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Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill
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Hon Stuart Nash
Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill
Government Bill
158—3
Contents
Key
1
Title
2
Commencement
Part 1
Amendments to KiwiSaver Act 2006
3
KiwiSaver Act 2006
4
Section 4 amended (Interpretation)
4B
Section 17 amended (How to opt out)
5
Section 18 amended (Extension of opt-out period)
5B
Section 22 amended (Employees giving information to employers)
5C
Section 23 replaced (Employers must give information to Commissioner)
23
Employers must give information about new employees to Commissioner
5D
Section 34 amended (Opting in by person 18 years or more)
5E
Section 38 amended (Providers must give notice to Commissioner if they contract directly with members)
5F
Section 39 amended (Commissioner must give notice to employer if provider gives notice that employee has opted in under section 38)
6
Section 48 amended (Effect of employer choice of KiwiSaver scheme)
7
Section 51 amended (Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme)
8
Section 56 amended (Notification of transfers and requirement to transfer funds and information)
9
Section 57 amended (Involuntary transfers)
10
Section 59B amended (Initial back-dated validation)
11
Section 59C amended (Confirmed back-dated validation)
12
Section 59D amended (No confirmed backdated validation)
13
New section 63B inserted (Information on salary or wages from which deductions are made)
63B
Information on salary or wages from which deductions are made
14
Section 64 amended (Contribution rate)
15
Section 69 replaced (Unremitted deductions made by employers)
69
Unremitted deductions made by employers
16
Section 71 amended (Time at which unexplained remittances deemed to be received)
17
Section 73 amended (Deductions entered in and paid out of holding account)
18
Section 74 amended (Other contributions entered in and paid out of holding account)
19
Section 75 amended (Initial contributions stay in holding account for 3 months)
20
Section 76 repealed (Employer contributions may stay in holding account until deducted contributions paid)
21
Section 78 replaced (Treatment of unremitted deductions in holding account)
78
Treatment of certain unremitted deductions and employer contributions in holding account
22
Section 81 amended (Refund by provider of amounts paid in excess of required amount of contribution)
23
Section 85 replaced (Time when contributions treated as received for interest purposes)
85
Time when deductions and employer contributions treated as received for interest purposes
24
Section 88 amended (How and when interest is paid on on-payments)
25
Section 93 amended (Employer contributions paid via Commissioner)
26
New sections 95B to 95D inserted
95B
Unremitted employer contributions
95C
Unexplained remittances of employer contributions
95D
Time at which unexplained remittances of employer contributions deemed to be received
27
Section 96 amended (What Commissioner must do with contributions received under this subpart)
28
Section 98 repealed (Short payments by employers if not enough money remitted to Commissioner to cover all of employees’ deductions and employer contributions)
29
Section 98A amended (Quantifying short payments for the purposes of Income Tax Act 2007 and Tax Administration Act 1994)
30
Section 99 repealed (Short payments if not enough employer contribution remitted to cover all employees)
31
Section 101 amended (Refunds of employer contribution by provider)
32
New section 101AA inserted (What Commissioner must do with employer contribution refunded by provider)
101AA
What Commissioner must do with employer contribution refunded by provider
32B
Section 101C amended (Employee’s requirements)
32C
Section 103 amended (How to apply for savings suspension)
33
Section 104 amended (Granting of savings suspension)
33B
Section 105 amended (Commissioner must give notice of grant of savings suspension)
33C
Section 107 amended (Employers to whom savings suspension applies)
34
Section 108 amended (Savings suspensions have 3-month minimum life)
35
Section 112B amended (Non-deduction notices)
36
New section 221B inserted (Commissioner may make certain assumptions)
221B
Commissioner may make certain assumptions
37
Section 226 amended (Crown contribution: kick-start contributions)
37B
Section 228 amended (Regulations)
37C
New section 243 inserted (Protection from non-compliance: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2019)
243
Protection from non-compliance: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2019
38
Schedule 1 amended (KiwiSaver scheme rules)
Part 2
Amendments to Student Loan Scheme Act 2011
39
Student Loan Scheme Act 2011
39B
Section 4 amended (Interpretation)
39C
Section 5 amended (Meaning of unpaid amount)
42
Section 25 amended (Commissioner may treat certain borrowers as being physically in New Zealand)
43
Section 26 amended (Method of making application and provision of evidence and information)
44
Section 27 amended (Commissioner must notify borrower and specify period or conditions when granting application)
45
New section 62A inserted (Commissioner may notify employers when loan balance close to zero)
62A
Commissioner may notify employers when loan balance close to zero
45B
Section 72 amended (Application of this subpart)
45C
Section 74 amended (Notification of Schedule 3 adjustments)
46
Section 106 amended (Meaning of repayment holiday)
47
Cross-heading and section 107 amended
48
Section 107B amended (Grant of repayment holiday)
49
Section 108 amended (Duration of repayment holiday)
50
Section 108A amended (Borrowers who have had, or are having, repayment holidays under Student Loan Scheme Act 1992)
51
Section 110 amended (Repayment obligations of overseas-based borrowers)
51B
Section 114 amended (Notification of Schedule 3 adjustments by New Zealand-based non-resident borrowers)
52
Section 115 amended (Repayment obligations of borrowers who are overseas-based for part of tax year)
52B
Section 144 amended (Power of Commissioner in relation to small amounts)
52C
Section 146A amended (Commissioner may grant relief from penalties)
52D
Section 161A and cross-heading repealed
53
Section 176 amended (Challenge to decision concerning treating borrowers as being physically in New Zealand)
54
Section 182A amended (Challenge to decision concerning repayment holiday)
54B
Section 189 amended (Annual administration fee)
54C
Section 191 amended (Limit on repayment obligation for pay period or tax year)
54D
Section 194 amended (Order in which salary or wage deductions and payments offset against borrower’s consolidated loan balance)
54E
Section 195 amended (Date on which salary or wage deductions and payments treated as being made and credited)
54E
Section 195 amended (Date on which salary or wage deductions and payments treated as being made and credited)
54F
Section 197 amended (Write-off of consolidated loan balance)
55
Section 220 amended (Application, savings, and transitional provisions)
56
Schedule 1 amended (Conditions to borrower being treated as being physically in New Zealand)
57
Schedule 6 amended (Application, savings, and transitional provisions)
Part 3
Amendments to other enactments
Income Tax Act 2007
58
Income Tax Act 2007
59
Section BB 2 amended (Main obligations)
59B
Section BC 7 amended (Income tax liability of person with schedular income)
60
Section CB 16A amended (Main home exclusion for disposal within 5 years)
61
Section CC 1 amended (Land)
61B
Section CC 1B amended (Consideration for agreement to grant, renew, extend, or transfer leasehold estate or licence)
62
Section CC 1B amended (Consideration relating to grant, renewal, extension, or transfer of leasehold estate or licence)
63
Section CD 4 amended (Transfers of value generally)
64
Section CD 5 amended (What is a transfer of value?)
65
Section CD 6 amended (When is a transfer caused by a shareholding relationship)
66
Section CD 27 amended (Property made available intra-group)
67
Section CD 29C amended (Transfers to shareholders by ASX-listed Australian company of shares in subsidiary)
68
Section CD 38 amended (General calculation rule for transfers of value)
69
New section CE 7CB inserted (Meaning of market value)
CE 7CB
Meaning of market value
70
Section CW 26C amended (Meaning of exempt ESS)
71
New section CW 26DB inserted (Meaning of market value)
CW 26DB
Meaning of market value
72
Section CW 38 amended (Public authorities)
73
Section CW 38B amended (Public purpose Crown-controlled companies)
74
Section CW 39 amended (Local authorities)
75
Section CW 56 amended (Non-resident aircraft operators)
76
Section CX 17 amended (Benefits provided to employees who are shareholders or investors)
77
Section CX 22 amended (Benefits to non-executive directors)
77B
Section CX 56 amended (Attributed income of certain investors in multi-rate PIEs)
77C
Section CZ 35 amended (Amounts derived by Te Kōwhatu Tū Moana)
78
Section EE 47 amended (Events for purposes of section EE 44)
78B
Section EL 3 amended (Definitions for this subpart)
78C
Section EL 4 amended (Allocation of deductions for loss-making residential rental properties)
78D
Section EL 5 amended (When residential portfolios sold)
78E
Section EL 7 amended (When property A sold)
78F
Section EL 8 repealed (Treatment of previously transferred amounts on fully-taxed disposals)
78G
Section EL 15 amended (Transfers between companies in wholly-owned groups)
78H
Section EL 16 amended (Interests in residential land-rich entities)
78I
Section EL 18 amended (Modifications when entities transparent)
78J
