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Tax Administration Act 1994

Miscellaneous

225AB: Order in Council amending schedule 18B of Income Tax Act 2007

You could also call this:

"Changing the list of special horse sales for tax purposes"

Illustration for Tax Administration Act 1994

The Governor-General can change the list of premier yearling sales in schedule 18B of the Income Tax Act 2007 by Order in Council. You can find the Income Tax Act 2007 on the New Zealand legislation website. The Minister of Revenue recommends these changes. The Minister of Revenue can add, substitute or remove the name of a sale of bloodstock yearlings. They must be satisfied the sale is of interest to New Zealand buyers and is held in New Zealand. The Minister must consult the Minister for Racing before making a recommendation. An Order in Council is a type of secondary legislation, which you can read more about in Part 3 of the Legislation Act 2019. The Minister of Revenue must consult with others before recommending changes. You can find more information about the Legislation Act 2019 on the New Zealand legislation website.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS188859.

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Money and consumer rights > Taxes
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Part 13Miscellaneous

225ABOrder in Council amending schedule 18B of Income Tax Act 2007

  1. This section provides a power to amend, by Order in Council, the list of sales of bloodstock yearlings in schedule 18B of the Income Tax Act 2007 that meet the definition of a premier yearling sale in section EC 39B(4) of that Act.

  2. The Governor-General may, by Order in Council made on the recommendation of the Minister of Revenue, amend schedule 18B of that Act by—

  3. adding the name of a sale of bloodstock yearlings:
    1. substituting the name of a sale of bloodstock yearlings in recognition of a change in its name:
      1. removing the name of a sale of bloodstock yearlings.

        1. Before recommending the making of an Order in Council to—

        2. add the name of a sale of bloodstock yearlings to schedule 18B of that Act, the Minister of Revenue must be satisfied that the sale—
          1. is of bloodstock yearlings of interest to New Zealand resident and non-resident prospective buyers; and
            1. will be held in New Zealand:
            2. remove the name of a sale of bloodstock yearlings from schedule 18B of that Act, the Minister of Revenue must be satisfied that the sale—
              1. is no longer of bloodstock yearlings of interest to New Zealand resident and non-resident prospective buyers:
                1. will no longer be held in New Zealand.

                2. Before making a recommendation under subsection (2), the Minister of Revenue must—

                3. consult the Minister for Racing on the proposed amendment; and
                  1. be satisfied that consultation has been undertaken on the proposed amendment that is appropriate and reasonable for the purposes of this section.

                    1. An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                    Notes
                    • Section 225AB: inserted (with effect on 1 January 2019), on , by section 104 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
                    • Section 225AB(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).