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Supplementary Order Paper No 250

No 250

House of Representatives

Supplementary Order Paper

Tuesday, 18 June 2019

Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill

Proposed amendment

Andrew Bayly, in Committee, to move the following amendment:

Clause 3

Replace clause 3 (page 10, lines 3 to 6) with:

3 Annual rates of income tax for 2019–20 tax year

(1)

Subsection (2) amends the Income Tax Act 2007.

(2)

In schedule 1, part A, clause 1, replace table 1 with:

Table 1
RowRange of dollar in taxable incomeTax rate
1$0 – $14,7000.105
2$14,701 – $50,3000.175
3$50,301 – $73,4000.300
4$73,401 upwards0.330

How to use this table:

Find the range in the second column for each dollar in the person’s taxable income, and apply the relevant rate for the dollar in the third column.

(3)

Income tax imposed by section BB 1 (Imposition of income tax) of the Income Tax Act 2007 must, for the 2019–20 tax year, be paid at the basic rates specified in schedule 1 of that Act.

Explanatory note

This Supplementary Order Paper amends the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill. It adjusts the income tax thresholds for the previous 3 years of inflation (specifically, the cumulative level of consumer price inflation as measured by Statistics New Zealand between 2016Q1 and 2019Q1 of 4.8 percent, and rounding the thresholds to the nearest $100).