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Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill
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Hon Michael Woodhouse
Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill
Government Bill
93—2
Contents
Commentary
Key
1
Title
2
Commencement
Part 1
Amendments to Student Loan Scheme Act 2011
3
Student Loan Scheme Act 2011
4
Section 4 amended (Interpretation)
5
Section 5 amended (Meaning of unpaid amount)
6
Section 15 amended (Right to cancel loan contract)
7
New sections 27A to 27E inserted
27A
Commissioner must keep and publish list of charities
27B
When entity qualifies to be listed as charity
27C
Application by entity to be listed as charity
27D
Commissioner may list tax charities even if no application made
27E
Commissioner may remove entity’s listing as charity
8
Cross-heading above section 63 replaced
Standard deductions resulting in significant under-deductions or over-deductions
9
New sections 68A to 68C and cross-heading inserted
Commissioner deductions resulting in over-deductions
68A
Commissioner over-deduction identified by borrower
68B
Commissioner must determine whether Commissioner over-deduction made
68C
Procedure if Commissioner over-deduction made
10
Section 73 replaced (Meaning of adjusted net income)
73
Meaning of adjusted net income, Schedule 3 adjustments, and related terms
11
Section 74 replaced (Declaration of adjusted net income)
74
Notification of Schedule 3 adjustments
12
Section 75 amended (Extension of time for making declaration of adjusted net income)
13
Section 76 amended (Commissioner to assess borrower’s end-of-year repayment obligation)
14
Section 79 amended (Payment of end-of-year repayment obligation)
15
Section 82 amended (Calculation of interim payments for next tax year)
16
Section 83 amended (Commissioner may assess interim payments if information for preceding year not provided)
17
Section 114 replaced (Notification of worldwide income by New Zealand-based non-resident borrowers)
114
Notification of Schedule 3 adjustments by New Zealand-based non-resident borrowers
18
Section 114A amended (Extension of time for making notification of worldwide income)
19
Section 146A amended (Commissioner may grant relief from penalties)
20
Section 155 replaced (Late filing penalty for certain declarations)
155
Late notification penalty for Schedule 3 adjustments under section 74
21
Section 156 replaced (Due dates for payment of late filing penalty)
156
Due dates for payment of late notification penalty
21A
Section 169 amended (Power to require objection to be determined by chief executive)
22
Section 173 amended (Part 4A of Tax Administration Act 1994 applies to disputes under this Act)
23
New section 176A inserted (Challenge to decision relating to listing of entity as charity)
176A
Challenge to decision relating to listing of entity as charity
24
Section 185 replaced (Challenge to late filing penalty)
185
Challenge to late notification penalty
25
Section 202 amended (Provisions of Tax Administration Act 1994 and Income Tax Act 2007 to apply to this Act)
26
New section 209A inserted (Disclosure of information to Australian Taxation Office in relation to borrowers who are, or may be, overseas-based)
209A
Disclosure of information to Australian Taxation Office in relation to borrowers who are, or may be, overseas-based
26A
Section 213 repealed (Meaning of formally notify)
26B
Section 214 amended (Notice requirements of Tax Administration Act 1994 do not apply)
27
Section 215 amended (Regulations)
28
Section 220 amended (Application, savings, and transitional provisions)
29
Schedule 1 amended
30
Schedule 3 amended
31
Schedule 4 amended
32
Schedule 6 amended
33
Student Loan Scheme (Charitable Organisations) Regulations 2011 consequentially revoked
Part 2
Amendments to Income Tax Act 2007
34
Income Tax Act 2007
35
Section BE 1 amended (Withholding liabilities)
36
Section BF 1 amended (Other obligations)
37
Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)
37B
Section CB 15B amended (When land acquired)
37C
Section FB 3A amended (Residential land)
38
Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items
)
39
New section LB 6B inserted (Tax credits for RLWT)
LB 6B
Tax credits for RLWT
40
Section MK 2 amended (Eligibility requirements)
41
New section RA 6C inserted (Withholding and payment obligations for residential land)
RA 6C
Withholding and payment obligations for residential land
42
Section RA 10 amended (When obligations not met)
43
Section RA 15 amended (Payment dates for interim and other tax payments)
44
New subpart RL inserted (Residential land withholding tax)
Subpart RL—Residential land withholding tax
RL 1
Residential land withholding tax
RL 2
Vendors: who must pay, and how?
RL 3
Associated persons: who must pay, and how?
RL 4
How much RLWT?
RL 5
Paying RLWT
RL 6
Commissioner repaying RLWT
45
Section YA 1 amended (Definitions)
Part 3
Amendments to Goods and Services Tax Act 1985
46
Goods and Services Tax Act 1985
47
Section 2 amended (Interpretation)
48
Section 5 amended (Meaning of term supply)
49
Section 8 amended (Imposition of goods and services tax on supply)
50
New section 8B inserted (Remote services: determining residence and status of recipients)
8B
Remote services: determining residence and status of recipients
51
Section 9 amended (Time of supply)
52
Section 10 amended (Value of supply of goods and services)
53
Section 11A amended (Zero-rating of services)
54
Section 15 amended (Taxable periods)
55
Section 20 amended (Calculation of tax payable)
56
Section 21G amended (Definitions and requirements for apportioned supplies and adjustment periods)
57
Section 24 amended (Tax invoices)
58
Section 24B amended (Records to be kept by recipient of imported services)
59
Section 25 amended (Credit and debit notes)
60
Section 25AA amended (Consequences of change in contract for imported services)
60B
Section 51 amended (Persons making supplies in course of taxable activity to be registered)
61
Section 51B amended (Persons treated as registered)
62
Section 54B amended (Non-residents: registration)
63
Section 54C amended (Non-residents: cancellation of registration)
64
Section 56B amended (Branches and divisions in relation to certain imported services)
65
Section 60 amended (Agents and auctioneers)
66
New section
s
60C
and 60D
inserted
(Electronic marketplaces)
60C
Electronic marketplaces
60D
Approved marketplaces
67
Section 75 amended (Keeping of records)
68
Section 77 replaced (New Zealand currency)
77
New Zealand or foreign currency
68B
New section 85B inserted (Certain contracts entered into before 1 October 2016)
85B
Certain contracts entered into before 1 October 2016
Part 4
Amendments to Tax Administration Act 1994
69
Tax Administration Act 1994
70
Section 22 amended (Keeping of business and other records)
70B
Section 24B amended (PAYE tax codes)
71
Section 24BA amended (Offshore persons’ bank accounts and tax file numbers)
72
New sections 54B
,
and
54C
, 54D, and 54E
inserted
54B
Statement of payment of RLWT
Return of statement for RLWT
54C
Information in relation to
payment of
RLWT
54D
Information in relation to repayment of RLWT
54E
RLWT certificate of exemption
73
Section 81 amended (Officers to maintain secrecy)
74
Section 139A amended (Late filing penalty for certain returns)
75
Section 143A amended (Knowledge offences)
Legislative history
The Parliament of New Zealand enacts as follows: