Plain language law

New Zealand law explained for everyone

Tax Administration Act 1994

Miscellaneous

225ABA: Orders in Council: periods for purposes of certain provisions of Income Tax Act 2007 relating to disposals of trading stock

You could also call this:

"Rules for changing tax time periods in emergencies or due to COVID-19"

Illustration for Tax Administration Act 1994

You can find rules about changing time periods for some tax laws. The Governor-General can make changes to these time periods by Order in Council. This is done on the recommendation of the Minister of Revenue. You can read about the Income Tax Act 2007 to learn more. The Minister of Revenue can recommend changes if people in New Zealand are affected by COVID-19. They can also recommend changes if there is an emergency. The Minister of Revenue must be satisfied that people in New Zealand are being significantly affected. You can read about emergencies in section 4 of the Civil Defence Emergency Management Act 2002. Orders in Council are a type of law, see Part 3 of the Legislation Act 2019 for more information.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS477199.

Topics:
Money and consumer rights > Taxes
Previous

225A: Power to make interim payments of WFF tax credit, or

"Getting some of your Working for Families tax credit early"

Next

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

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

Part 13Miscellaneous

225ABAOrders in Council: periods for purposes of certain provisions of Income Tax Act 2007 relating to disposals of trading stock

  1. This section provides a power to extend the period, or specify another later period, during which certain provisions of the Income Tax Act 2007 apply in relation to certain disposals of trading stock.

  2. The Governor-General may, by Order in Council made on the recommendation of the Minister of Revenue,—

  3. replace the date on which the period specified in 1 or more of sections FZ 9(c)(i), GZ 4(b)(i), and GZ 5(1)(b)(i) of the Income Tax Act 2007 ends with another date that is later than the one it replaces:
    1. specify a period for the purposes of 1 or more of sections FZ 9(c)(ii), GZ 4(b)(ii), and GZ 5(1)(b)(ii) of that Act.

      1. An Order in Council under subsection (2)(a) to replace the existing end date of a period must be made before that date.

      2. The Minister of Revenue may recommend the making of an Order in Council under subsection (2)(a) only if satisfied that people in New Zealand are likely to continue, beyond the expiry of the existing period, to be significantly adversely affected by COVID-19.

      3. The period specified by an Order in Council made under subsection (2)(b) may begin before the date on which the Order in Council comes into force.

      4. The Minister of Revenue may recommend the making of an Order in Council under subsection (2)(b) only if satisfied that—

      5. an event has occurred that meets the requirements of paragraphs (a) and (b) of the definition of emergency in section 4 of the Civil Defence Emergency Management Act 2002; and
        1. people in New Zealand were being significantly adversely affected as a consequence of the event at the beginning of the period that is to be recommended is specified; and
          1. people in New Zealand—
            1. were being significantly adversely affected as a consequence of the event at the end of the period that is to be recommended is specified; or
              1. are likely to continue to be significantly adversely affected as a consequence of the event at least until the end of the period that is to be recommended is specified.

              2. An Order in Council made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

              Notes
              • Section 225ABA: inserted, on , by section 176 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).