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Tax Administration Act 1994

Transitional provisions and savings

227E: Transitional provision: application of investment income information provisions

You could also call this:

"Temporary rules for investment income from 1 April 2019 to 31 March 2020"

Illustration for Tax Administration Act 1994

This law applies to you if you pay investment income between 1 April 2019 and 31 March 2020. You are paying investment income during the transitional period. The law is about the Income Tax Act 2007 and this Act. You can choose to follow new rules about investment income information during the transitional period. These new rules are in the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018. You can apply these rules for the whole transitional period or just part of it. If you choose to follow the new rules, you must keep following them for the rest of the transitional period. You can only stop following the new rules if you and the Commissioner agree. You will be following the rules in the Income Tax Act 2007 and this Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS195558.

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Money and consumer rights > Taxes
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"Special rules for employers when filing tax information during a transition period"

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227EB: Transitional provisions: publication requirements related to RWT-exempt status and certain exemption certificates, or

"Temporary rules for sharing information about special tax certificates"

Part 14Transitional provisions and savings

227ETransitional provision: application of investment income information provisions

  1. This section applies for the purposes of this Act and the Income Tax Act 2007 to a person who pays an amount of investment income in the period that starts on 1 April 2019 and ends on 31 March 2020 (the transitional period).

  2. Despite the commencement provisions in the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (the amendment Act) for the provision of investment income information, a person may choose to apply the provisions of the amendment Act relating to the delivery of investment income information under subpart 3E and the correction of errors under section 25O for the transitional period or a part of it.

  3. A person who makes an election under subsection (2) may not revert to the provisions in this Act and the Income Tax Act 2007 relating to the returns of income, and must continue to apply the relevant provisions of the amendment Act for the remainder of the transitional period, unless the person and Commissioner agree otherwise.

Notes
  • Section 227E: inserted, on , by section 371 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).