Taxation (Urgent Measures) Act 2005
Taxation (Urgent Measures) Act 2005
Taxation (Urgent Measures) Act 2005
Taxation (Urgent Measures) Act 2005
| Public Act | 2005 No 121 |
| Date of assent | 21 December 2005 |
| Commencement | see section 2 |
Contents
The Parliament of New Zealand enacts as follows:
1 Title
This Act is the Taxation (Urgent Measures) Act 2005.
2 Commencement
This Act comes into force on the day on which it receives the Royal assent.
Part 1
Amendments to Income Tax Act 2004
3 Income Tax Act 2004
This Part amends the Income Tax Act 2004.
4 New sections CV 3 and CV 4 added
After section CV 2, the following is added:
“CV 3 Australian wine producer rebate
-
An amount of Australian wine producer rebate derived by a New Zealand resident wine producer is income of the wine producer.
“Defined in this Act: amount, Australian wine producer rebate, income, New Zealand resident,
“CV 4 Regulations: Australian wine producer rebate
-
“Order in Council
“(1) For the purpose of enabling the Commissioner to administer the entitlement of New Zealand resident wine producers to Australian wine producer rebates in respect of wine produced in New Zealand, the Governor-General may from time to time, by Order in Council, make regulations relating to—
“(a) the claim by a New Zealand resident wine producer for payment of an Australian wine producer rebate in respect of wine produced in New Zealand that is sold in Australia:
“(b) the approval or verification of the entitlement of a New Zealand resident wine producer to a payment of an Australian wine producer rebate:
“(c) any matter necessary to give effect to a provision relating to Australian wine producer rebates in the agreement for the time being in force between the Government of New Zealand and the Government of Australia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
“Force and effect
“(2) An Order in Council under subsection (1)—
“(a) has force and effect despite any provision in this Act or any other Inland Revenue Act:
“(b) may come into force On or after 1 July 2005:
“(c) may apply for Australian financial years commencing on or after 1 July 2005.
“Definitions
“(3) In this section,—
“Australian financial year means a year starting on and including 1 July
“wine has the meaning given in section 31-1 of A New Tax System (Wine Equalisation Tax) Act 1999 (Aust), as amended from time to time, and regulations made under that Act.
“Defined in this Act: amount, Australian financial year, Australian wine producer rebate, Inland Revenue Acts, New Zealand resident, wine, ”
-
5 Calculation of subpart KD credit
-
(1) In section KD 2(6),—
-
(a) in paragraph (a) of the definition of full-year abatement,—
(i)
“$27,500”
is replaced by“$35,000”
; and
(ii)
“30 cents”
is replaced by“20 cents”
:
-
(b) in paragraph (b) of the definition of full-year abatement,—
(i)
“$27,500”
is replaced by“$35,000”
; and
(ii)
“30 cents”
is replaced by“20 cents”
.
(2) Subsection (1) applies for the 2006–07 and subsequent tax years.
-
6 Definitions
In section OB 1, after the definition of Australian imputation credit account company, the following is inserted:
“Australian wine producer rebate means a producer rebate (under A New Tax System (Wine Equalisation Tax) Act 1999 (Aust), as amended from time to time, and regulations made under that Act) that relates to wine exported from New Zealand on or after 1 July 2005”.
7 Schedule 12—Amount that, for purposes of section KD 5(6), is deemed to be equivalent of an annual amount
-
(1) Schedule 12 is replaced by the schedule 12 in the schedule of this Act.
(2) Subsection (1) applies for the 2006–07 and subsequent tax years.
Part 2
Amendments to Tax Administration Act 1994
8 Tax Administration Act 1994
This Part amends the Tax Administration Act 1994.
9 Interpretation
In section 3(1), in the definition of tax, after paragraph (a), the following is inserted:
“(ab) for the purposes of the application of this Act in relation to a regulation made under section CV 4 of the Income Tax Act 2004, includes an Australian wine producer rebate:”.
10 New section 4B inserted
After section 4A, the following is inserted:
“4B Application of Act in relation to Australian wine producer rebate
-
“(1) This section governs the application of this Act in relation to the rights and obligations of a person under a regulation made under section CV 4 of the Income Tax Act 2004, which relates to Australian wine producer rebates.
“(2) This Act applies to the rights and obligations as if—
“(a) a person's claim for approval in respect of an Australian wine producer rebate were an application made by the person to the Commissioner for registration in respect of the administration of a tax imposed by an Inland Revenue Act:
“(b) a person's claim for a payment of an Australian wine producer rebate were an application by the person to the Commissioner for a refund of a tax imposed by an Inland Revenue Act:
“(c) a decision concerning an entitlement of the person to a payment of an Australian wine producer rebate were a decision by the Federal Commissioner of Taxation for Australia concerning an entitlement of the person to a refund of a tax imposed by the Commonwealth of Australia:
“(d) a payment to the person of an Australian wine producer rebate were a refund by the Federal Commissioner of Taxation for Australia of a tax imposed by the Commonwealth of Australia.”
-
11 New section 85J inserted
After section 85I, the following is inserted:
“85J Disclosure of information for administration of Australian wine producer rebate
-
“(1) The purpose of this section is to facilitate the exchange of information between the Commissioner and the Australian Taxation Office and the New Zealand Customs Service for the purpose of administering the entitlements of New Zealand resident wine producers to Australian wine producer rebates.
“(2) For the purposes of subsection (1), the Commissioner may at any time provide all information referred to in subsection (3) to a person who is—
“(a) an officer, employee, or agent of the Australian Taxation Office or the New Zealand Customs Service; and
“(b) authorised to receive the information by the chief executive officer of the Australian Taxation Office or the New Zealand Customs Service.
“(3) The information that may be provided under subsection (2) is all information relevant to—
“(a) the claim by a New Zealand resident wine producer for payment of an Australian wine producer rebate in respect of wine produced in New Zealand that is sold in Australia:
“(b) the approval or verification of the entitlement of a New Zealand resident wine producer to a payment of an Australian wine producer rebate.”
-
Schedule |
Schedule 12
Amount that, for purposes of section KD 5(6), is deemed to be equivalent of an annual amounts KD 5(6)
Column 1 Column 2 Amount that, in relation to any application for a certificate of entitlement to a credit of tax, is the annual amount Amount that, for purposes of section KD 5, is treated as being equivalent to the annual amount $ Amount does not exceed $35,000 35,000 Amount exceeds $35,000 but does not exceed $36,500 36,500 Amount exceeds $36,500 but does not exceed $38,000 38,000 Amount exceeds $38,000 but does not exceed $39,500 39,500 Amount exceeds $39,500 but does not exceed $41,000 41,000 Amount exceeds $41,000 but does not exceed $42,500 42,500 Amount exceeds $42,500 but does not exceed $44,000 44,000 Amount exceeds $44,000 but does not exceed $45,500 45,500 Amount exceeds $45,500 but does not exceed $47,000 47,000 Amount exceeds $47,000 but does not exceed $48,500 48,500 Amount exceeds $48,500 but does not exceed $50,000 50,000 Amount exceeds $50,000 but does not exceed $51,500 51,500 Amount exceeds $51,500 but does not exceed $53,000 53,000 Amount exceeds $53,000 but does not exceed $54,500 54,500 Amount exceeds $54,500 but does not exceed $56,000 56,000 Amount exceeds $56,000 but does not exceed $57,500 57,500 Amount exceeds $57,500 but does not exceed $59,000 59,000 Amount exceeds $59,000 but does not exceed $60,500 60,500 Amount exceeds $60,500 but does not exceed $62,000 62,000 Amount exceeds $62,000 but does not exceed $63,500 63,500 Amount exceeds $63,500 but does not exceed $65,000 65,000 Amount exceeds $65,000 but does not exceed $66,500 66,500 Amount exceeds $66,500 but does not exceed $68,000 68,000 Amount exceeds $68,000 but does not exceed $69,500 69,500 Amount exceeds $69,500 but does not exceed $71,000 71,000 Amount exceeds $71,000 but does not exceed $72,500 72,500 Amount exceeds $72,500 but does not exceed $74,000 74,000 Amount exceeds $74,000 but does not exceed $75,500 75,500 Amount exceeds $75,500 but does not exceed $77,000 77,000 Amount exceeds $77,000 but does not exceed $78,500 78,500 Amount exceeds $78,500 but does not exceed $80,000 80,000 Amount exceeds $80,000 but does not exceed $81,500 81,500 Amount exceeds $81,500 but does not exceed $83,000 83,000 Amount exceeds $83,000 but does not exceed $84,500 84,500 Amount exceeds $84,500 but does not exceed $86,000 86,000 Amount exceeds $86,000 but does not exceed $87,500 87,500 Amount exceeds $87,500 but does not exceed $89,000 89,000 Amount exceeds $89,000 but does not exceed $90,500 90,500 Amount exceeds $90,500 but does not exceed $92,000 92,000 Amount exceeds $92,000 but does not exceed $93,500 93,500 Amount exceeds $93,500 but does not exceed $95,000 95,000 Amount exceeds $95,000 but does not exceed $96,500 96,500 Amount exceeds $96,500 but does not exceed $98,000 98,000 Amount exceeds $98,000 but does not exceed $99,500 99,500 Amount exceeds $99,500 but does not exceed $101,000 101,000 Amount exceeds $101,000 but does not exceed $102,500 102,500 Amount exceeds $102,500 but does not exceed $104,000 104,000 Amount exceeds $104,000 but does not exceed $105,500 105,500 Amount exceeds $105,500 but does not exceed $107,000 107,000 Amount exceeds $107,000 but does not exceed $108,500 108,500 Amount exceeds $108,500 but does not exceed $110,000 110,000 Amount exceeds $110,000 but does not exceed $111,500 111,500 Amount exceeds $111,500 but does not exceed $113,000 113,000 Amount exceeds $113,000 but does not exceed $114,500 114,500 Amount exceeds $114,500 but does not exceed $116,000 116,000 Amount exceeds $116,000 but does not exceed $117,500 117,500 Amount exceeds $117,500 but does not exceed $119,000 119,000 Amount exceeds $119,000 but does not exceed $120,500 120,500 Amount exceeds $120,500 the number of complete dollars comprised in the annual amount
Legislative history | |
|---|---|
| 13 December 2005 | Divided from Taxation (Annual Rates and Urgent Measures) Bill (Bill 1-2), third reading |