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Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill
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Hon Michael Woodhouse
Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill
Government Bill
149—1
Contents
Explanatory note
1
Title
2
Commencement
Part 1
Exchange of information
Subpart 1—Amendments to Income Tax Act 2007
3
Income Tax Act 2007 amended
4
Section BH 1 amended (Double tax agreements)
5
Section HC 26 amended (Foreign-sourced amounts: resident trustees)
6
Section YA 1 amended (Definitions)
Subpart 2—Amendments to Tax Administration Act 1994
7
Tax Administration Act 1994 amended
8
Section 3 amended (Interpretation)
9
Section 22 amended (Keeping of business and other records)
10
Section 59B replaced (Disclosure of foreign trust particulars)
59B
Foreign trust with resident trustee: registration and disclosure
59C
Time limits for registration and disclosure of changes
59D
Annual return for foreign trust
59E
Fees: regulations
11
Section 81 amended (Officers to maintain secrecy)
12
New heading and sections 91AAU to 91AAW inserted
Determinations relating to foreign account information-sharing agreements
91AAU
Participating jurisdictions for CRS applied standard
91AAV
Suspension of reportable jurisdictions for CRS applied standard
91AAW
Non-reporting financial institutions and excluded accounts for CRS applied standard
13
New sections 142H and 142I inserted
142H
Failures of financial institutions to meet requirements under Part 11B and CRS applied standard
142I
Failures to meet requirements under Part 11B to provide information or self-certifications
14
Section 143 amended (Absolute liability offences)
15
Section 143A amended (Knowledge offences)
16
Section 185E amended (Purpose)
17
New heading inserted after section 185E
18
Section 185F amended (Permitted choices in relation to foreign account information-sharing agreements)
19
Section 185G amended (Obligations related to foreign account information-sharing agreements: registration)
20
Section 185H amended (Obligations related to foreign account information-sharing agreements: due diligence)
21
Section 185I amended (Obligations related to foreign account information-sharing agreements: information for NZ competent authority)
22
Section 185J amended (Obligations related to foreign account information-sharing agreements: information for third parties)
23
Section 185L repealed (Foreign account information-sharing agreements: anti-avoidance)
24
New headings and sections 185N to 185R inserted
Multilateral convention and CRS standard
185N
Requirements for financial institution
185O
Application of Common Reporting Standard
Foreign account information-sharing agreements generally
185P
Requirements for persons to provide information to financial institution
185Q
Requirements and penalties for entities that are not persons
185R
Foreign account information-sharing agreements: anti-avoidance
25
New section 226D inserted (Reportable jurisdictions for CRS standard and Part 11B)
226D
Reportable jurisdictions for CRS standard and Part 11B
26
New schedule 2 inserted (Application of CRS standard)
Part 2
Business tax: AIM provisional tax method
Subpart 1—Amendments to Income Tax Act 2007
27
Income Tax Act 2007 amended
28
Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
29
Section RA 14 amended (Payment dates for provisional tax)
30
Section RC 1 amended (What this subpart does)
31
Section RC 5 amended (Methods for calculating provisional tax liability)
32
New section RC 7B inserted (AIM method)
RC 7B
AIM method
33
Section RC 9 amended (Provisional tax payable in instalments)
34
New section RC 10B inserted (Calculating amount of instalment for periods using AIM method)
RC 10B
Calculating amount of instalment for periods using AIM method
35
Section RC 24 amended (Calculating instalments in transitional years: GST ratio method)
36
New section RM 6B inserted (Refunds for overpaid AIM method instalments)
RM 6B
Refunds for overpaid AIM method instalments
37
Section RP 17 amended (Tax pooling intermediaries)
38
Section RP 17B amended (Tax pooling accounts and their use)
39
Section RP 19B amended (Transfers for certain expected tax liabilities)
40
Section YA 1 amended (Definitions)
41
Schedule 3 amended (Payment of provisional tax and terminal tax)
Subpart 2—Amendments to Tax Administration Act 1994
42
Tax Administration Act 1994 amended
43
Section 3 amended (Interpretation)
44
New heading and sections 15U to 15X inserted
Approved AIM providers
15U
Approval of approved AIM providers
15V
Revocation of approval of AIM providers: Commissioner
15W
Revocation of approval of AIM providers: provider
15X
Publication of approval, revocation, etc
45
New sections 45, 45B, 45C, and 45D inserted
45
AIM method information: taxpayers
45B
AIM method information: approved AIM providers
45C
AIM method: approval of large business AIM-capable system
45D
AIM method: approval of person over $5,000,000
46
New heading and sections 91AAX and 91AAY inserted
Determinations relating to AIM method
91AAX
Accounting determinations relating to AIM method
91AAY
Class of taxpayers that must not use AIM method
47
Section 119 amended (Commissioner may determine amount of provisional tax)
48
New section 120KBC inserted (Interest for AIM method provisional taxpayers)
120KBC
Interest for AIM method provisional taxpayers
49
Section 120KC amended (Residual income tax of new provisional taxpayer)
50
Section 120KE amended (Provisional tax and rules on use of money interest)
51
New section 120LB inserted (Meaning of unpaid tax and overpaid tax for tax credit transferees under AIM method)
120LB
Meaning of unpaid tax and overpaid tax for tax credit transferees under AIM method
52
New section 120VB inserted (Interest on overpaid AIM method provisional tax)
120VB
Interest on overpaid AIM method provisional tax
53
Section 141 amended (Tax shortfalls)
54
Section 141B amended (Unacceptable tax position)
Part 3
Business tax and remedial matters
Subpart 1—Amendments to Income Tax Act 2007
55
Income Tax Act 2007 amended
56
Section CD 32 amended (Employee benefits)
57
Section CE 2 amended (Value and timing of benefits under share purchase agreements)
58
Section CX 6 amended (Private use of motor vehicle)
59
Section CX 17 amended (Benefits provided to employees who are shareholders or investors)
60
Section DB 7 amended (Interest: most companies need no nexus with income)
61
Section DB 8 amended (Interest: money borrowed to acquire shares in group companies)
62
New section DB 18AA inserted (Square metre rate method)
DB 18AA
Square metre rate method
63
Section DE 1 amended (What this subpart does)
64
Section DE 2 amended (Deductions for business use)
65
New section DE 2B inserted (Election to use kilometre rate method or costs method)
DE 2B
Election to use kilometre rate method or costs method
66
Section DE 3 amended (Methods for calculating proportion of business use)
67
Section DE 4 amended (Default method for calculating proportion of business use)
68
Heading and section DE 12 replaced
Kilometre rates
DE 12
Kilometre rate method
69
Section DF 4 amended (Payments for social rehabilitation)
70
Section EA 4 amended (Deferred payment of employment income)
71
Section EE 49 amended (Amount of depreciation recovery income when item partly used for business)
72
Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
73
Section LB 2 replaced (Tax credits for provisional tax payments)
LB 2
Tax credits for provisional tax payments
74
Section LB 7 amended (Tax credits related to personal service rehabilitation payments: providers)
75
Section LB 8 amended (Tax credits related to personal service rehabilitation payments: payers)
76
Section MD 9 amended (Fifth requirement: full-time earner)
77
New section OB 33B inserted (ICA transfer of provisional tax credit)
OB 33B
ICA transfer of provisional tax credit
78
Table O2 amended (Imputation debits)
79
Section RC 3 amended (Who is required to pay provisional tax?)
80
Section RC 5 amended (Methods for calculating provisional tax liability)
81
Table R1 amended (Summary of instalment dates and calculation methods for provisional tax)
82
Section RC 10 amended (Calculating amount of instalment under standard and estimation methods)
83
Section RD 3 amended (PAYE income payments)
84
Section RD 6 amended (Certain benefits and payments)
85
Section RD 7B amended (Treatment of certain benefits under employee share agreements)
86
Section RD 8 amended (Schedular payments)
87
Section RD 10 amended (Amounts of tax for PAYE income payments)
88
New section RD 10B inserted (Amounts of tax for schedular payments)
RD 10B
Amounts of tax for schedular payments
89
Section RD 18 repealed (Schedular payments without notification)
90
Section RD 60 amended (Close company option)
91
Section RD 61 amended (Small business option)
92
Section YA 1 amended (Definitions)
93
Schedule 4 amended (Rates of tax for schedular payments)
Subpart 2—Amendments to Tax Administration Act 1994
94
Tax Administration Act 1994 amended
95
Section 3 amended (Interpretation)
96
New heading and new section 15Y inserted
Provisional tax attribution
15Y
Provisional tax attributor
97
Section 24G amended (Use of incorrect tax codes)
98
Section 24L amended (Schedular notification)
99
New sections 24LB and 24LC inserted
24LB
Schedular tax rate elected by payee
24LC
Schedular tax rate prescribed by Commissioner
100
Section 24M amended (Exemption certificates for schedular payments)
101
Section 32H amended (Providing RWT exemption certificate when person meets requirements)
102
New section 45E inserted (Provisional tax attribution reconciliation statement)
45E
Provisional tax attribution reconciliation statement
103
Section 81 amended (Officers to maintain secrecy)
104
New sections 85M and 85N inserted
85M
Disclosure of information relating to some offences to the Registrar of Companies
85N
Disclosure of information to approved credit reporting agencies
105
Section 113A amended (Correction of minor errors in subsequent returns)
106
Section 120C amended (Definitions)
107
Section 120C amended (Definitions)
108
Section 120KB amended (Provisional tax instalments and due dates generally)
109
New section 120KBB inserted (Interest for most standard method provisional taxpayers)
120KBB
Interest for most standard method provisional taxpayers
110
Section 120KE amended (Provisional tax and rules on use of money interest)
111
Section 120L amended (Meaning of unpaid tax and overpaid tax for provisional tax purposes)
112
Section 138E amended (Certain rights of challenge not conferred)
113
Section 139B amended (Late payment penalty)
114
Section 139B amended (Late payment penalty)
115
Section 139BA amended (Imposition of late payment penalties when financial relief sought)
116
Section 139C amended (Late payment penalty and provisional tax)
117
Section 142A amended (New due date for payment of tax that is not a penalty)
118
Section 142B amended (Due date for shortfall penalties)
119
Section 173L amended (Transfer of excess tax within taxpayer’s accounts)
120
Section 173M amended (Transfer of excess tax to another taxpayer)
Subpart 3—Amendment to other enactment
121
Section 27E of Student Loan Scheme Act 2011 amended (Commissioner may remove entity’s listing as charity)
Schedule 1
New schedule 2 inserted
The Parliament of New Zealand enacts as follows: