Income Tax Amendment Act 1998
Income Tax Amendment Act 1998
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Income Tax Amendment Act 1998
Income Tax Amendment Act 1998
Public Act |
1998 No 75 |
|
Date of assent |
30 June 1998 |
|
Contents
An Act to amend the Income Tax Act 1994
BE IT ENACTED by the Parliament of New Zealand as follows:
1 Short Title
This Act may be cited as the Income Tax Amendment Act 1998, and is part of the Income Tax Act 1994.
2 New Subpart added
After section DP 3, the following is added:
“Subpart Q—Specified Health Payments
“DQ 1 Specified health payment allowable deduction
“(1)
A specified health payment is an allowable deduction in the circumstances set out in section ER 1.
“(2)
Subsection (1) applies to a specified health payment incurred on or after 1 July 1998.”
3 New Subpart added
After section EQ 1, the following is added:
“Subpart R—Deduction of Specified Health Payment
“ER 1 Deduction of specified health payment
“(1)
A deduction for a specified health payment under section DQ 1 is allowed to a hospital and health service in the income year in which it is incurred if the payment is paid during the income year or within 63 days after the end of the income year.
“(2)
Subsection (1) applies to a specified health payment incurred on or after 1 July 1998.”
4 Definitions
In section OB 1, the following is inserted:
“‘Specified health payment’, in sections DQ 1 and ER 1, means an amount payable to the Crown by a hospital and health service in respect of a financial year that is—
“(a)
An amount that is a payment under section 16 of the Public Finance Act 1989; or
“(b)
An amount calculated at a rate determined from time to time by the shareholding Ministers (within the meaning of the Health and Disability Services Act 1993), and applied as a percentage of shareholders’ funds in the hospital and health service.”
This Act is administered in the Inland Revenue Department.
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Versions
Income Tax Amendment Act 1998
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