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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Fringe benefits

61: Disclosure of interest in foreign company or foreign investment fund

You could also call this:

"Tell the tax office about your interest in overseas companies or investments"

Illustration for Tax Administration Act 1994

If you have an interest in a foreign company or foreign investment fund, you must tell the Commissioner. You need to disclose the existence and nature of that interest in the prescribed form and within the time allowed by section 37 for providing your return of income. You may also need to provide other information as required by the Commissioner for the purposes of the administration of the Income Tax Act 2007. If you are a trustee of a foreign trust and you make the disclosure required by section 59B, you do not have to follow these rules. A multi-rate PIE that does not calculate and pay tax using the provisional tax calculation option under section HM 44 of the Income Tax Act 2007 must make a disclosure in the prescribed form within the time allowed by section 37 for filing its return. The Commissioner can exempt you from these rules if they think it is not necessary for the administration of the international tax rules. The Commissioner can also cancel any exemption they have granted at any time. You do not have to disclose a control interest if it only exists because of section EX 3(1)‎‎(b) or (d) of the Income Tax Act 2007, unless the Commissioner requires you to do so.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM351807.

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Part 3Information, record-keeping, and returns
Returns: Fringe benefits

61Disclosure of interest in foreign company or foreign investment fund

  1. Where any person has at any time in an income year an income interest or a control interest in a foreign company or an attributing interest in a foreign investment fund, that person shall disclose to the Commissioner, in the prescribed form and within the time allowed by section 37 for providing the person's return of income for the relevant tax year,—

  2. the existence and nature of that interest; and
    1. such other information as may be required by the Commissioner in respect of that interest for the purposes of the administration of the Income Tax Act 2007:
        1. provided that, unless the Commissioner requires, no person shall be required to disclose a control interest to the extent to which such control interest exists only by virtue of the application of section EX 3(1)(b) or (d) of the Income Tax Act 2007.

      1. A trustee of a foreign trust who makes the disclosure required by section 59B is exempt from the requirements of subsection (1).

      2. A multi-rate PIE that does not calculate and pay tax using the provisional tax calculation option under section HM 44 of the Income Tax Act 2007 must make a disclosure under subsection (1) in the prescribed form within the time allowed by section 37 for filing its return for the corresponding tax year under section 25J.

      3. The Commissioner may exempt any person or class of persons from the requirements of subsection (1) where, in the opinion of the Commissioner, disclosure by that person or class or classes of persons is not necessary for the administration of the international tax rules.

      4. The Commissioner may at any time cancel any exemption granted to any person or class or classes of persons under subsection (2).

      Compare
      • 1976 No 65 s 245W
      Notes
      • Section 61 heading: amended, on (applying on and after 17 October 2002), by section 80(1) of the Taxation (Relief, Refunds and Miscellaneous Provisions) Act 2002 (2002 No 32).
      • Section 61(1): amended (with effect on 1 April 2008), on , by section 628(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
      • Section 61(1)(b): amended, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
      • Section 61(1) proviso: amended (with effect on 1 April 2008), on , by section 628(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
      • Section 61(1) proviso: amended, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
      • Section 61(1B): inserted, on , by section 222 of the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 (2006 No 3).
      • Section 61(1B): amended, on , by section 181 of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
      • Section 61(1C): replaced, on (applying for 2010–11 and later income years), by section 628(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
      • Section 61(1C): amended (with effect on 1 April 2020), on , by section 163 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).