Description: Kiwibank offers its customers the 'Kiwibank Offset Mortgage' (the Product). The Product allows a customer to elect that interest payable by them on a loan made by Kiwibank be calculated by offsetting the balance of the loan against the aggregate credit balances of certain nominated transaction and savings and investments bank accounts held either by that customer or by certain other eligible person(s). Interest is payable on the net notional balance of these combined accounts. The Product was previously only available only to individual customers. It will now be made available to business customers, including companies and trusts.

Description: The Arrangement is where a shareholder holds shares in a company and the shares were acquired for the purpose of disposal.

Description: The Arrangement is where a shareholder holds shares in a company and the shares were acquired for the purpose of disposal.

Description: This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in Public Rulings BR Pub 17/04 and BR Pub 17/05 ('the Rulings').

Description: This Ruling replaces 'Public Ruling BR Pub 09/03: Charitable Organisations and Fringe Benefit Tax', Tax Information Bulletin Vol 21, No 6 (August 2009): 12, which has been withdrawn from 30 June 2017. Under s 91DE of the Tax Administration Act 1994, BR Pub 09/03 will continue to bind the Commissioner for arrangements entered into before 1 July 2017 for a further three years. This Ruling will apply to arrangements entered into on or after 1 July 2017.

Description: This commentary is not a legally binding statement. The commentary is intended to help readers understand and apply the conclusions reached in Public Ruling BR Pub 17/06 (the Ruling).

Description: Public Ruling BR Pub 09/03 'Charitable Organisations and Fringe Benefit Tax' applies for an indefinite period beginning on the first day of the 2008/09 income year

Description: The new Act sets the annual rates for income tax for the 2016-17 tax year and makes changes to improve, strengthen and update the rules for closely held companies, non-resident withholding tax and the approved issuer levy, and the goods and services tax rules. It also contains a large number of technical changes to ensure the tax rules work as intended

Description: The new Act sets the annual rates for income tax for the 2016-17 tax year and makes changes to improve, strengthen and update the rules for closely held companies, non-resident withholding tax and the approved issuer levy, and the goods and services tax rules. It also contains a large number of technical changes to ensure the tax rules work as intended

Description: The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act 2017 introduced a number of changes to the taxation of interest payments to non-residents

Description: The Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act 2017 introduced a number of changes to the taxation of interest payments to non-residents

Description: The Goods and Services Tax Act 1985 has been amended to align the GST treatment of goods and services provided in relation to newly purchased boats and aircraft that are to be exported under their own power, with the treatment provided for temporarily imported boats or aircraft.

Description: The Goods and Services Tax Act 1985 has been amended so that non-residents who claim input tax deductions for GST charged on the importation of goods are no longer required to make adjustments to the claimed deductions.

Description: An amendment to the Goods and Services Tax Act 1985 ensures that limited partnerships can apply the grouping rules and file a joint return with other registered persons who share common control.

Description: An amendment to the Goods and Services Tax Act 1985 makes it clear that the amount of a denied income tax deduction for entertainment expenses required to be included in a registered person-s GST return is exclusive of GST.

Description: New section 5(11CB) treats a prize received by the owner of a horse or greyhound as consideration for a supply of services provided to the racing club or racing code. The new section applies when a registered person is carrying on the racing in the course of a taxable activity. As such, it is intended to codify the industry practice of treating winnings paid to registered owners of a horse or greyhound as consideration for a taxable supply. It is not intended to change any interpretation of what constitutes a taxable activity

Description: The application period of a 'savings' provision introduced by the Taxation (Annual Rates for 2015-16, Research and Development, and Remedial Matters) Act 2016 has been extended. The provision preserved tax positions taken by GST registered members of an unregistered body corporate to claim deductions for GST incurred by the body corporate

Description: An amendment ensures that the rules dealing with changes in the consideration for a supply of secondhand goods apply correctly to deductions claimed by a GST-registered purchaser of secondhand goods.

Description: An amendment allows the Commissioner to refund an amount of overpaid tax within a four-year period following the expiry of the original four-year period in which overpaid tax must be refunded.

Description: An amendment provides a method for suppliers to account for GST on supplies of goods and services when the consideration payable (and therefore the amount of GST that must be accounted for) is not known at the time of supply.

Description: Amendments allow agents and principals to opt out of the agency rules for a supply made to the principal. Opting out enables the parties to account for GST as though the supply were two supplies: from the supplier to the agent, and from the agent to the principal (purchaser)

Description: An amendment clarifies that a person who has granted a security over a good, which is sold by the security holder in satisfaction of a debt, and provides an incorrect statement to the security holder, is liable to return GST on the supply themselves.

Description: An amendment ensures that financial products are treated in the same way upon deregistration as if the person actually disposed of them, and are not inadvertently taxed.

Description: The amendment ensures that the transfer of ownership of a financial option or payment of an amount arising under a financial option is also treated as a financial service.

Description: A registered person may claim deductions for all input tax they incur, subject to the need to apportion the deduction to reflect non-taxable (exempt and private) use. Section 20(3D) provides an exception to this when a person makes incidental exempt supplies in carrying on their taxable activity. This has been a longstanding approach, and was previously embedded in section 21(4) before the new apportionment rules came into force on 1 April 2011.

Description: When a person acquires land that is zero-rated under section 11(1)(mb), they are required under section 20(3J)(a)(iii) to account for output tax to the extent that the land is not used for making taxable supplies. This ensures the same result as if they instead incurred GST on the acquisition of the land and apportioned the deduction.

Description: Section 55(7)(g) provides that when a person is a member of a GST-registered group, they are jointly and severally liable for tax payable by the representative member of the group. Section 57(3) performs a similar function for members of an unincorporated body.

Description: The amendments provide tax relief on depreciation clawback arising from insurance proceeds when a business replaces assets destroyed, demolished or lost as a result of the Kaikoura earthquake and its aftershocks. These provisions provide depreciation roll-over relief on substantially similar terms to that made available to businesses affected by the Canterbury earthquakes. The additional complexity with the roll-over relief for assets affected by the Kaikoura earthquake comes from having two earthquake affected zones (the top of the South Island and the bottom of the North Island).

Description: The core amendment relies on an economic income analysis to determine whether a debt remission does not cause an increase in wealth and therefore should not be taxed, and focuses on situations when, if there was a debt capitalisation, there would be no real change in ownership (that is, no real increase in wealth). The amendments apply to debtors who are companies, lookthrough companies and partnerships. Other associated amendments apply to the bad debt rules and to guarantees.

Description: Amendments allow companies that are commonly owned (at least 66 percent common voting interests) but not wholly owned (100 percent) to transfer imputation credits as part of loss grouping. Imputation credits can be transferred to the company that receives the benefit of the loss grouping (the profit company) and be sourced from either the company that provides the benefit of the loss grouping (the loss company) or another company in the group that will receive the benefit of a dividend paid by the profit company (the imputation source company).

Description: Remedial amendments to section MB 14 of the Income Tax Act 2007 and section 14B of the Student Loan Scheme Act 2011 ensure that earlier reforms to the treatment of tax losses of a person discharged from bankruptcy are consistent with the objectives of Working for Families and the Student Loan Scheme.

Description: The amendments provide new timing rules that spread deductions for aircraft engine overhaul expenditure over the period between aircraft engine overhauls.

Description: The Income Tax Act 2007 has been amended to clarify that the empowering provision for New Zealand's double tax agreements (DTAs) does not prevent the general anti-avoidance rule contained in the Income Tax Act 2007 from applying to a tax advantage arising under a DTA.

Description: The following charities have been granted donee status from the 2016-17 income year:

Description: Amendments have been made to the Income Tax Act 2007 to exclude entities controlled by local authorities from the land tainting rules. This exclusion does not apply when an entity controlled by a local authority is associated with a property development entity that operates outside the council group.

Description: An amendment to the Income Tax Act 2007 allows a company to make its tax loss available to a mineral miner that is part of the same group. This achieves a similar outcome to that available to mining holding companies before the repeal of those provisions in 2014.

Description: An amendment to the Income Tax Act 2007 clarifies that a mineral miner that was a loss attributing qualifying company (LAQC) could attribute a net mining loss to its shareholders.

Description: An amendment clarifies that the time bar applies to ancillary taxes and the approved issuer levy (AIL), when a taxpayer has filed a relevant return.

Description: The annual income tax rates for the 2016-17 tax year are the rates specified in schedule 1 of the Income Tax Act 2007.

Description: Section MD 2(3) and (4) has been amended to ensure parental tax credit (PTC) recipients who have a parental entitlement period that starts at the end of one tax year and extends into the beginning of the next tax year have the correct amount of abatement applied to their credit. The amendment also applies to PTC recipients whose Working for Families tax credit (WFFTC) entitlement changes during their entitlement period

Description: Sections MD 2(3), MD 2(4), MD 12(1) and MD 12(3)(b) have been amended to make it clear that a separate amount of Parental Tax Credit (PTC) and a corresponding amount of abatement apply to each entitlement period within a parental entitlement period.

Description: Section MD 1(3)(c) has been amended to clarify that Parental Tax Credits (PTC) recipients who have a parental entitlement period that starts at the end of one tax year and extends into the beginning of the next tax year may receive their credit as a lump sum in an end-of-year assessment for the first tax year (a cross-year situation).

Description: The amendment to section MD 2(3) replaces sections MD 1 and MD 16 with sections MD 1(3)(d)(i) and MD 16(3) (a), to make it clear when the Parent Tax Credit (PTC) abatement formula should be used.

Description: Section MB 7B of the Income Tax Act 2007 and clause 12A of schedule 3 of the Student Loan Scheme Act 2011 have been amended to enable employees, for social policy purposes, to apply the maximum fringe benefit tax (FBT) rate on their shortterm charge facilities provided by their employer, if the employer does not provide the correct rate.

Description: These amendments ensure that the tax pooling rules work as intended. The amendments allow an imputation credit date when purchased tax pooling funds are used to meet an increased amount of tax that is not income tax. The amendments also prevent the double counting of an imputation debit when new shareholders of the company or group sell the company-s or group's own deposited tax pooling funds to another pool user.

Description: The amendment to section CD 43(7) of the Income Tax Act 2007 clarifies that imputation credits attached to a taxable bonus issue are not included in available subscribed capital (ASC).

Description: The amendment resolves uncertainty over which calculation method should be applied when a person holds more than one interest in the same foreign investment fund (FIF).

Description: The provisions amend or repeal a number of provisions in subpart LJ, and also amend section YA 1 of the Income Tax Act 2007, to rationalise the foreign tax credit provisions.

Description: The provisions amend or repeal a large number of redundant foreign dividend payment (FDP) provisions from the Income Tax Act 2007 and Tax Administration Act 1994 that still referred, or related, to FDP. FDP was charged on foreign dividends derived by a New Zealand resident company, but ceased to be charged for income years beginning on or after 1 July 2009. The FDP charging provisions in subpart RG were repealed as part of the wider changes to the international tax rules in the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009.

Description: Provisions enabling Inland Revenue to share information with the Ministry of Social Development to help with the administration of benefit, student loan and child support entitlements and obligations under the Tax Administration Act, Student Loan Scheme Act, and the Child Support Act, are to be repealed with effect from a date to be determined by Order in Council.

Description: A range of technical and remedial changes have been made to the taxation rules for insurance business contained in the Income Tax Act 2007.

Description: A share repurchase occurs when a company purchases (repurchases) its own shares from current shareholders. Monies paid to a shareholder under a share repurchase may be taxed as a dividend under the Income Tax Act.

Description: A remedial change to section ED 1 of the Income Tax Act now provides taxpayers with a cost base for taxable bonus issues.

Description: The amendment corrects a drafting error in section OB 67(2) arising in rewriting the Income Tax Act. The amendment ensures that, when a debit balance of an imputation credit account (ICA) of an ICA company is carried forward from one year to the next, that carried forward debit balance is not again subject to further income tax.

Description: The amendment ensures that a taxpayer is taxed at the correct basic rate for the tax year that corresponds to the income year in which the taxpayer changes their balance date for income tax purposes.

Description: The amendments correct an unintended legislative change arising in the rewrite of income tax legislation to ensure that transport of an employee in a heavy goods vehicle is not a fringe benefit

Description: The amendment to the definition of 'trading stock' corrects an unintended legislative change arising in the rewrite of income tax legislation and restores the law relating to the taxation of livestock disposed of as part of the sale of a business.

Description: The amendment corrects an unintended legislative change arising in the rewrite of this provision, to ensure that a loss balance of an amalgamated company is carried forward past the date of amalgamation.

Description: The proposed amendment corrects an unintended change in legislation arising from the rewriting the Income Tax Act to ensure that the Commissioner may accept an election by a company to use the loss grouping rules after the last day for filing a return of income (a late election)

Description: An amendment to section RM 13(3) clarifies which tax year is relevant in determining the limit on the amount of a tax refund due to an imputation credit account company (ICA company), which has not filed its return of income for the most recently ended tax year under an extension of time arrangement.

Description: The amendment corrects an unintended legislative change to the foreign investor tax credits rules arising in rewriting the Income Tax Act.

Description: The amendment repeals section CB 6(3) as it duplicates the outcome given by section CB 23B.

Description: The amendments improve the clarity of the relationship between sections RB 2, RF 2 and the definition of 'non-filing taxpayer' in the Income Tax Act 2007 following a cross-reference error in rewriting the non-resident withholding tax rules. The amendment corrects this unintended legislative change and eliminates some overlap, which ensures the provisions work as intended.

Description: Changes introduced by the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 were intended to align the tax rules with the policy settings for taking bad debt deductions, by limiting bad debt deductions that can be taken by dealers and holders of debt to the economic cost of the debt. These changes were discussed in two editions of the Tax Information Bulletin, (Vol. 26 No. 4, May 2014 and Vol. 28 No. 3, April 2016).

Description: The amendments create ordering rules for when multiple loss reinstatement events occur in a single income year. The intention is to simplify the payment of R&D repayment tax and protect the tax base. The changes also clarify that, when a loss of shareholder continuity has resulted from equity disposals and transfers, all equity disposals and transfers from the year a credit was first taken to the current year should be included in calculating R&D repayment tax.

Description: The amendment to section CW 19 aligns the provision's count test with other count tests by measuring the days of personal presence within any 12-month period. The amendment provides that a non-resident deriving income from personal services carried out in New Zealand is not taxable on that personal services income if that visit does not last for more than 92 days in any 12-month period.

Description: Amendments have been made to the Income Tax Act 2007 to ensure that the salaries and allowances of Employment Relations Authority (ERA) members are subject to PAYE.

Description: The amendments correct cross-references in the depreciation rules of the Income Tax Act 2007, along with relevant corresponding provisions in the Income Tax Act 2004.

Description: Amendments have been made, to clarify that for a company, a tax-deductible depreciation loss arising on disposal of a depreciable asset is not taken into account in determining the value of a capital gain amount that may be distributed tax-free.

Description: The amendment simplifies the fringe benefit tax (FBT) treatment of premiums paid by an employer for life insurance policies taken out by an employer on employees' lives (or a spouse, civil union partner or de facto partner or a joint policy, or on the life of their child).

Description: This statement covers the income tax treatment of software for taxpayers who purchase, lease, licence, develop, or commission software for use in a business carried on for the purposes of deriving assessable or excluded income. The statement expressly refers only to taxpayers that are carrying on a business. However, except where otherwise stated, the principles in this statement also apply to taxpayers who incur expenditure on software in deriving assessable or excluded income (otherwise than in the course of carrying on a business).

Description: The binding rulings regime has operated for over 20 years. From time to time, the Commissioner will publish guidance about certain aspects of the regime that may be of wider interest.

Description:

Description:

Description:

Description:

Description:

Description: