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

  • enacted

Hon Todd McClay

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

Government Bill

64—3

As reported from the committee of the whole House

Contents

Key

1 Title

2 Commencement

Part 1
Amendments to Income Tax Act 2007

3 Income Tax Act 2007

3B Section CB 26 amended (Disposal of certain shares by portfolio investment entities)

3C Section CB 36 amended (Disposal of emissions units)

4 Section CC 1 amended (Land)

4B New sections CC 1B and CC 1C inserted

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)

10B Section CW 16 amended (Allowance of Governor-General and other benefits and privileges)

11 Section CW 28 amended (Pensions)

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

12B Section CW 55BB amended (Minors' income, to limited extent)

12C New heading and section CW 65 inserted

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

13B Section CX 17 amended (Benefits provided to employees who are shareholders or investors)

13C Section CX 25 amended (Benefits provided by charitable organisations)

13D New section CX 33B inserted (Benefits 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)

17B New sections DB 20B and DB 20C inserted

17C Section DB 54 amended (Treatment of credits for investment fees)

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)

25B New section DZ 21 (Expenditure on certain assets before 31 March 2013)

25C Section EA 3 amended (Prepayments)

26 New sections EC 4B and EC 4C inserted

27 Section EC 7 amended (Valuation methods)

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

29 Section EC 11 amended (Restrictions on making of 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)

31B New section ED 4 inserted (Valuation of certain excepted financial arrangements denominated in foreign currency)

31C Section EE 7 amended (What is not depreciable property?)

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

32B New section EI 4B inserted (Consideration for agreement to grant, renew, extend, or transfer leasehold estate or licence)

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

33B Section EW 8 amended (Election to treat certain excepted financial arrangements as financial arrangements)

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

34B Section EX 50 amended (Attributable FIF income method)

34C Section EX 63 amended (Consequences of changes in method)

34D New heading and sections EZ 64 to EZ 68 inserted

34E Section FB 15 replaced (Specified livestock valued under herd scheme)

34F Section FM 31 amended (Eligibility rules)

34G Section FN 4 amended (Eligibility rules)

34H Section GB 24 amended (Exemption for genuine contracts)

35 Section GC 5 amended (Leases for inadequate rent)

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

36B Section HG 2 amended (Partnerships are transparent)

36C Section HG 3 amended (General provisions relating to disposals)

36D Section HM 12 amended (Income types)

36E Section HM 19C amended (Modified rules for foreign investment variable-rate PIEs)

36F Section HM 37 amended (When income cannot be attributed)

36G Section HM 60 amended (Notified investor rates)

36H New section IQ 2C inserted (Effect of FIF net loss if attributed FIF income method not available)

36I Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)

36J Section LH 17 amended (Some definitions)

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

37B Section LP 2 amended (Tax credits for supplementary dividends)

37C Section LP 5 amended (Application of benchmark dividend rules and imputation credit ratio)

37D Section LP 8 amended (Relationship with exempt income rules)

38 Sections LZ 2 to LZ 5 repealed

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

39B New section MB 7B inserted (Family scheme income from employment benefits: employees not controlling shareholders)

39C Section MB 8 amended (Family scheme income from fringe benefits)

39D Section MD 16 amended (Calculation of parental tax credit abatement)

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)

44B Section RD 39 amended (Benefits provided by charitable organisations)

44C Section RD 54 amended (Value of and payments towards fringe benefits)

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 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)

57B Section YB 11 amended (Trustee and person with power of appointment or removal)

57C Section YB 14 amended (Tripartite relationship)

57D New section YC 18C inserted (Railways restructure not affecting Crown economic ownership)

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

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 inserted (Statements to shareholders when certain assets held by companies)

66B Section 31C amended (Notification requirements for multi-rate PIEs)

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

67B Section 91C amended (Taxation laws in respect of which binding rulings may be made)

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 repealed (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 and services)

77B Section 10 amended (Value of supply of goods and 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)

89B Section 51 amended (Persons making supplies in course of taxable activity to be registered)

89C Section 51B amended (Persons treated as registered)

89D Section 53 amended (Registered person to notify change of status)

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)

94B New section 78G inserted (Railways vesting: zero rating and timing of tax calculations and documents)

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)

Amendments to Stamp and Cheque Duties Act 1971

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

98B Section 86L amended (Refund of levy paid in error or in excess)

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)

105B Section EE 7 amended (What is not depreciable property?)

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

Tax Administration (Form of Warrant) Regulations 2003

109B Tax Administration (Form of Warrant) Regulations 2003 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)

Amendments to Child Support Amendment Act 2013

110B Child Support Amendment Act 2013

110C Section 5 amended (Interpretation)

110D Section 8 amended (New section 4A inserted)

110E Section 10 amended (New headings and sections 7B to 19 substituted)

110F Section 12 amended (New headings and sections 29 to 36D substituted)

110G New heading and section 22A inserted

110H Schedule 3 amended (Consequential amendments to principal Act)

Other remedial matters

111 Deletion of redundant LAQC legislation

Schedule
Deletion of redundant LAQC legislation

Legislative history


The Parliament of New Zealand enacts as follows: