Taxation (Tax Administration and Remedial Matters) Bill

  • not the latest version

Hon Peter Dunne

Taxation (Tax Administration and Remedial Matters) Bill

Government Bill

257—1

Contents

Explanatory note

1 Title

2 Commencement

Part 1
Amendments to Income Tax Act 2007

3 Income Tax Act 2007

4 Dividend within New Zealand wholly-owned group

5 Taxes, other than GST, and penalties

6 New section DB 3B

7 Disposal of petroleum mining asset to associate

8 What is included when spreading methods used

9 IFRS financial reporting method

10 When calculation of base price adjustment required

11 Fair dividend rate method: usual method

12 Fair dividend rate method and cost method: when periods affected by share reorganisations

13 Apportionment of interest by excess debt entity

14 Calculation of debt percentages

15 Further eligibility requirements relating to investments

16 Income sources

17 Calculating amounts attributed to investors

18 When superannuation fund investor has conditional entitlement

19 Prescribed investor rates: schedular rates

20 New section HM 57B

21 New section HR 4B inserted

22 Common ownership: group of companies

23 What this subpart does

24 Calculation of New Zealand tax

25 Third requirement: residence

26 Payment of tax credits

27 ICA payment of tax

28 Reduction of further income tax

29 BETA payment of income tax

30 Section OE 8 repealed

31 Consolidated BETA payment of income tax

32 Section OP 102 repealed

33 Tax pooling accounts and their use

34 Transfers from tax pooling accounts

35 New section RP 19B inserted

36 Definitions

37 No look-through rule for companies in certain cases

38 Directors' knowledge of failure to meet requirements of continuity provision

39 New section YD 3B

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

41 Schedule 32 –– Recipients of charitable or other public benefit gifts

Part 2
Amendments to Tax Administration Act 1994

42 Tax Administration Act 1994

43 Interpretation

44 Commissioner may access premises to obtain information

45 Power to remove and copy documents

46 Power to remove and retain documents for inspection

47 Information to be furnished on request of Commissioner

48 Court orders for production of information or return

49 Inquiry by Commissioner

50 Privilege for confidential communication between legal practitioners and their clients

51 No requirement to disclose tax advice document

52 Treatment of book or document

53 Claim that book or document is tax advice document

54 Book or document or part of book or document included in tax advice document

55 Person must disclose tax contextual information from tax advice document

56 Challenge to claim that book or document is tax advice document

57 Information requisitions in relation to offshore payments

58 Officers to maintain secrecy

59 New section 81BA inserted

60 Other persons to maintain secrecy

61 Further secrecy requirements

62 Notices of proposed adjustment required to be issued by Commissioner

63 Section 89E repealed

64 Late actions deemed to occur within response period

65 Application to High Court

66 Disclosure notices

67 Completing the disputes process

68 Time bar for amendment of income tax assessment

69 Time bar for amending GST assessment

70 When disputant entitled to challenge assessment

71 Certain rights of challenge not conferred

72 Effect of disclosure notice: exclusion of evidence

73 Proceedings may be transferred to different hearing authorities

74 Section 138O repealed

75 Absolute liability offences

76 Knowledge offences

77 Evasion or similar offence

78 Evidence in proceedings for failure to furnish returns or information

79 Deduction of tax from payments due to defaulters

80 New section 226C added

Part 3
Remedial matters and abolition of gift duty

Amendments to Income Tax Act 2004

81 Income Tax Act 2004

82 Taxes, other than GST, and penalties

83 New section DB 3B

84 Disposal of petroleum mining asset to associate

85 What is included when spreading methods used

86 Further eligibility requirements relating to investments

87 Modifications to measurement of voting and market value interests in case of continuity provisions

Amendment to New Zealand Superannuation and Retirement Income Act 2001

88 Section 76 of New Zealand Superannuation and Retirement Income Act 2001 repealed

Amendment to KiwiSaver Act 2006

89 New section 81B of KiwiSaver Act 2006 inserted

Amendments to Taxation Review Authorities Act 1994

90 Taxation Review Authorities Act 1994

91 General jurisdiction of Authorities

92 Section 13B repealed

93 An Authority to be a commission of inquiry

94 Challenges appealed to High Court

Amendments to Income Tax Act 1994

95 Income Tax Act 1994

96 Certain deductions not allowed

97 New section DB 2

Amendments to Taxation Review Authorities Regulations 1998

98 Taxation Review Authorities Regulations 1998

99 Interpretation

100 Application of District Court Rules 1992

101 Proceedings generally

102 Form

103 Notice of defence

104 Interlocutory applications

105 Part 3 revoked

106 Requirement for directions hearings

107 Time for directions hearing

108 Schedule

Amendment to Goods and Services Tax Act 1985

109 Interpretation

Abolition of gift duty

110 Estate and Gift Duties Act 1968


The Parliament of New Zealand enacts as follows: