Taxation (GST and Remedial Matters) Bill

  • enacted

Hon Peter Dunne

Taxation (GST and Remedial Matters) Bill

Government Bill


As reported from the Finance and Expenditure Committee




1 Title

2 Commencement

Part 1
Amendments to Goods and Services Tax Act 1985

3 Goods and Services Tax Act 1985

4 Interpretation

5 Meaning of input tax

6 Meaning of term supply

7 Imposition of goods and services tax on supply

8 Time of supply

9 Value of supply of goods and services

10 Zero-rating of goods

11 Special returns

12 Invoice basis for supplies over $225,000

13 Calculation of tax payable

14 Sections 21 to 21H replaced

15 Tax invoices

15B Credit and debit notes

16 Deduction of tax from payment due to defaulters

17 Persons treated as registered

18 New section 60B

19 Keeping of records

20 New section 78F

Part 2
Amendments to Income Tax Act 2007

21 Income Tax Act 2007

22 Disposal of emissions units

23 Returns of capital: on-market share cancellations

24 Amounts derived in connection with employment

25 Adjustment for GST

26 Income of non-resident general insurer

27 Non-resident film renters

28 Benefits provided on premises

29 Goods and services tax

30 Avoiding, remedying, or mitigating effects of discharge of contaminant

30B Variance during logbook term

31 Transfer of expenditure to master fund

32 Investment funds: transfer of expenditure to master funds

33 Valuation of excepted financial arrangements

34 Section ED 1B replaced

35 Cost: GST

36 Election to use balance date used in foreign country

37 Superannuation schemes providing life insurance

37B Outstanding claims reserving amount: non-participation policies not annuities

37C Transitional adjustments: life risk

38 Non-resident life insurers with life insurance policies in New Zealand

39 What this subpart does

40 Threshold for application of interest apportionment rule

41 When amalgamating companies are parties to financial arrangement

42 Persons buying goods from overseas

42B Investor interest size requirement

43 New section HL 19B

44 Foreign PIE equivalents

45 What is an investor class?

46 Intended effects for multi-rate PIEs and investors

46B Collective schemes

47 Maximum investors' interests

47B Exceptions for certain investors

48 Exceptions for foreign PIE equivalents

49 Rules for multi-rate PIEs

50 Determining net amounts and taxable amounts

51 New section HM 35B

52 Quarterly calculation option

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

54 Adjustments to investors' interests or to distributions

55 Certain exiting investors zero-rated

56 Exit levels for investors

56B Bankruptcy-remote property during application of section HR 9

57 Trusts that may become complying trusts

57B Common ownership: group of companies

58 Tax credits for transitional circumstances

59 Assessment when person is non-resident

60 Credits for persons who are non-resident or who receive exempt income

61 What this subpart does

62 Tax credits for certain exiting investors

63 Minimum family tax credit

64 Orders in Council

64B Treatment of tax credits on permanent emigration other than to Australia

65 ICA debit for loss of shareholder continuity

66 FDPA debit for loss of shareholder continuity

67 Subpart OZ—Terminating provisions

68 Payment of amounts of tax to Commissioner

69 Salary or wages

70 Returns for amounts of tax paid to Commissioner

71 Repayment of employment-related loans

72 Resident passive income

73 Non-resident passive income

74 Definitions

74B Meaning of income tax varied

75 Schedule 32—Recipients of charitable or other public benefit gifts

76 Schedule 51–Identified changes in legislation

Part 3
Amendments to Tax Administration Act 1994

77 Tax Administration Act 1994

78 Interpretation

79 Persons with approved issuer status

79B Annual returns of income not required

80 Consequential adjustments on change in balance date

81 Officers to maintain secrecy

82 Disclosure of information for verification of government screen production payment entitlement

83 Non-electronic filing penalty

84 Shortfall penalty for not taking reasonable care or for taking unacceptable tax position may not be more than $50,000

85 Due date for payment of late filing penalty

86 Deduction of tax from payments due to defaulters

Part 4
Amendments to Income Tax Act 2004

87 Income Tax Act 2004

88 Amounts derived in connection with employment

90 GST

90B Investor interest size requirement

91 New section HL 19B

92 Employment-related loans: repayment

92B Definitions

93 Schedule 22A–Identified policy changes

Part 5
Amendments to KiwiSaver Act 2006

94 KiwiSaver Act 2006

95 Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends investment statement

96 Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme

97 Involuntary transfers

98 Commissioner must send information to involuntary transferees

99 Initial steps in winding up of KiwiSaver scheme

100 New section 220B

100B Crown contribution

100C Schedule 1––KiwiSaver scheme rules

Part 6
Amendments to Stamp and Cheque Duties Act 1971

101 Stamp and Cheque Duties Act 1971

102 Section 86I replaced

103 Refund of levy paid in error or in excess

Part 7
Amendments to other legislation

Income Tax Act 1994

104 Accounting for goods and services tax

Gaming Duties Act 1971

105 Deduction of duty from payments due to defaulters

Local Government (Auckland Transitional Provisions) Act 2010

106 Tax

Student Loan Scheme (Charitable Organisations) Regulations 2006

107 Schedule—Charitable organisations for purposes of section 38AE(1)(b) of Student Loan Scheme Act 1992

Health Entitlement Cards Regulations 1993

108 Interpretation

Inland Revenue Acts

109 Consequential amendments to Inland Revenue Acts: ACC change

Consequential amendments to Inland Revenue Acts: ACC change

Legislative history

The Parliament of New Zealand enacts as follows: