TIB index based from the NZ Tax Information Bulletin - kwister.net
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14:46:42
04 Apr 2025
14:46:42
04 Apr 2025
TIB index based from the NZ Tax Information Bulletin - kwister.net
The COVID-19 Support Payments Scheme (Omicron Outbreak) Order 2022
Section 7AAB of the Tax Administration Act 1994 (the TAA) authorises the Commissioner of Inland Revenue (the Commissioner) to make grants under the COVID-19 Support Payments Scheme (the Scheme). The purpose of this scheme is to provide for grants to support businesses affected by the effect of the public health measures (including the COVID-19 Protection Framework – Red setting) and the rapid increase of COVID-19 in the New Zealand communityThe COVID-19 Support Payments Scheme (Omicron Outbreak) Amendment Order 2022
The COVID-19 Support Payments Scheme (Omicron Outbreak) Amendment Order 2022 came into force on 14 March 2022.Tax Administration (Financial Statements—Domestic Trusts) Order 2022
Trusts with assessable income have increased disclosure requirements for the 2021–22 and later income years. This includes the requirement to prepare a statement of profit or loss and a statement of financial position. The Tax Administration (Financial Statements—Domestic Trusts) Order 2022 (the Order) was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts subject to these new disclosure rulesOverview of the Tax Administration (Financial Statements—Domestic Trusts) Order 2022
The Order sets minimum standards for financial statements prepared by trusts and applies to all trusts subject to the disclosure rules in section 59BA of the TAA for income years ending on or after 31 March 2022.Taxation (Extension of COVID-19 Interest Remission) Order 2022
The Taxation (Extension of COVID-19 Interest Remission) Order 2022 came into force on 25 March 2022. It extends the time limit on the ability of the Commissioner of Inland Revenue to remit interest for taxpayers significantly adversely affected by COVID-19 from 24 March 2022 until 8 April 2024.Tax Administration (Extension of Power to Disclose Information Relating to COVID-19 Response) Order 2022
The Tax Administration (Extension of Power to Disclose Information Relating to COVID-19 Response) Order 2022 came into force on 17 March 2022. The Order extends clause 23B(3) of Schedule 7 of the Tax Administration Act 1994 (TAA) from 17 March 2022 to 31 March 2022. This Order extends the Commissioner’s information sharing power for information relating to COVID-19 between the current expiry date of the power and the removal of the time limit.National Standard Costs for Specified Livestock Determination 2022
The Commissioner of Inland Revenue has released a determination, reproduced below, setting the national standard costs for specified livestock for the 2021–2022 income year. These costs are used by farmers as part of the calculation of the value of livestock on hand at the end of the income year, where they have adopted the national standard cost (NSC) scheme to value any class of specified livestock.COV 22/01: Variation to section EI 1 of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: Under s EI 1 of the Income Tax Act 2007, for a person to allocate timber income derived in an income year ending on a date between 28 February 2021 and 30 June 2021 to any one or more of the person's previous three income years, the date the application in writing must be received by the Commissioner is extended to 31 July 2022COV 22/02: Variation to section HB 13(3)(b) of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under s 6I of the Tax Administration Act 1994, made the following statutory variation: For the 2021 income year, where a company makes an election to be a look-through company and s HB 13(3)(b) of the Income Tax Act 2007 applies, the deadline by which that election must be received by the Commissioner is extended to include an election received by the Commissioner on or before 30 June 2022.COV 22/03: Variation in relation to s DB 31 of the Income Tax Act 2007 to extend time for writing off bad debts
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: For the 2022 income year, for taxpayers with 31 March balance dates, the timeframe by which a debt must be written off as bad in order for a deduction to be available in that income year is extended to 30 June 2022.COV 22/04: Variation to section FN 7(5) of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: For the 2022 tax year, s FN 7(5) of the Income Tax Act 2007 is varied to state that a notice of election to form an imputation group under subsection (1) and (4) has effect from the start of the tax year ending 31 March 2022, in circumstances where the Commissioner receives the notice after 31 March 2022 but before 1 June 2022.COV 22/05: Variation to section HC 6 of the Income Tax Act 2007: Beneficiary income
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: Where a trustee of a trust was unable for the 2021 income year to meet the requirements of section HC 6(1B)(b)(ii) of the Income Tax Act 2007 to make payment to a beneficiary, the Commissioner will treat any such payment that is made on or before 15 July 2022 as having met those requirements.COV 22/06: Variation to s YD 1(3) and (5) of the Income Tax Act 2007: Residency of natural persons
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variations: The time period of "183 days in total in a 12-month period" in s YD 1(3) is modified under s 6I(1)(a)(i) to exclude days where a person was personally present in New Zealand but practically restricted from leaving New Zealand between 17 March 2020 and 30 June 2022. The time period of "325 days in total in a 12-month period" in s YD 1(5) is modified under s 6I(1)(a)(i) to include days where a person was personally present in New Zealand but practically restricted from leaving New Zealand between 17 March 2020 and 30 June 2022.COV 22/07: Variation to day test for visitors to New Zealand in s CW 19 of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: The "92 or fewer days" time period specified in s CW 19(1) is modified under s 6I(1)(a)(i) to exclude days where a person was personally present in New Zealand but practically restricted from leaving New Zealand between 17 March 2020 and 30 June 2022.COV 22/08: Variation to day test for non-resident crew members in s CW 21 of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: The "365 days in any 2-year" time period specified in s CW 21(2)(c) is modified under s 6I(1)(a)(i) to exclude days where a person was personally present in New Zealand but practically restricted from leaving New Zealand between 17 March 2020 and 30 June 2022.COV 22/09: Variation to day test for non-resident contractors in s RD 8(1)(b)(v) of the Income Tax Act 2007
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: The "92 or fewer days" time period specified in s RD 8(1)(b)(v) is modified under s 6I(1)(a)(i) to exclude days where a person was personally present in New Zealand but practically restricted from leaving New Zealand between 17 March 2020 and 30 June 2022.COV 22/10: Variation of section 15D(2) of the Goods and Services Tax Act 1985 for applications to change GST taxable period
Section 15D(2) of the Goods and Services Tax Act 1985 is varied to state that a change in taxable period takes effect at the commencement of the [6-month] taxable period in which the person applies to change the basis on which the person's taxable period is set. This variation applies to a registered person who wishes to change from a 6-month to a 1-month taxable period, and for a 6-month taxable period commencing between 1 April 2022 and 30 September 2022.COV 22/11: Variation to sections 33E, 68CB(2) and 68CC(3) of the Tax Administration Act 1994
For a supplementary return for the 2020-2021 tax year under s 33E of the Tax Administration Act 1994, the date by which a supplementary return must be filed is amended to be 31 May 2022 for a person whose due date for filing under s 33E would otherwise be 30 April 2022. For a general approval application in relation to the R&D tax credit for the 2021-2022 income tax year under section 68CB(2) of the Tax Administration Act 1994, for applicants whose 2021-2022 income year ends between 31 December 2021 and 31 March 2022 inclusive, the date by which that application must be filed with the Commissioner is amended to be the earlier of 31 May 2022 or a date that represents a two-month extension to their filing date.COV 22/12: Variation to section YD 1(5) of the Income Tax Act 2007
For the purposes of determining the days that a natural person who was a New Zealand resident only under section YD 1(3) was personally absent from New Zealand under section YD 1(5) of the Income Tax Act 2007, any days that the person was personally absent from New Zealand because they were unable to, or reasonably prevented from, returning to New Zealand, due to circumstances arising either from the imposition of COVID-19 response measures or as a consequence of COVID-19, may be ignored.COV 22/13: Extension of time to provide IRD number to allow continuation of WFF instalments
The Commissioner of Inland Revenue has, under the discretion provided under section 6I of the Tax Administration Act 1994, made the following statutory variation: For a tax credit under the family scheme for a child born between 12 January 2022 and 30 June 2022, the 56-day timeframe under s 80KC(2)(b) and (3) of the Tax Administration Act 1994 may be extended by a period not exceeding a further 56 days as determined by the Commissioner having regard to the effect on the person of COVID-19 or a COVID-19 response.COV 22/14: Variation to section RC 15 of the Income Tax Act 2007
This variation only applies to a person that has had difficulty making an election or informing the Commissioner of their election because of circumstances arising either from the imposition of COVID-19 response measures or because of COVID-19. This could include the impact of a key staff member or advisor having reduced availability, or the financial impact of COVID-19 causing significant disruption to the normal business operations of the person.International taxation: International taxation disclosure exemptions
To balance the revenue forecasting and risk assessment needs of the Commissioner with the compliance costs of taxpayers providing the information, the Commissioner has issued an international tax disclosure exemption under section 61(2) of the TAA that applies for the income year corresponding to the tax year ended 31 March 2022. This exemption may be cited as “International Tax Disclosure Exemption ITR33 “(“the 2022 disclosure exemption”) and the full text appears at the end of this item.OS 22/01: Available Subscribed Capital record-keeping requirements
This Statement sets out the Commissioner's approach to the record-keeping requirements necessary to substantiate an amount returned to a shareholder tax-free, as a distribution of Available Subscribed Capital (ASC). For an amount to be distributed tax free it will need to not be caught under the definition of a dividend.TDS 22/02: Whether GST taxable activity and whether in business
Categories: goods-and-services-tax-taxable-activity, penalty-shortfall, shortfall-penaltyTDS 22/03: GST – Deemed consideration for taxable supply
Categories: goods-and-services-tax-supplies, goods-and-services-tax-taxable-activity, taxable-supplyTDS 22/04: Disputable decision and employer registration requirements
Categories: dispute, employer, notice-notice-of-proposed-adjustment-(nopa)