Taxation (Budget Measures) Bill

  • enacted

Hon Bill English

Taxation (Budget Measures) Bill

Government Bill

155—1

Contents

Explanatory note

1 Title

2 Commencement

Part 1
Personal tax cuts, company tax cuts, and GST rate increase: 1 October 2010 start

Amendments to Income Tax Act 2007

3 Income Tax Act 2007

4 Withdrawals

5 Attributed income of certain investors in multi-rate PIEs

6 Calculation of tax liability or tax credit of multi-rate PIEs

7 Use of foreign tax credits by zero-rated and certain exiting investors

8 Section HM 58 replaced

9 Notified investor rates

10 What this subpart does

11 Tax credit for redundancy payments

12 ICA benchmark dividend rules

13 FDPA benchmark dividend rules

14 Section OZ 7 replaced

15 Attaching imputation credits and FDP credits: maximum permitted ratio

16 Benchmark dividends: ratio change

17 Modifying ratios for imputation credits and FDP credits

18 Tax credits for imputation credits and FDP credits

19 Tax credits for non-resident investors

20 Fully credited dividends: modifying actual ratio

21 Dividends from qualifying companies

22 Attaching imputation credits and notional distributions: modifying amounts

23 BETA reductions

24 CTRA reductions

25 Methods for calculating provisional tax liability

26 GST ratio method

27 Calculating amount of instalment under standard and estimation methods

28 Calculating amount of instalment using GST ratio

29 Sections RZ 3 to RZ 5C replaced

30 Definitions

31 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 1

32 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 2

33 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 3

34 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 4

35 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 5

36 Schedule 2—Basic tax rates for PAYE income payments: part A

37 Schedule 2—Basic tax rates for PAYE income payments: part B, table 1

38 Schedule 4—Rates of tax for schedular payments: part I

39 Schedule 6—Prescribed rates: PIE investments and retirement scheme contributions: table 1

40 Schedule 6—Prescribed rates: PIE investments and retirement scheme contributions: table 2

Amendments to Tax Administration Act 1994

41 Tax Administration Act 1994

42 Person advising retirement savings scheme of retirement scheme prescribed rate

43 Section 140BB replaced

Amendments to Goods and Services Tax Act 1985

44 Goods and Services Tax Act 1985

45 Imposition of goods and services tax on supply

46 Value of supply of goods and services

47 Imposition of goods and services tax on imports

48 New section 21CB

49 Deductions from output tax for goods and services applied for making taxable supplies

50 Fringe benefits and entertainment expenses

51 Commissioner's right to withhold payments

52 Effect of imposition or alteration of tax

53 Adjustments to tax payable for persons furnishing returns on payments basis following change in rate of tax

GST-related amendments to Tax Administration Act 1994

54 Tax Administration Act 1994

55 Late payment penalty

56 New section 183AA

Part 2
Personal tax cuts: 2010–11 start

57 Application

Amendments to Income Tax Act 2007

58 Income Tax Act 2007

59 Child's income

60 Tax credits for transitional circumstances

61 Calculation of family tax credit

62 Minimum family tax credit

63 New sections MF 4D and MF 4E

64 Employer's liability for attributed benefits

65 Calculation for certain employees when information lacking

66 Pooling non-attributed benefits

67 Single rate option

68 Alternate rate option

69 Close company option

70 Small business option

71 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part A, table 1

72 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part C, table 1

Amendment to Tax Administration Act 1994

73 Returns not required for certain providers of personal services

Part 3
Other measures

Amendments to Income Tax Act 2007

74 Income Tax Act 2007

75 New section CG 8

76 New heading and section DB 64

Capital contributions

77 Annual rate for item acquired in person's 1995–96 or later income year

78 Special rate or provisional rate

79 Improvements

80 Effect of disposal or event

81 Meaning of annual rate

82 Meaning of excluded depreciable property

83 Other definitions

84 Subparts EE and EZ: list of defined terms

85 Annual rate for item acquired on or after 1 April 1993 and before end of person's 1994–95 income year

86 Pre-1993 depreciation rate

87 Thresholds for application of interest apportionment rules

88 Apportionment of interest by excess debt entity

89 Calculation of debt percentages

90 Measurement of debts and assets of worldwide group

91 Tax credits for supplementary dividends

92 Section MB 3 replaced

93 Section MB 3 replaced

94 Orders in Council

95 Subpart ML repealed

96 Definitions

97 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part A

98 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 3

99 New schedule 39

Amendment to Tax Administration Act 1994

100 Write-off of tax by Commissioner

Amendment to Government Superannuation Fund Amendment Act 1969

101 New section 3A

Amendment to National Provident Fund Restructuring Act 1990

102 New section 44A

Amendment to Social Security Act 1964

103 Schedule 18––Accommodation supplement: Part 1

Amendment to War Pensions Act 1954

104 Annual adjustment of rates of veterans’ pensions

Amendment to New Zealand Superannuation and Retirement Income Act 2001

105 Annual adjustment of standard rates of New Zealand superannuation


The Parliament of New Zealand enacts as follows: