Plain language law

New Zealand law explained for everyone

Financial Reporting Act 2013

Miscellaneous provisions - Regulations and levies

52: Levy regulations

You could also call this:

"Rules about charging levies to help cover costs"

Illustration for Financial Reporting Act 2013

The Governor-General can make rules about levies on the Minister's advice. You can find out more about these levies in section 51. The rules must make sure that the levies cover some of the costs of the Board doing its job.

The levies must also cover the costs of collecting the levy money. The rules can say that if some costs are not covered by levies one year, they can be covered over the next five years.

The rules can decide who has to pay a levy and how much they have to pay. They can also say how the levies are collected and when they are paid. The rules can even say that some people do not have to pay a levy. You can learn more about how these rules work by looking at the Legislation Act 2019.

If the rules say that someone can decide who gets an exemption from a levy, they have to follow certain procedures. They have to say that the decision is a type of secondary legislation, which has its own rules. You can find out more about secondary legislation in Part 3 of the Legislation Act 2019.

The Governor-General can make these rules for a financial year that has already started. The rules can cover the costs of the Board doing new things, even if the rules are made after the financial year has started. The Board is a group that helps make sure companies follow the rules.

The rules about levies are a type of law called secondary legislation. This means they have to be published in a certain way. If you want to know more about how this works, you can look at the Financial Reporting Act 1993.

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 It might be out of date or be missing some parts.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=DLM4632973.

Topics:
Money and consumer rights > TaxesBusiness > Industry rules
Previous

51: Levies, or

"Charges that certain groups, like accountants and companies, must pay to the government"

Next

53: Payment of levies, or

"Paying levies: sending money to the government's bank account on time"

Part 3Miscellaneous provisions
Regulations and levies

52Levy regulations

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations providing for the levies referred to in section 51.

  2. The levies must be prescribed on the basis that the following costs should be met fully out of the levies:

  3. a portion of the costs of the Board performing its functions and duties and exercising its powers under this Act, where the size of the portion to be met by levies under this Act is determined by the Minister; and
    1. the costs of collecting the levy money.

      1. The levies may be prescribed on the basis that any actual cost that could have been, but has not been, recovered as a levy shortfall for a year may be recovered (along with any financing charge) over any period of up to 5 years.

      2. The regulations may—

      3. specify the class or classes of specified persons that are required to pay a levy:
        1. provide for different levies for different classes of specified persons:
          1. specify the amount of levies, or method of calculating or ascertaining the amount of levies:
            1. include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs of performing or exercising the Board's functions, duties, and powers under this Act or the Financial Reporting Act 1993:
              1. refund, or provide for refunds of, those levies:
                1. provide for the payment and collection of those levies:
                  1. specify the financial year or part financial year to which those levies apply, and apply those levies to that financial year or part financial year and each subsequent financial year until revoked or replaced:
                    1. for the first financial year to which a levy applies, include in the levy amount or method costs incurred by the Board, on or after 1 July 2012, in connection with preparing itself to perform and exercise, and performing and exercising, its functions, duties, and powers under this Act, irrespective of the fact that the regulations are made and come into effect after that year:
                      1. require payment of a levy for a financial year or part financial year, irrespective of the fact that the regulations may be made after that financial year has commenced:
                        1. exempt or provide for exemptions from, and provide for waivers of, the whole or any part of the levy for any case or class of cases.

                          1. The levies for a financial year that starts after the Board begins to carry out any additional function under this Act may cover the costs of performing that additional function, irrespective of the fact that the regulations may be made and come into effect after the start of the financial year.

                          2. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                          3. If regulations authorise a person to grant exemptions or waivers referred to in subsection (4)(j),—

                          4. an instrument granting an exemption or a waiver is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements), unless it applies only in a particular case; and
                            1. the regulations must contain a statement to that effect.

                              Compare
                              Notes
                              • Section 52(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                              • Section 52(7): inserted, on , by regulation 54 of the Legislation Act (Amendments to Legislation) Regulations 2021 (LI 2021/247).