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Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019
Corrections have been made to sections 43 and 81 on 27 August 2019 under section 25(1)(j)(iii) of the Legislation Act 2012.
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Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019
Public Act
2019 No 33
Date of assent
26 June 2019
Commencement
see section 2
Contents
1
Title
2
Commencement
Part 1
Annual rates of income tax
3
Annual rates of income tax for 2019–20 tax year
Part 2
Amendments to Goods and Services Tax Act 1985
4
Goods and Services Tax Act 1985
5
Section 2 amended (Interpretation)
6
Section 2A amended (Meaning of associated persons)
7
New section 4B inserted (Meaning of distantly taxable goods)
4B
Meaning of distantly taxable goods
8
Section 5 amended (Meaning of term supply)
9
Section 5B amended (Supply of certain imported services)
10
Section 8 amended (Imposition of goods and services tax on supply)
11
Section 8B amended (Remote services: determining residence and status of recipients)
12
New section 8BB inserted (Certain supplies by non-residents: determining whether recipient is registered person)
8BB
Certain supplies by non-residents: determining whether recipient is registered person
13
Section 10 amended (Value of supply of goods and services)
14
New sections 10B and 10C inserted
10B
Estimating value of goods in supply for treatment as distantly taxable goods
10C
Election by supplier that supplies of higher-value goods be supplies of distantly taxable goods
15
Section 11 amended (Zero-rating of goods)
16
Section 11A amended (Zero-rating of services)
17
Section 12 amended (Imposition of goods and services tax on imports)
18
New section 12B inserted (Reimbursement of tax by supplier if recipient charged tax on both supply and importation)
12B
Reimbursement of tax by supplier if recipient charged tax on both supply and importation
19
Section 14 amended (Exempt supplies)
20
Section 15 amended (Taxable periods)
21
Section 20 amended (Calculation of tax payable)
22
Section 20G amended (Treatment of supplies of certain assets)
23
Section 20H amended (Goods and services tax incurred in making financial services for raising funds)
24
Section 21HB amended (Transitional rules related to treatment of dwellings)
25
Section 24 amended (Tax invoices)
26
New sections 24BAB and 24BAC inserted
24BAB
Receipts for supplies
24BAC
Information for importation of goods including distantly taxable goods
27
Section 24B amended (Records to be kept by recipient of imported services)
28
Section 25 amended (Credit and debit notes)
29
Section 25AA amended (Consequences of change in contract for imported services)
30
Section 25A amended (Commissioner may approve use of symbols, etc, on electronically transmitted invoices and credit and debit notes)
31
Section 26 amended (Bad debts)
32
New section 26AA inserted (Marketplace operators: bad debts for amounts of tax)
26AA
Marketplace operators: bad debts for amounts of tax
33
Section 51 amended (Persons making supplies in course of taxable activity to be registered)
34
Section 51B amended (Persons treated as registered)
35
Section 56B amended (Branches and divisions in relation to certain imported services)
36
Section 60 amended (Agents and auctioneers)
37
Section 60C amended (Electronic marketplaces)
38
Section 60D amended (Approved marketplaces)
39
New sections 60E, 60F, and 60G inserted
60E
When redeliverer is supplier of distantly taxable goods
60F
Operator of marketplace or redeliverer making return based on faulty information
60G
Requirements for treatment of information by operator of marketplace or redeliverer
40
Section 75 amended (Keeping of records)
41
Section 77 amended (New Zealand or foreign currency)
42
New section 85C inserted (Certain contracts entered into before 1 December 2019)
85C
Certain contracts entered into before 1 December 2019
Part 3
Amendments to other enactments
Amendments to Income Tax Act 2007
43
Income Tax Act 2007 amended
44
Section CB 16A amended (Main home exclusion for disposal within 5 years)
45
Section CG 5B amended (Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities)
46
Section CV 9 repealed (Supplementary dividend holding companies)
47
Section CW 33 amended (Allowances and benefits)
48
Section CW 35 amended (Personal service rehabilitation payments)
49
Heading after section CX 53 amended (Share-lending arrangements)
50
New section CX 54B inserted (Transfers of emissions units under certain excepted financial arrangements)
CX 54B
Transfers of emissions units under certain excepted financial arrangements
51
Section CW 57 amended (Non-resident company involved in exploration and development activities)
52
Section CX 60 amended (Intra-group transactions)
53
Section CZ 35 repealed (Treatment of backdated payments for social rehabilitation: 2008–09 to 2017–18 income years)
54
New section CZ 36 inserted (Treatment of backdated payments for social rehabilitation: 2008–09 to 2017–18 income years)
CZ 36
Treatment of backdated payments for social rehabilitation: 2008–09 to 2017–18 income years
55
Heading after section DB 15 amended (Share-lending arrangements)
56
New section DB 17B inserted (Transfers of emissions units under certain excepted financial arrangements)
DB 17B
Transfers of emissions units under certain excepted financial arrangements
57
Section DB 18A repealed (Ring-fenced allocations: disposal of residential land within 5 years)
58
Section DB 18AB repealed (Deduction cap: disposal of residential land within 5 years to associated persons)
59
Section DE 4 amended (Default method for calculating proportion of business use)
60
Section DV 18 amended (Statutory producer boards and co-operative companies)
61
Section EH 1 amended (Income equalisation schemes)
62
New subpart EL (Allocation of deductions for excess residential land expenditure)
Subpart EL—Allocation of deductions for excess residential land expenditure
Introductory provisions
EL 1
Outline of subpart: general
EL 2
Outline of subpart: specific provisions
EL 3
Definitions for this subpart
Allocation rules for residential rental property
EL 4
Allocation of deductions for loss-making residential rental properties
EL 5
When residential portfolios sold
EL 6
Choosing to apply rules on property-by-property basis
EL 7
When property A sold
EL 8
Treatment of previously transferred amounts on fully-taxed disposals
Exclusions from rules
EL 9
Main home exclusion
EL 10
Exclusion for land held on revenue account
EL 11
Exclusion for property held by certain persons and entities
EL 12
Exclusion for mixed-use assets
EL 13
Exclusion for property provided as employee accommodation
Application of rules by certain entities
EL 14
Continuity rules for companies
EL 15
Transfers between companies in wholly-owned groups
Interposed entities
EL 16
Interests in residential land-rich entities
EL 17
Calculations for section EL 16
EL 18
Modifications when entities transparent
EL 19
Valuation of assets
Allocation rules for bright-line disposals of land
EL 20
Allocation of deductions related to bright-line disposals of residential land
63
Section EW 5 amended (What is an excepted financial arrangement?)
64
New section EW 52B inserted (Excepted financial arrangements involving pre-1990 forest land emissions units)
EW 52B
Excepted financial arrangements involving pre-1990 forest land emissions units
65
Section EY 30 amended (Transitional adjustments: life risk)
66
Section FE 4 amended (Some definitions)
67
Section HC 27 amended (Who is a settlor?)
68
Section LB 7 amended (Tax credits related to person service rehabilitation payments: providers)
69
New section MB 12B inserted (Family scheme income from trusts, not being beneficiary income, and where recipient not settlor)
MB 12B
Family scheme income from trusts, not being beneficiary income, and where recipient not settlor
70
Section MB 13 amended (Family scheme income from other payments)
71
New section OB 78B inserted (Co-operative companies attaching imputation credits to cash distributions to groups)
OB 78B
Co-operative companies attaching imputation credits to cash distributions to groups
72
Section OB 82 amended (When and how co-operative company makes election)
73
Section OZ 15 amended (Attaching imputation credits and notional distributions: modifying amounts)
74
Section RD 7B replaced (Treatment of certain benefits under employee share schemes)
RD 7B
Treatment of employee share schemes
75
Section RD 64 amended (ESCT rules and their application)
76
Section RE 21 amended (Basis for payment of RWT)
77
Section RF 2C amended (Meaning of non-resident financial arrangement income)
78
Section RM 2 amended (Refunds for overpaid tax)
79
Section YA 1 amended (Definitions)
80
Minor nomenclature-related amendments to Income Tax Act 2007
Amendments to Tax Administration Act 1994
81
Tax Administration Act 1994 amended
82
Section 3 amended (Interpretation)
83
New subpart heading inserted (Subpart 2A—Commissioner and department)
84
New section 5B inserted (Commissioner of Inland Revenue)
5B
Commissioner of Inland Revenue
85
Sections 6, 6A, and 6B replaced
Subpart 2B—Care and management of tax system
Responsibilities and duties
6
Responsibility of Ministers and officials to protect integrity of tax system
6A
Commissioner’s duty of care and management
6B
Directions to Commissioner
Remedial powers
6C
Powers to modify provisions of Inland Revenue Acts
6D
Modifications made by Order in Council
6E
Exemptions granted by Commissioner
6F
Consultation on proposed modifications and exemptions
6G
Meaning of obvious error
86
New subpart heading inserted (Subpart 2C—Functions and powers of Commissioner)
87
New subpart heading inserted (Subpart 2D—Modes of communication)
88
Section 16C amended (Key terms)
89
Section 17 amended (Information to be furnished on request of Commissioner)
90
Section 17D amended (Warrants)
91
Section 17E amended (Information or documents treated as in persons’ knowledge, possession, or control)
92
Section 22 amended (Keeping of business and other records)
93
Section 22A amended (Records required under subpart EW of Income Tax Act 2007)
94
Section 22B amended (Further records required)
95
Section 23C amended (Meaning of employment income information)
96
Section 23F amended (Non-electronic group of employers)
97
Section 26 amended (Records to be kept for RWT purposes)
98
Section 32E amended (Applications for RWT exemption certificates)
99
Section 48B amended (Reconciliation statement for retirement scheme contribution withholding tax)
100
Section 91CB amended (Binding rulings on certain matters)
101
Section 91EB amended (Application of a private ruling)
102
Section 143A amended (Knowledge offences)
103
Section 143C amended (Offences related to disclosure of sensitive revenue information by revenue officers)
104
Section 185O amended (Application of Common Reporting Standard)
105
Schedule 2 amended (Application of CRS standard)
106
Schedule 7 amended (Disclosure rules)
Amendments to Child Support Act 1991
107
Child Support Act 1991 amended
108
Section 89Y amended (Application for exemption on grounds relating to sex offence)
109
Section 89Z amended (Grant of exemption to victim of sex offence)
110
Section 89ZA amended (Exemption is void if conviction quashed or finding is reversed or set aside)
111
Section 89ZB amended (Commissioner must give effect to exemption and may take changes into account)
112
Section 152A amended (Relief in case of exemption granted to liable person)
113
Schedule 1 amended (Application, transitional, and savings provisions relating to amendments to Act made on or after 1 April 2015)
Amendments to Student Loan Scheme Act 2011
114
Student Loan Scheme Act 2011 amended
115
Section 4 amended (Interpretation)
116
Section 22 amended (Meaning of New Zealand-based)
117
Section 23 amended (Meaning of overseas-based)
118
Section 73 amended (Meaning of adjusted net income, Schedule 3 adjustments, and related terms)
119
Cross-heading above section 134 replaced
Loan interest charged for all overseas-based borrowers
120
Section 134 amended (Loan interest charged for all borrowers)
121
Section 135 amended (Loan interest calculated daily and charged and compounded annually)
122
Section 137 repealed (Full interest write-off for New Zealand-based borrowers)
123
New section 202A inserted (Treatment of schedular payments)
202A
Treatment of schedular payments
124
Schedule 2 amended (Application of PAYE rules for purposes of section 70)
125
Schedule 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 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
126
Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
127
Section 2 amended (Commencement)
128
Section 244 amended (Section OP 22 amended (Consolidated ICA group company’s credit))
Amendments to Search and Surveillance Act 2012
129
Schedule to Search and Surveillance Act 2012 amended (Powers in other enactments to which all or part of Part 4 of Search and Surveillance Act 2012 applies)
Amendments to Land Transfer Act 2017
130
Land Transfer Act 2017
131
Section 77 amended (Interpretation)
132
Section 79 amended (Content of tax statement)
133
Schedule 1 amended (Transitional, savings, and related provisions)
Part 2
Provision relating to the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019
14
Six-month transitional period for existing agreements
Schedule 1
Minor nomenclature-related amendments to Income Tax Act 2007
Legislative history
Administrative information
The Parliament of New Zealand enacts as follows: