Taxation (Annual Rates and Budget Measures) Act 2011

1: Title
This Act is the Taxation (Annual Rates and Budget Measures) 2011
2: Commencement
1: This Act comes into force on the day on which it receives the Royal assent, except as provided in this section.
2: Section 5(1) section MF 7(3)
3:
4:
5:
6: Section 7
7: Sections 8 9 10 11 12 13 14 Section 2(3) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017 Section 2(4) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017 Section 2(5) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017
1: Annual rates of income tax
3: Annual rates of income tax for 2011–12 tax year
Income tax imposed by section BB 1 schedule 1
2: Working for Families and KiwiSaver
Amendments to Income Tax Act 2007
4: Income Tax Act 2007
Sections 5 14B Income Tax Act 2007 OIC SR 2011/403 2012-04-01 Income Tax Act 2007 Section 5(1) comes into force on the 1 April that is the day of application required by section MF 7(3) of the Income Tax Act 2007 for the first Order in Council under section MF 7(1)﻿(a) and (2) OIC Income Tax Act 2007 Sections 5(2) and 14B(1) come into force on the 1 April that is the day of application required by section MF 7(3) of the Income Tax Act 2007 for the second Order in Council under section MF 7(1)﻿(a) and (2) OIC Income Tax Act 2007 Sections 5(3) and 14B(2) come into force on the 1 April that is the day of application required by section MF 7(3) of the Income Tax Act 2007 for the third Order in Council under section MF 7(1)﻿(a) and (2) OIC Income Tax Act 2007 Sections 5(4) and 14B(3) come into force on the 1 April that is the day of application required by section MF 7(3) of the Income Tax Act 2007 for the fourth Order in Council under section MF 7(1)﻿(a) and (2) 2011-05-24 Income Tax Act 2007 Section 6 2011-07-01 Income Tax Act 2007 Section 7 2012-04-01 Income Tax Act 2007 Sections 8, 9, 10, 11, 12, 13 and 14 Section 4 amended 10 December 2015 section 8 Taxation (Support for Children in Hardship) Act 2015
5: Calculation of family credit abatement
1: In section MD 13(3)﻿(a)
a: in subparagraph (i), $36,827, 20 cents $36,350, 21.25 cents
b: in subparagraph (ii), $36,827, 20 cents $36,350, 21.25 cents
2:
3:
4: Section 5(2) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017 Section 5(3) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017 Section 5(4) repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017
6: Orders in Council
1: In section MF 7(1)﻿(a) increase the amounts in section MD 3(4)﻿(a)﻿(i) and (b)﻿(i) and (ii) (Calculation of family tax credit) by amounts that—
2: After section MF 7(1)﻿(a)
ab: increase the amount in—
i: section MD 3(4)﻿(a)﻿(ii) to equal the corresponding amount in section MD 3(4)﻿(a)﻿(i), if the amount in section MD 3(4)﻿(a)﻿(i) would otherwise be the greater:
ii: section MD 3(4)﻿(b)﻿(iii) to equal the corresponding amount in section MD 3(4)﻿(b)﻿(ii), if the amount in section MD 3(4)﻿(b)﻿(ii) would otherwise be the greater:
3: After section MF 7(2B) Order in Council under subsection (1)﻿(ab)
2C: An Order in Council must be made under subsection (1)﻿(ab) if an Order in Council under subsection (1)﻿(a) would otherwise result in—
a: the amount in section MD 3(4)﻿(a)﻿(i) exceeding the amount in section MD 3(4)﻿(a)﻿(ii):
b: the amount in section MD 3(4)﻿(b)﻿(ii) exceeding the amount in section MD 3(4)﻿(b)﻿(iii).
7: Amount of tax credit
1: In section MK 4(2)
a: a person's half of a person's
b: $1042.86 $521.43
2: Section MK 4(3)﻿(a) and (b)
a: equal to half of their total member credit contributions for the year, if that amount is equal to or less than the part-year maximum amount calculated under subsection (4); or
b: equal to the part-year maximum amount calculated under subsection (4), if half of their total member credit contributions for the year is greater than the part-year maximum amount calculated under subsection (4).
3: In section MK 4(4) $1042.86 $521.43
4: Subsections (1), (2), and (3) apply for calculating a tax credit for the year starting on 1 July 2011 and later years.
8: Salary or wages
1: In section RD 5(1)﻿(c)﻿(vi) Act; and Act.
2: Section RD 5(1)﻿(d)
9: Employer's superannuation cash contributions
1: Section RD 65(4)
2: Section RD 65(13)
3: In section RD 65 complying fund calculation period complying fund rules complying superannuation fund compulsory employer contribution KiwiSaver calculation period KiwiSaver contribution KiwiSaver scheme salary or wages
10: Section RD 66 repealed
Section RD 66
11: Section RD 67 replaced
Section RD 67
RD 67: Calculating amounts of tax for employer's superannuation cash contributions
The amount of tax for an employer's superannuation cash contribution is the amount determined under schedule 1, part D, clause 1 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits). amount, amount of tax, employer, employer's superannuation cash contribution
12: Section RD 69 repealed
Section RD 69
13: Definitions
1: This section amends section YA 1
2: The definition of complying fund rules complying fund rules
a: meet all the requirements set out in schedule 28 (Requirements for complying fund rules); and
b: do not detract from those requirements
3: In the definition of salary or wages
b: is further defined in schedule 28, clause 7 (Requirements for complying fund rules) for the purposes of that schedule
14: Schedule 1––Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits
In schedule 1, part D
a: in the heading to clause 1 (a)
b: in clause 1 If section RD 67(a) applies For the purposes of section RD 67
c: in table 1, in the instructions to use that table, the amount of salary or wages under section RD 69(1) the ESCT rate threshold amount
d: clause 2
14B: Schedule 31 amended
Section 14B repealed 1 April 2018 section 58 Families Package (Income Tax and Benefits) Act 2017 Amendment to KiwiSaver Act 2006
15: New section 237 of KiwiSaver Act 2006
After section 236
237: Protection from non-compliance: Taxation (Annual Rates and Budget Measures) Act 2011
If, as a result of amendments in sections 7 to 14
a: a prospectus that is registered under the Securities Act 1978 on or before 27 May 2011:
b: an investment statement under the Securities Act 1978 that is dated on or before 27 May 2011. 2011-05-24 KiwiSaver Act 2006