
In clause 116H, replace new section 25MB(2) (page 79, lines 8 to 11) with:
Specified operators of designated settlement systems
(2)
Despite subsection (1) and section 25E(1), the rules in this subpart do not apply to a custodial institution that is the specified operator of a designated settlement system under the Reserve Bank of New Zealand Act 1989. The exclusion extends to a nominee or agent of the specified operator.
In clause 116H, new section 25MB(6)(b), replace “and 21”
(page 79, line 35) with “and 20”
.