Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2021–22 Income Year) Order 2022

2022/151

Coat of Arms of New Zealand

Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2021–22 Income Year) Order 2022

Cindy Kiro, Governor-General

Order in Council

At Wellington this 23rd day of May 2022

Present:
The Right Hon Jacinda Ardern presiding in Council

This order is made under section EX 55 of the Income Tax Act 2007 on the advice and with the consent of the Executive Council.

Order

1 Title

This order is the Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2021–22 Income Year) Order 2022.

2 Commencement

This order comes into force on 27 May 2022.

3 Deemed rate of return on attributing interests in foreign investment funds for 2021–22 income year

The deemed rate of return applying for the 2021–22 income year for the purposes of section EX 55(4)(b) and (6)(c) of the Income Tax Act 2007 is 6.01%.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order sets the deemed rate of return used to calculate foreign investment fund income for the 2021–22 income year under the deemed rate of return calculation method set out in section EX 55 of the Income Tax Act 2007.

The order sets the deemed rate of return for the 2021–22 income year at 6.01%. The deemed rate of return set for the 2020–21 income year was 4.43%.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 26 May 2022.

This order is administered by the Inland Revenue Department.