Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025

• Jurisdiction: New Zealand
• Act Number: 9
• Record Number: LMS963779
• Year: 2025
• Type of Document: Act

Contenidos

• Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025
• Contents
• 1 Title
• 2 Commencement
• Part 1
• 3 Annual rates of income tax for 2024–25 tax year
• Part 2
• 4 Amendments to Income Tax Act 2007
• 5 Section CB 6A amended (Disposal within 2 years: bright-line test for residential land)
• 6 Section CB 15E amended (Disposals of land subject to section CW 3C)
• 7 New cross-heading above section CB 23B inserted
• 8 Section CB 36 amended (Disposal of emissions units)
• 9 New sections CC 2B and CC 2C inserted
• CC 2B Compensation for land or buildings affected by emergency events
• CC 2C Compensation for improvements to land affected by emergency events
• 10 New sections CC 9B and CC 9C inserted
• CC 9B Resale royalties
• CC 9C Amount of resale royalty retained by collection agency
• 11 Section CD 43 amended (Available subscribed capital (ASC) amount)
• 12 Section CD 44 amended (Available capital distribution amount)
• 13 Section CE 1 amended (Amounts derived in connection with employment)
• 14 Section CE 5 amended (Meaning of expenditure on account of an employee)
• 15 Section CE 9 amended (Restrictive covenants)
• 16 Section CF 3 amended (Withdrawals from foreign superannuation scheme)
• 17 New section CH 5B inserted (Adjustments for certain flat-rate credits under platform economy rules)
• CH 5B Adjustments for certain flat-rate credits under platform economy rules
• 18 Section CQ 5 amended (When FIF income arises)
• 19 Section CV 1 amended (Group companies)
• 20 Section CV 2 amended (Consolidated groups: income of company in group)
• 21 Section CW 3C replaced and amended (Certain partitions or subdivisions of land)
• CW 3C Certain partitions or subdivisions of land
• 22 Section CW 16B amended (Accommodation expenditure: out-of-town secondments and projects)
• 23 Section CW 16C amended (Time periods for certain accommodation expenditure)
• 24 Section CW 17 amended (Expenditure on account, and reimbursement, of employees)
• 25 New section CW 17D inserted (Payments related to health or safety)
• CW 17D Payments related to health or safety
• 26 New section CW 19B inserted (Certain amounts derived by employees during emergency events: exempt income)
• CW 19B Certain amounts derived by employees during emergency events: exempt income
• 27 Section CW 26C amended (Meaning of exempt ESS)
• 28 New section CW 39B inserted (Auckland Future Fund)
• CW 39B Auckland Future Fund
• 29 Section CW 52B amended (Disability support services)
• 30 Section CW 55BAB amended (Rebate of fees paid by FIF)
• 31 Section CX 1B amended (Treatment of flat-rate credits under platform economy rules)
• 32 Section CX 19 amended (Benefits provided instead of allowances)
• 33 New section CX 63B inserted (Amounts of excluded income for owners)
• CX 63B Amounts of excluded income for owners
• 34 New cross-heading and section CX 65 inserted
• CX 65 Tax credits paid in cash
• 35 Section CZ 25D amended (Improvements to farmland and horticultural plants affected by North Island flooding events and replaced—insurance or compensation)
• 36 Section CZ 29B amended (Accommodation expenditure: North Island flooding events)
• 37 Section CZ 37 amended (Income equalisation schemes)
• 38 Section DB 2 amended (Goods and services tax)
• 39 New cross-heading and section DB 69 inserted
• DB 69 Amount of resale royalty retained by collection agency
• 40 New cross-heading and section DB 70 inserted
• DB 70 Deduction for interruption expenditure due to emergency event
• 41 Section DC 3 amended (Pension payments to former partners)
• 42 Section DC 4 amended (Payments to working partners)
• 43 Section DN 6 amended (When FIF loss arises)
• 44 Section DP 1 amended (Expenditure of forestry business)
• 45 Section EA 3 amended (Prepayments)
• 46 New section EA 5 inserted (Income from disposal of original shares under share-lending arrangements)
• EA 5 Income from disposal of original shares under share-lending arrangements
• 47 Section EC 1 amended (Application of this subpart)
• 48 Section ED 1 amended (Valuation of excepted financial arrangements)
• 49 Section EI 8 repealed (Disposal of land to the Crown)
• 50 Section EX 20B amended (Attributable CFC amount)
• 51 Section EX 21 amended (Attributable CFC amount and net attributable CFC income or loss: calculation rules)
• 52 Section EX 46 amended (Limits on choice of calculation methods)
• 53 Section EX 48 amended (Default calculation method)
• 54 Section EX 63 amended (Consequences of changes in method)
• 55 Section EX 72 amended (Commissioner’s default assessment power)
• 56 New cross-heading and section EZ 8B inserted
• EZ 8B Disposal of land to the Crown
• 57 Section EZ 80 amended (Refund of excess deposit in main income equalisation account as consequence of election under section EZ 4B)
• 58 Section EZ 81 amended (Refund of excess deposit in adverse event income equalisation account as consequence of election under section EZ 4B)
• 59 Section FB 3A amended (Residential land)
• 60 Section FC 9 amended (Residential land transferred to executor, administrator, or beneficiary on death of person)
• 61 Subpart FD replaced (Rollover relief from the bright-line test)
• Part FD
• 62 Section FE 6 amended (Apportionment of interest by excess debt entity)
• 63 Section FE 16B amended (Total group non-debt liabilities)
• 64 Section FH 15 amended (Definitions)
• 65 New subpart FP inserted
• Part FP