Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill

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Hon Peter Dunne

Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Bill

Government Bill

64—1

Contents

Explanatory note

1 Title

2 Commencement

Part 1
Amendments to Income Tax Act 2007

3 Income Tax Act 2007

4 Section CC 1 amended (Land)

5 New section CD 29B inserted (Issues to shareholders of rights to subscribe for or sell back shares)

6 Section CD 40 amended (Adjustment if dividend recovered by company)

7 Section CD 41 amended (Adjustment if amount repaid later)

8 Section CR 4 amended (Income for general insurance outstanding claims reserve)

9 New section CV 18 inserted (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

10 New section CW 8B inserted (Certain amounts derived from use of assets)

11 Section CW 28 amended (Pensions)

12 Section CW 31 replaced (Services for members of Parliament)

13 Section CX 12 replaced (Services for members of Parliament)

14 New section DA 5 inserted (Treatment of expenditure for commercial fit-out)

15 Section DB 5 amended (Transaction costs: borrowing money for use as capital)

16 Section DB 7 amended (Interest: most companies need no nexus with income)

17 Section DB 8 amended (Interest: money borrowed to acquire shares in group companies)

18 Section DB 64 amended (Capital contributions)

19 New subpart DG inserted (Expenditure related to use of certain assets)

20 Section DO 1 amended (Enhancements to land, except trees)

21 Section DO 2 amended (Erosion and shelter plantings)

22 Section DO 5 amended (Expenditure on land: planting of listed horticultural plants)

23 Section DO 11 amended (Improvement destroyed or made useless)

24 New section DV 25 inserted (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

25 Section DW 4 amended (Deduction for general insurance outstanding claims reserve)

26 New section EC 4B inserted (Compulsory use of herd scheme method for associated persons)

27 Section EC 7 amended (Valuation methods)

28 Section EC 8 replaced (Restrictions on use of herd scheme)

29 Section EC 11 amended (Restrictions on making elections)

30 Section EC 20 amended (Herd livestock disposed of before values determined)

31 Section EC 21 repealed (Herd livestock on death before values determined)

32 Section EE 60 amended (Total deductions in section EE 56)

33 New subpart EM inserted (Hedging of currency movements in Australian non-attributing shares and attributing FDR method interests)

34 Section EX 21 amended (Attributable CFC amount and net attributable CFC income or loss: calculation rules)

35 Section GC 5 amended (Leases for inadequate rent)

36 Section HA 33 amended (Revocation of shareholders' elections: by event)

37 Section LK 1 amended (Tax credits relating to attributed CFC income)

38 Sections LZ 2 to LZ 5 repealed

39 Section MB 1 amended (Adjustments for calculation of family scheme income)

40 Section ME 3 amended (Meaning of net family scheme income)

41 Section OB 71 amended (Imputation additional tax on leaving wholly-owned group)

42 Section OB 72 amended (Imputation additional tax on joining wholly-owned group)

43 Section OB 72B amended (Limit on using entitlement to refund after joining wholly-owned group)

44 Section OP 6 amended (Provisions applying to consolidated imputation groups)

45 Section RD 60 amended (Close company option)

46 Section RM 2 amended (Refunds for overpaid tax)

47 Section RM 4 amended (Overpayment on amended assessment)

48 Section RM 6 repealed (Refunds after 4-year period ends)

49 Section RM 10 amended (Using tax refund to satisfy tax liability)

50 Section RM 13 amended (Limits on refunds for ICA companies)

51 Section RM 17 amended (Treatment of further income tax paid)

52 Section RM 22 amended (Limits on refunds for Maori authorities)

53 Section RM 23 amended (Limits on refunds when Maori authority stops being Maori authority)

54 Section RM 26 amended (Treatment of further income tax paid)

55 Section RM 28 amended (Limits on refunds for PCA persons)

56 Section RM 33 amended (Limits on refunds for certain unit trusts and group investment funds)

57 Section YA 1 amended (Definitions)

58 Schedule 3 amended (Payment of provisional tax and terminal tax) amended

59 Schedule 17 amended (Types and classes of livestock)

60 Schedule 20 amended (Expenditure on farming, horticultural, aquacultural, and forestry improvements)

61 Schedule 32 amended (Recipients of charitable or other public benefit gifts)

Part 2
Amendments to other Acts

Amendments to Tax Administration Act 1994

62 Tax Administration Act 1994

63 Section 2 amended (Purpose of Act)

64 Section 16 amended (Commissioner may access premises to obtain information)

65 Section 16C amended (Power to remove and retain documents for inspection)

66 New section 30D (Statements to shareholders when certain assets held by companies)

67 Section 41A amended (Returns by persons with tax credits for charitable or other public benefit gifts)

68 Section 120C amended (Definitions)

69 Section 125 amended (Certain rights of objection not conferred)

70 Section 138E amended (Certain rights of challenge not conferred)

71 Section 140C amended (Transitional imputation penalty tax payable in some circumstances)

72 Section 184 amended (Refund of tax paid on income subsequently exempted by Order in Council)

Amendments to Goods and Services Tax Act 1985

73 Goods and Services Tax Act 1985

74 Section 2 amended (Interpretation)

75 Section 5 amended (Meaning of term supply)

76 Section 9 amended (Time of supply)

77 Section 10 amended (Value of supply of goods or services)

78 Section 11 amended (Zero-rating of goods)

79 Section 19 amended (Accounting basis)

80 Section 19A amended (Requirements for accounting on payments basis)

81 Section 19AB repealed (Local authorities accounting on payments basis on and after 1 July 2001)

82 Section 19C amended (Tax payable, or refund, where change in accounting basis)

83 Section 20 amended (Calculation of tax payable)

84 New section 20G inserted (Treatment of supplies of certain assets)

85 Section 21B amended (Adjustments when person or partnership becomes registered after acquiring goods and services)

86 Section 21D amended (Calculating amount of adjustment)

87 Section 21G amended (Definitions and requirements for apportioned supplies and adjustment periods)

88 Section 26 amended (Bad debts)

89 Section 46 amended (Commissioner's right to withhold payments)

90 Section 52 amended (Cancellation of registration)

91 New sections 54B and 54C inserted

92 Section 55 amended (Group of companies)

93 Section 60 amended (Agents and auctioneers)

94 Section 75 amended (Keeping of records)

95 New section 87 inserted (Change of accounting basis: transitional provision for certain local authorities)

Amendment to KiwiSaver Act 2006

96 Section 4 amended (Interpretation)

Amendment to Student Loan Scheme Act 2011

97 Section 202 amended (Provisions of Tax Administration Act 1994 and Income Tax Act 2007 to apply to this Act)

Amendment to Stamp and Cheque Duties Act 1971

98 Section 86I amended (Application of approved issuer levy and zero-rating)

Amendments to Income Tax Act 2004

99 Income Tax Act 2004

100 New section CD 21BA inserted (Issues to shareholders of rights to subscribe for or sell back shares)

101 Section CR 3 amended (Income for general insurance outstanding claims reserve)

102 Section CW 25 replaced (Services for members of Parliament)

103 Section CX 11 replaced (Services for members of Parliament)

104 Section DW 3 amended (Deduction for general insurance outstanding claims reserve)

105 Section EC 7 amended (Valuation methods)

106 Section EE 51 amended (Total deductions in section EE 47)

107 Section OB 1 amended (Definitions)

Amendment to Social Security Act 1964

108 Section 70 amended (Rate of benefits if overseas pension payable)

Non-resident investment companies Orders in Council

109 Non-resident investment companies Orders in Council revoked

Amendment to Search and Surveillance Act 2012

110 Schedule amended (Powers in other enactments to which all or part of Part 4 of Search and Surveillance Act 2012 applies)


The Parliament of New Zealand enacts as follows: