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

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

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

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

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