No 477
House of Representatives
Supplementary Order Paper
Tuesday, 10 March 2020
Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill
Proposed amendments
Andrew Bayly, in Committee, to move the following amendments:
Clause 2
In clause 2(15), after “Sections”
(page 14, line 13), insert “99(1B), 104BA,”
.
In clause 2(22) (page 15, line 2), replace “99,”
with “99 (except for subsection (1B)),”
.
Clause 99
After clause 99(1) (page 61, after line 15), insert:
(1B)
After section HM 60(4), insert:
When chosen rate higher than rate in sections HM 56 to HM 58
(4B)
If an investor advises or otherwise has a notified investor rate that is greater than their prescribed investor rate (actual PIR rate) that would apply under sections HM 56 to HM 58,—
(a)
the income attributed to them by the PIE is excluded income of the investor under section CX 56 (Attributed income of certain investors in multi-rate PIEs):
(b)
the amount calculated by the following formula is a refundable tax credit:
income attributed to the investor by the PIE × (notified investor rate − actual PIR rate).
New clause 101B
After clause 101 (page 63, after line 24), insert:
101B Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
After section LA 6(1)(f), insert:
(fb)
section LS 1A (Investor tax credit):
New clause 104BA
After clause 104 (page 38, after line 20), insert:
104BA New section LS 1B inserted (Investor tax credit)
After section LS 1, insert:
LS 1B Investor tax credit
Tax credit
(1)
An investor in a multi-rate PIE has a tax credit for a tax year for the amount determined under section HM 60(4B)(b) (which relates to an investor having a notified investor rate that exceeds the prescribed investor rate).
Amount of credit
(2)
The amount of the tax credit equals the amount determined under section HM 60(4B)(b).