Explanatory note
1 Title
2 Commencement
Part 1
Annual rates of income tax
3 Annual rates of income tax for 2012–13 tax year
Part 2
Amendments to Income Tax Act 2007
4 Income Tax Act 2007
5 Films
6 Bonus issues in lieu of dividend
7 New section CD 7B
8 Elections to make bonus issue into dividend
9 New section CD 23B
10 Available subscribed capital (ASC) amount
11 Meaning of expenditure on account of an employee
12 Section CV 17 repealed
13 Dividends paid by qualifying companies
14 Expenditure on account, and reimbursement, of employees
15 Assistance with tax returns
16 Proceeds from disposal of investment shares
17 New heading and section DB 40B inserted
Unsuccessful software development
18 Some definitions
19 Non-resident general insurers, shippers, and film renters
20 Application of subpart
21 Valuation of emissions units issued for zero price
22 Spreading forward of deductions for repairs to fishing boats
23 Exemption for ASX-listed Australian companies
24 Section EX 39 repealed
25 Measurement of cost
26 Shareholder base other profit: profit participation policies that are existing business
27 Transitional adjustments: life risk
28 Section EZ 32 repealed
29 Disposal and acquisition upon entry
30 Measurement dates
31 Banking group's equity threshold
32 Transactions between group companies: income
33 Grandparenting requirement
34 Look-through companies are transparent
35 Disposal of financial arrangements and certain excepted financial arrangements
36 LTC elections
37 Taxable distributions from foreign trusts
38 Foreign-sourced amounts: non-resident trustees
39 Limitation on deductions by partners in limited partnerships
40 Portfolio entity tax liability and tax credits of portfolio tax rate entity for period
41 Optional look-through rule for PIEs
42 Investment types
43 Income sources
44 Same rights to all investment proceeds
45 Modified rules for foreign investment variable-rate PIEs
46 Rules for and treatment of investors in multi-rate PIEs
47 Attribution periods
48 Treatment of certain provisions made by multi-rate PIEs
49 Quarterly calculation option
50 Attributing credits to investors
51 Use of foreign tax credits by PIEs
52 Use of tax credits other than foreign tax credits by PIEs
53 Prescribed investor rates for certain investors: 0%
54 Use of investor classes' losses
55 Use of land losses of investor classes
56 Restrictions relating to schedular income
57 Meaning of charitable or other public benefit gift
58 Repaid foreign tax: effect on income tax liability
59 Meaning of full-time earner for family scheme
60 Adjustments for calculation of family scheme income
61 Treatment of distributions from superannuation schemes
62 Family scheme income from other payments
63 Third requirement: residence
64 Third requirement: residence
65 Fifth requirement: full-time earner
66 Calculation of in-work tax credit
67 ICA payment of tax
68 ICA payment of schedular income tax
69 Payment of further income tax for closing debit balance
70 Payment of further income tax when company no longer New Zealand resident
71 BETA payment of income tax
72 Consolidated ICA payment of schedular income tax
73 Consolidated BETA payment of income tax
74 Payment dates for terminal tax
75 ESCT rules and their application
76 Employer's superannuation cash contributions
77 Calculating amounts of tax for employer's superannuation cash contributions
78 Section RD 67 replaced
79 Choosing different rates for employer's superannuation cash contributions
80 Calculating amounts of tax on failure to withhold
81 Amounts of tax treated as paid to and received by superannuation funds
82 Non-cash dividends other than bonus issues in lieu
83 Bonus issues in lieu
84 Non-resident passive income
85 Non-cash dividends
86 Section RF 11B replaced
87 Section RM 5 repealed
88 Definitions
89 Reverse takeovers
90 Corporate reorganisations not affecting economic ownership
91 Apportionment of income from sea transport
92 Section YD 7 repealed
93 Apportionment of premiums derived by non-resident general insurers
94 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits
95 Schedule 6—Prescribed rates: PIE investments and retirement scheme contributions
96 Schedule 28—Requirements for complying fund rules
97 Schedule 29—Portfolio investment entities: listed investors
98 Schedule 32—Recipients of charitable or other public benefit gifts
Part 3
Amendments to Tax Administration Act 1994
99 Tax Administration Act 1994
100 Interpretation
101 Construction of certain provisions
102 Taxpayer's tax obligations
103 Keeping of business and other records
104 Keeping of returns where information transmitted electronically
105 RWT withholding certificates
106 New section 33AA inserted
107 Annual returns of income not required
108 Section 33A repealed
109 Return not required for certain providers of personal services
110 Commissioner may approve furnishing of return information by electronic means
111 Annual returns by persons who receive family assistance credit
112 Income tax returns and assessments by executors or administrators
113 ESCT statements provided by employers
114 Part 3A repealed
115 Summary of instalments paid
116 Notices of proposed adjustment required to be issued by Commissioner
117 Taxpayers and others with standing may issue notices of proposed adjustment
118 Commissioner to make private rulings on request
119 Disclosure requirements
120 Section 92AA repealed
121 New section 92AC
122 Assessment of ESCT
123 Assessment where default made in furnishing returns
124 Time bar for amendment of income tax assessment
125 Evidence of returns and assessments
126 Commissioner to give notice of assessment to taxpayer
127 Definitions
128 Section 141JA repealed
129 Absolute liability offences
130 Knowledge offences
131 Taxpayer may apply for financial relief
132 Write-off of tax by Commissioner
133 Secure credit or debit card payment and fees
Part 4
Amendments to Goods and Services Tax Act 1985
134 Goods and Services Tax Act 1985
135 Interpretation
136 Meaning of input tax
137 Meaning of term supply
138 Imposition of goods and services tax on supply
139 Time of supply
140 Accounting basis
141 Calculation of tax payable
142 Goods and services tax incurred relating to determination of liability to tax
143 Adjustments for apportioned supplies
144 When adjustments required
145 Adjustments when person becomes registered after acquiring goods and services
146 Concurrent uses of land
147 Definitions and requirements for apportioned supplies and adjustment periods
148 Transitional accounting rules
149 Tax invoices
150 Group of companies
151 Nominated recipients of supplies
152 Liability in relation to supplies of land
Part 5
Amendments to other Acts and regulations
Amendments to KiwiSaver Act 2006
153 KiwiSaver Act 2006
154 Contribution rate
155 Treatment of unremitted deductions in holding account
156 How and when interest is paid on on-payments
157 Compulsory employer contribution amount: general rule
158 Crown contribution
159 New section 238
Amendments to Income Tax Act 2004
160 Income Tax Act 2004
161 Meaning of expenditure on account of an employee
162 Expenditure on account, and reimbursement, of employees
163 New heading and section DB 31B inserted
Unsuccessful software development
164 Some definitions
165 Application of this subpart
166 Spreading forward of deductions for repairs to fishing boats
167 Portfolio entity tax liability and rebates of portfolio tax rate entity for period
168 Definitions
Amendments to Income Tax Act 1994
169 Income Tax Act 1994
170 Certain repairs to fishing boats
Amendments to Income Tax (Depreciation Determinations) Regulations 1993
171 Income Tax (Depreciation Determinations) Regulations 1993
172 Fees
173 Payment of fees
174 Regulation 11 replaced
175 Regulation 12 revoked
Amendments to Income Tax (Determinations) Regulations 1987
176 Income Tax (Determinations) Regulations 1987
177 Publication of determinations
178 Regulation 13 replaced
Amendments to Tax Administration (Binding Rulings) Regulations 1999
179 Tax Administration (Binding Rulings) Regulations 1999
180 Fees
181 Regulation 7 revoked