Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill

  • enacted

Hon Michael Woodhouse

Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill

Government Bill

93—2

Contents

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

The Parliament of New Zealand enacts as follows: