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Tax Administration Act 1994

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

61B: Disclosure requirements for high-value assets intended to be used in making taxable supplies

You could also call this:

"Telling the government about expensive things you buy to use for business"

Illustration for Tax Administration Act 1994

You must tell the Commissioner if you buy land, a ship, or an aircraft to use for taxable supplies. You need to say what you bought and give other information the Commissioner asks for. The Commissioner can decide what information you must give and when you must give it. You can find out what an aircraft is by looking at section 2 of the Civil Aviation Act 1990. The Commissioner can choose not to make some people follow these rules if they think those people will only use the asset for taxable supplies. The Commissioner uses special meanings for some words like land, which is explained in section 2 of the Goods and Services Tax Act 1985, and ship, which is explained in section 2 of the Maritime Transport Act 1994.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS835595.

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

61BDisclosure requirements for high-value assets intended to be used in making taxable supplies

  1. A registered person who acquires land, a ship, or an aircraft, with the intention of using it to make taxable supplies must disclose to the Commissioner, in the form and by the deadline prescribed by the Commissioner,—

  2. the existence and nature of the acquisition; and
    1. such other information as may be required by the Commissioner.

      1. The Commissioner may exempt any person or class of persons from the requirements of subsection (1) where, in the opinion of the Commissioner, that person is at low risk of using the relevant asset for a use other than for making taxable supplies.

      2. For the purposes of this section,—

      3. aircraft has the meaning set out in section 2 of the Civil Aviation Act 1990:
        1. land has the meaning set out in section 2 of the Goods and Services Tax Act 1985:
          1. ship has the meaning set out in section 2 of the Maritime Transport Act 1994.

            Notes
            • Section 61B: inserted, on , by section 182 of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).