Section EY 30 amended (Transitional adjustments: life risk)
78K
Section FB 3A amended (Residential land)
79
Section FC 1 amended (Disposals to which this subpart applies)
79B
Section FC 2 amended (Transfer at market value)
80
Section FE 5 amended (Thresholds for application of interest apportionment rules)
81
Section FE 6 amended (Apportionment of interest by excess debt entity)
81B
Section FE 16B amended (Total group non-debt liabilities)
81C
Section FH 1 amended (Subpart implements OECD recommendations for domestic law)
81D
Section FH 5 amended (Payments by New Zealand resident or New Zealand deducting branch producing deduction without income)
81E
New section FH 5B inserted (Exception: when payee group not allowed deductions for supplies as prerequisites for payer supplies)
FH 5B
Exception: when payee group not allowed deductions for supplies as prerequisites for payer supplies
81EB
Section FH 7 amended (Payments to person outside New Zealand producing deduction without income)
81F
Section FH 14 amended (Irrevocable election by owner of hybrid entity)
82
Section FM 8 amended (Transactions between group companies: income)
83
Section GB 27 amended (Attribution rule for income from personal services)
84
Section GB 29 amended (Attribution rule: calculation)
85
Section GC 10 amended (Compensating arrangement: person receiving more than arm’s length amount)
85B
Section GC 16 amended (Credit rating of borrower: other than insuring or lending person)
86
Section HA 13 amended (Qualifying companies’ distributions)
87
Section HC 2 amended (Obligations of joint trustees for calculating income and providing returns)
88
Section HC 4 amended (Corpus of trust)
89
Section HC 7 amended (Trustee income)
90
Section HC 10 amended (Complying trusts)
90B
Section HC 14 amended (Distributions from trusts)
91
Section HC 15 amended (Taxable distributions from non-complying and foreign trusts)
92
Section HC 16 amended (Ordering rule for distributions from non-complying and foreign trusts)
92B
Section HC 25 amended (Foreign-sourced amounts: non-resident trustees)
93
Section HC 26 amended (Foreign-sourced amounts: resident trustees)
94
Section HC 27 amended (Who is a settlor?)
95
Section HC 28 amended (Activities treated as those of settlor)
96
New section HC 31B inserted (Value transfer by deferral, or non-exercise, of right to demand payment)
HC 31B
Value transfer by deferral, or non-exercise, of right to demand payment
97
Section HC 33 amended (Choosing to satisfy income tax liability of trustee)
97B
Section HC 36 amended (Trusts and minor beneficiary rule)
98
Section HM 3 amended (Foreign PIE equivalents)
98B
Section HM 6 amended (Intended effects for multi-rate PIEs and investors)
98C
New section HM 36B inserted (Calculating PIE schedular income adjustments for natural person investors)
HM 36B
Calculating PIE schedular income adjustments for natural person investors
98D
Section HM 55D amended (Requirements for investors in foreign investment PIEs)
98E
Section HM 56 amended (Prescribed investor rates: schedular rates)
99
Section HM 60 amended (Notified investor rates)
99B
New section HM 60B inserted (Investor rates provided by Commissioner)
HM 60B
Investor rates provided by Commissioner
99C
New section HZ 11 inserted (Protection from non-compliance: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act
2019
)
HZ 11
Protection from non-compliance: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act
2019
100
Section IQ 4 amended (Group companies using attributed CFC net losses)
101
Section LA 5 amended (Treatment of remaining credits)
101B
Section LA 6 amended (Remaining refundable credits: PAYE, RWT, and certain other items)
101C
Section LD 3 amended (Meaning of charitable or other public benefit gift)
102
Section LD 6 amended (When donation is paid to ineligible recipient)
103
Section LJ 2 amended (Tax credits for foreign income tax)
104
Section LO 2 amended (Beneficiaries of trusts)
104B
Section LS 2 amended (Tax credits for investors in multi-rate PIEs)
105
Section LY 1 amended (Research and development tax credits)
106
Section LY 3 amended (When this subpart applies)
107
Section LY 8 amended (Carry forward for remaining research and development tax credits)
107B
Section LZ 13 amended (Part-year override of section LY 3(2)(b))
107C
Section MF 6 amended (Overpayment or underpayment of tax credit)
107D
Section MK 2 amended (Eligibility requirements)
108
Section OK 19 amended (Maori authority credits attached to distributions)
109
Section RC 5 amended (Methods for calculating provisional tax liability)
109B
Section RC 9 amended (Provisional tax payable in instalments)
110
Section RC 10 amended (Calculating amount of instalment under standard and estimation methods)
110B
Section RC 13 amended (Paying 2 instalments for tax year)
110C
Section RC 14 amended (Paying 1 instalment for tax year)
110D
Section RC 20 amended (Calculating residual income tax in transitional years)
110E
Section RC 29 amended (Residual income tax of consolidated groups)
110F
Section RC 33 amended (Amalgamated companies: calculating residual income tax)
110G
Section RC 35B amended (Treatment of overpaid provisional tax instalments calculated using AIM method)
110H
Section RC 37 amended (Availability of early-payment discounts)
111
Section RD 5 amended (Salary or wages)
111B
Section RE 4 amended (Persons who have withholding obligations)
111C
New section RE 10C inserted (Obligations of custodial institutions in relation to certain payments of investment income)
RE 10C
Obligations of custodial institutions in relation to certain payments of investment income
111D
Section RF 2 amended (Non-resident passive income)
111E
Section RF 4 amended (Non-resident passive income received by agents and others)
111F
Section RF 12 amended (Interest paid by approved issuers or transitional residents)
112
Section RZ 16 amended (Treatment of certain refunds not paid within 4-year period: 1 April 2008 to 31 March 2013)
113
Section YA 1 amended (Definitions)
113B
New section YD 3BA inserted (Country of residence of joint trustees)
YD 3BA
Country of residence of joint trustees
113C
Schedule 21 amended (Excluded activities for research and development activities tax credits)
113D
Schedule 28 amended (Requirements for complying fund rules)
114
Schedule 32 amended (Recipients of charitable or other public benefit gifts)
114B
Amendments to Income Tax Act 2007 consequential to enactment of Kāinga Ora–Homes and Communities Act 2019
Tax Administration Act 1994
115
Tax Administration Act 1994
115B
Section 3 amended (Interpretation)
116
Section 22 amended (Keeping of business and other records)
116B
Section 22AA amended (Records to be kept by employers and PAYE intermediaries)
116C
Section 22AAB amended (Records to be kept by payers of passive income)
116CB
Section 22C amended (Outline of subpart)
116D
Section 22D amended (Key terms)
116E
Section 22H amended (Finalising accounts)
116F
Section 25B amended (Investment income information: outline of provisions)
116G
Section 25E amended (Who must provide investment income information to Commissioner)
116H
New section 25MB inserted (Information from custodial institutions)
25MB
Information from custodial institutions
116I
Section 25O amended (Correction of errors in investment income information)
116J
Section 32E amended (Applications for RWT-exempt status)
117
Section 36BB amended (Electronic format for details required for tax pooling intermediaries)
117B
Section 41 amended (Annual returns by persons who receive credit under family scheme)
117C
Section 68CB amended (Research and development tax credits: general approval 2019–20 income year pilot)
117D
Section 68CB amended (Research and development tax credits: general approval)
117E
Section 68CC amended (Research and development tax credits: greater than $2 million approval)
118
Section 78D amended (Evidential requirements for tax credits)
118B
Section 80KLB amended (Recovery of excess tax credits)
118C
Section 80KM repealed (Summary of instalments paid)
118D
Section 89C amended (Notices of proposed adjustment required to be issued by Commissioner)
119
Section 91EI amended (Withdrawal of a private ruling)
120
New section 91ESB inserted (Withdrawal of a short-process ruling)
91ESB
Withdrawal of a short-process ruling
121
Section 91FJ amended (Withdrawal of a product ruling)
121B
Section 106 amended (Assessment where default made in furnishing returns)
122
Section 108 amended (Time bar for amendment of income tax assessment)
122B
Section 113A amended (Correction of certain errors in subsequent returns)
123
Section 113E amended (Amended assessments: research and development tax credits)
123B
New section 113F inserted (Amended assessments: election under section HC 33 to satisfy trustee liability)
113F
Amended assessments: election under section HC 33 to satisfy trustee liability
123C
Section 120C amended (Definitions)
124
Section 120KB amended (Provisional tax instalments and due dates generally)
125
Section 120KBB amended (Interest for most standard method and some estimation method provisional taxpayers)
125B
New section 120KF inserted (Tolerance for provisional tax instalments)
120KF
Tolerance for provisional tax instalments
126
Section 120L amended (Meaning of unpaid tax and overpaid tax for provisional tax purposes)
126B
Section 120LB repealed (Meaning of unpaid tax and overpaid tax for certain transferees under AIM method)
126C
Section 124G amended (Refusal, removal, or disallowance of status of tax agents, representatives, and nominated persons)
126D
Section 124ZH amended (Approved research providers)
127
Section 124ZI amended (Certificates for research and development)
128
Section 138E amended (Certain rights of challenge not conferred)
129
Section 139B amended (Late payment penalty)
130
Section 139C amended (Late payment penalty and provisional tax)
130B
Section 141JA repealed (Application of Part 9 to non-filing taxpayers)
130C
New section 142AC inserted (New due date for payment of terminal tax by certain individuals)
142AC
New due date for payment of terminal tax by certain individuals
130D
Section 143A amended (Knowledge offences)
130E
Section 143D amended (Offences related to disclosure of certain information by persons other than revenue officers)
131
Section 173L amended (Transfer of excess tax within taxpayer’s accounts)
131B
Section 184A amended (Refund of tax paid in excess made by direct credit to bank account)
132
Schedule 4 amended (Reporting of employment income information)
134
Schedule 7 amended (Disclosure rules)
38
Agencies for research and development
39
Agencies for Australian wine producer rebate
135
Schedule 8 amended (Reporting of income information by individuals and treatment of certain amounts)
Goods and Services Tax Act 1985
135B
Goods and Services Tax Act 1985
135C
Section 5 amended (Meaning of term supply)
135D
Section 8 amended (Imposition of goods and services tax on supply)
135E
Section 10B amended (Estimating value of goods in supply for treatment as distantly taxable goods)
135F
Section 10C amended (Election by supplier that supplies of higher-value goods be supplies of distantly taxable goods)
135G
Section 12 amended (Imposition of goods and services tax on imports)
135H
Section 20H amended (Goods and services tax incurred in making financial services for raising funds)
135I
Section 24 amended (Tax invoices)
135J
Section 24BAB amended (Receipts for supplies)
135K
Section 24BAC amended (Information for importation of goods including distantly taxable goods)
135L
Section 60C amended (Electronic marketplaces)
135M
Section 60D amended (Approved marketplaces)
135N
Section 77 amended (New Zealand or foreign currency)
135O
Section 85C amended (Certain contracts entered into before 1 December 2019)
Income Tax Act 2004
136
Income Tax Act 2004
137
Section CW 45 amended (Non-resident aircraft operators)
137B
Section MD 1 amended (Refund of excess tax)
137B
Section MD 1 amended (Refund of excess tax)
138
Section MD 1C amended (Treatment of certain refunds not paid within 4-year period: 2005–06, 2006–07, and 2007–08 income years)
139
Section OB 1 amended (Definitions)
Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
140
Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
141
Section 34 repealed (Section 36BB amended (Electronic format for details required for tax pooling intermediaries))
141B
Section 362 amended (Section MD 1 amended (Refund of excess tax))
141BB
Section 364 amended (New section MD 1C inserted (Treatment of certain refunds not paid within 4-year period: 2005
–
06, 2006
–
07, and 2007
–
08 income years))
141C
Section 370 amended (Section MD 1 amended (Refund of excess tax))
142
Section 375 amended (Regulation 2 amended (Interpretation))
142B
Schedule 1 amended (New schedules 7 and 8 amended)
3
Small amounts of tax payable
Other enactments
Income Tax Act 1994
143
Section CB 14 amended (Exemption from tax of certain aircraft operators)
143B
Section MD 1 amended (Refund of excess tax)
143B
Section MD 1 amended (Refund of excess tax)
Income Tax Act 1976
144
Section 64A amended (Exemption from tax of certain aircraft operators)
144B
Section 409 amended (Refund of excess tax)
Taxation (Research and Development Tax Credits) Act 2019
145
Section 46 amended (Section 138E amended (Certain rights of challenge not conferred))
Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
146
Section 332 repealed (Section 78D amended (Evidential requirements for tax credits))
Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019
146B
Section 65 amended (Section EY 30 amended (Transitional adjustments: life risk))
146C
Sections repealed
Accident Compensation Act 2001
147
Section 11 amended (Earnings as an employee: what it does not include)
Search and Surveillance Act 2012
147B
Schedule amended (Powers in other enactments to which all or part of Part 4 of Search and Surveillance Act 2012 applies)
Serious Fraud Office Act 1990
147C
Section 2 amended (Interpretation)
Privacy Act 1993
147D
Schedule 3 amended (Information matching provisions)
Income Tax (Adverse Event Income Equalisation Scheme Rate of Interest) Regulations 1995
148
Income Tax (Adverse Event Income Equalisation Scheme Rate of Interest) Regulations 1995 revoked
Schedule 1
New Part 5 inserted into Schedule 6 of Student Loan Scheme Act 2011
Schedule 2
Amendments to Income Tax Act 2007 consequential to enactment of Kāinga Ora–Homes and Communities Act 2019
Legislative history
The Parliament of New Zealand enacts as follows: