COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020

1: Title
This Act is the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020.
2: Commencement
1: This Act comes into force on the date on which it receives the Royal assent, except as provided otherwise in this section.
2: Sections 17 18
3: Sections 7 8 9 10 11 13 14 15(2) 21 22
4: Sections 4 12 15(3), (4), (5), (6), (7), (8), (9), (10), (11), (13), (14), (15), and (16) 20 25 26 27 28 29
1: Amendments to Inland Revenue Acts
Income Tax Act 2007 amended
3: Income Tax Act 2007
Sections 4 to 15 Income Tax Act 2007 2020-04-30 Income Tax Act 2007 see section 2 to check with effect dates
4: Section CW 33 amended (Allowances and benefits)
1: Replace section CW 33(1)﻿(a)
a: a monetary benefit under the Social Security Act 2018, except any of the following kinds:
i: an income-tested benefit:
ii: a payment of New Zealand superannuation equivalent assistance:
iii: a payment of veteran’s pension equivalent assistance:
2: In section CW 33 New Zealand superannuation equivalent assistance veteran’s pension equivalent assistance
5: Section DF 1 amended (Government grants to businesses)
1: After section DF 1(1)﻿(c)
cb: the payment is not an amount of a loan under the small business cashflow scheme under section 7AA
2: In section DF 1 small business cashflow scheme
6: Section EW 45 amended (Consideration when debtor released from obligation)
1: In section EW 45(1)﻿(b)﻿(iii) subsection (2). subsection (2); or
iv: the terms of a loan under the small business cashflow scheme under section 7AA
2: In section EW 45 small business cashflow scheme
7: New section GB 3B inserted (Arrangements for carrying back net losses: companies)
After section GB 3
GB 3B: Arrangements for carrying back net losses: companies
When this section applies
1: This section applies when—
a: a share in a company (the loss company
b: the arrangement allows the loss company to meet the requirements of section IZ 8
c: a purpose of the arrangement is to defeat the intent and application of section IZ 8 Company treated as not meeting requirements
2: The loss company is treated as not meeting the requirements of section IZ 8 arrangement, company, share
8: Section GB 4 amended (Arrangements for grouping tax losses: companies)
1: In section GB 4(1)﻿(b) section IZ 7 sections IZ 7 and IZ 8
2: In section GB 4(2) section IZ 7 section IZ 7 or IZ 8
9: Section IC 9 amended (Date for payment and notice to Commissioner)
1: After section IC 9(3) Exception for payment arising from election under section IZ 8
4: Despite subsection (3), for a company that is a member of a group of companies and a tax year in which the company uses a tax loss that arises from an election by another group member under section IZ 8
2: In section IC 9 group of companies net loss
10: Section ID 1 amended (Treatment of tax losses by consolidated groups)
In section ID 1(1) losses) and section IZ 8
11: New section IZ 8 inserted (Election to use net loss for 2019–20 or 2020–21 year as tax loss in preceding year)
1: After section IZ 7
IZ 8: Election to use net loss for 2019–20 or 2020–21 year as tax loss in preceding year
Terms used in this section
1: This section provides that a person who has taxable income in the 2018–19 or 2019–20 income year and a net loss in the following income year may choose to reduce the taxable income in the first year by an amount, which is treated as being available tax loss that can be used in the first income year, and subtracting the same amount from the net loss that would otherwise be available in the second income year, subject to restrictions that are expressed in terms of—
a: the offset years
b: the taxable income year
c: the initial taxable income subsection (2)﻿(a)
d: the net loss year
e: the elected amount
f: the offset ownership period
g: the income ownership period
h: the loss ownership period
i: the group loss excess subsection (3)﻿(b) Who may make election under this section: general rule
2: A person, other than a person who is a member of a wholly-owned group of companies during the offset ownership period, may make an election under this section for the period consisting of 2 income years beginning with the 2018–19 or the 2019–2020 income year if,—
a: in the absence of an election under this section, the person would have an amount of taxable income remaining in the taxable income year after subtracting the total amount of charitable donations for which the person has a tax credit for the taxable year under subpart LD (Tax credits for gifts and donations); and
b: in the absence of an election under this section, the person would have a net loss in the net loss year; and
c: the person is not a qualifying individual, as defined in section 3 of the Tax Administration Act 1994, in the net loss year and is not a multi-rate PIE in the offset years; and
d: when the person is a company, the person meets the requirements relating to continuity of ownership given by section IA 5 or IP 3 (which give the requirements for companies to carry forward loss balances) during the offset ownership period. Who may make election under this section: rule for member of wholly-owned group
3: A person who is a member of a wholly-owned group of companies during the offset ownership period may make an election under this section for the offset years if,—
a: in the absence of an election under this section, the person would have a net loss in the net loss year; and
b: in the absence of an election under this section, an excess of net loss would remain for the loss ownership period if the total amount of the net loss of the person and the other group members were reduced by the total amount of the net income of the person and the other group members for which the other group members have not used non-refundable tax credits to meet income tax liabilities; and
c: the person meets the requirements relating to continuity of ownership given by section IA 5 or IP 3 during the offset ownership period. Making election
4: The person makes the election by including the elected amount, which must not exceed the amount given for the person by subsection (5), (6), or (7)
a: a return of income for the taxable income year; or
b: a request that the Commissioner amend under section 113 of the Tax Administration Act 1994 the assessment for the taxable income year. Effect of election: person other than company
5: If the person is not a company, the person’s net loss for the net loss year is reduced, and the person’s available tax loss for the taxable income year is increased, by an amount that is the smallest of—
a: the initial taxable income referred to in subsection (2)﻿(a)
b: the amount of the net loss referred to in subsection (2)﻿(b)
c: the elected amount. Effect of election: company not in group
6: If the person is a company, other than a company that is a member of a group of companies at a time in the offset ownership period, the person’s net loss for the net loss year is reduced, and the person’s available tax loss for the taxable income year is increased, by an amount that is the smallest of—
a: the initial taxable income referred to in subsection (2)﻿(a)
b: the amount of the net income of the person for the income ownership period:
c: the amount of the net loss referred to in subsection (2)﻿(b)
d: the amount of the net loss of the person for the loss ownership period:
e: the elected amount. Effect of election: member of group of companies
7: If the person is a member of a group of companies at a time in the offset ownership period, the person’s net loss for the loss ownership period is reduced, and the person’s available tax loss for the income ownership period is increased, by an amount that is the smallest of—
a: the total amount of—
i: the smaller of the initial taxable income referred to in subsection (2)﻿(a)
ii: the part of the elected amount that is made available under subparts IC and IP (which relate to the use and grouping of tax losses) to other members of the group of companies in the taxable income year:
b: if the person is a member of a wholly-owned group in the loss ownership period, the group loss excess referred to in subsection (3)﻿(b)
c: the elected amount. Application of subparts IC and IP to amounts made available to members of group
8: In the application of subparts IC and IP to the making available by a person, to another member of a group of companies, of an amount of available tax loss arising for the person under subsection (7)
a: the amount of available tax loss that exceeds the person’s initial taxable income is a tax loss for the taxable income year for the purposes of section IC 1 (Company A making tax loss available to company B):
b: the commonality period referred to in section IC 6 (Common ownership for period) is the period consisting of the offset years:
c: the requirements in section IP 4(2)﻿(d) and (4) and section IP 5 (which relate to breaches of continuity or commonality requirements) are not applied:
d: the requirements in section IP 4(2)﻿(a), (ab), and (c) (Breach in income year in which tax loss component arises) are replaced by the requirements given by subsection (9) Replacement requirements in applying section IP 4(2)
9: The replacement requirements in section IP 4(2) are—
a: the net loss giving rise to the available tax loss arises in the portion of the loss ownership period that is included in the common span; and
b: the amount of the available tax loss is no more than the net income that the group company derives in the portion of the income ownership period that is included in the common span; and
c: the person and the group company provide the Commissioner with adequate financial statements under section IP 6 (Financial statements required). When allocation of net loss effective
10: The increase in the person’s available tax loss for the taxable income year is not effective until the person—
a: files a return of income for the taxable income year that includes a figure for the elected amount or an updated figure replacing a figure for the elected amount; or
b: makes a request that the Commissioner amend under section 113 of the Tax Administration Act 1994 the assessment for the taxable income year based on a figure or an updated figure for the elected amount. Requests required for some amended assessments
11: A person who makes an election under this section must make a request that the Commissioner amend under section 113 of the Tax Administration Act 1994 the assessment for the taxable income year if the elected amount used in the most recent assessment of that income year exceeds the amount permitted by this section in the return of income for the net loss year. Accounting for part years in ownership continuity period
12: If the offset ownership period for a company includes a part, but not all, of an income year, the company must provide to the Commissioner adequate financial statements for the relevant part of the income year complying with the requirements of sections IP 3(2) and (4) (Continuity breach: tax loss components of companies carried forward) and IP 6. assessment, available tax loss, Commissioner, company, continuity period, deduction, group of companies, ICA company, imputation credit account, income, income tax liability, income year, multi-rate PIE, net income, net loss, non-refundable tax credit, qualifying individual, return of income, tax loss, tax return, tax year, taxable income, wholly-owned group of companies
2: Subsection (1)
12: Section MD 6 amended (Second requirement: principal care)
1: In section MD 6(2) under section 43 or 46 of the Social Security Act 2018
2: In section MD 6 orphan’s benefit unsupported child’s benefit
13: Section RC 7 amended (Estimation method)
1: After section RC 7(3) Exception for person making election under section IZ 8
3B: A person, including a person who otherwise does not use the estimation method in the tax year, who makes an election under section IZ 8 section IZ 8
2: In section RC 7 income year return return of income shareholder-employee
3: Subsection (1)
14: Section RM 10 amended (Using refund to satisfy tax liability)
In section RM 10(4) RM 8 , or arising from an election under section IZ 8
15: Section YA 1 amended (Definitions)
1: This section amends section YA 1
2: In the definition of available tax loss
a: in paragraph (d), replace income income:
b: after paragraph (d), insert:
e: an amount treated as being an amount of available tax loss under section IZ 8
3: Insert, in appropriate alphabetical order: COVID-19 New Zealanders Stranded Overseas Support Programme
4: In the definition of dependent child under section 43 or 46 of the Social Security Act 2018
5: In the definition of financially independent
a: in paragraph (d), replace 2018 2018; or
b: after paragraph (d), insert:
e: receiving New Zealand superannuation equivalent assistance or veteran’s pension equivalent assistance
6: In the definition of income-tested benefit
g: main benefit equivalent assistance
7: Insert, in appropriate alphabetical order: main benefit equivalent assistance
a: clause 9 of the COVID-19 New Zealanders Stranded Overseas Support Programme that corresponds to a main benefit, as defined in schedule 2 of the Social Security Act 2018; or
b: clause 11 of that programme
8: In the definition of New Zealand superannuation
a: means any of the following:
i: New Zealand superannuation payable under Part 1 of the New Zealand Superannuation and Retirement Income Act 2001:
ii: New Zealand superannuation equivalent assistance; and
9: Insert, in appropriate alphabetical order: New Zealand superannuation equivalent assistance paragraph (a)﻿(ii) New Zealand superannuation
10: Insert, in appropriate alphabetical order: orphan’s benefit
a: an orphan’s benefit payable under section 43 of the Social Security Act 2018:
b: orphan’s benefit equivalent assistance
11: Insert, in appropriate alphabetical order: orphan’s benefit equivalent assistance
12: Insert, in appropriate alphabetical order: small business cashflow scheme
13: Insert, in appropriate alphabetical order: unsupported child’s benefit
a: an unsupported child’s benefit payable under section 46 of the Social Security Act 2018:
b: unsupported child’s benefit equivalent assistance
14: Insert, in appropriate alphabetical order: unsupported child’s benefit equivalent assistance
15: Replace the definition of veteran’s pension veteran’s pension
a: a veteran’s pension, other than a portable veteran’s pension, paid or payable under Part 6 of the Veterans’ Support Act 2014:
b: veteran’s pension equivalent assistance
16: Insert, in appropriate alphabetical order: veteran’s pension equivalent assistance paragraph (b) veteran’s pension Tax Administration Act 1994 amended
16: Tax Administration Act 1994
Sections 17 to 23 Tax Administration Act 1994 2020-04-30 Tax Administration Act 1994 see section 2 to check with effect dates
17: Section 3 amended (Interpretation)
In section 3(1) disputable decision challenge notice challenge notice; or
v: to issue, or to decline to issue, a Commissioner’s COVID-19 response variation under section 6I
vi: to grant, or to decline to grant, a loan under the small business cashflow scheme under section 7AA
18: New heading and new sections 6H and 6I inserted
After section 6G COVID-19 response variations
6H: COVID-19 response: powers to vary provisions of Inland Revenue Acts
Commissioner’s discretionary power
1: Section 6I Purpose of section 6I
2: The purpose of section 6I Supplementary discretionary power
3: The discretionary power to make a variation under section 6I Application of section 6I
4: Section 6I section 6I Extended meaning of Inland Revenue Acts
5: For the purpose of this section and section 6I
6I: COVID-19 response: Commissioner’s variations
Power to vary
1: The Commissioner may vary the application of a provision in an Inland Revenue Act by—
a: extending a due date, deadline, time period, or timeframe by, within, or in relation to which—
i: a person must comply with a requirement set out in the provision:
ii: a person must make an election under the provision:
iii: a person’s entitlements, rights, or obligations are affected:
b: modifying a procedural or administrative requirement that a person must meet under the provision, for example Person treated as meeting requirements
2: A person who complies with a variation made under this section is treated as having met their requirements under the relevant Act. General application
3: A variation made under subsection (1)
a: applies to a particular class of persons or circumstances; or
b: requires certain conditions to be met for the variation to apply. Optional application
4: Despite subsection (3) for example Publication
5: The Commissioner must publish a variation made under this section in a manner chosen by the Commissioner.
19: New section 7AA inserted (Authorisation to make payments under small business cashflow scheme)
After section 7
7AA: Authorisation to make payments under small business cashflow loan scheme
1: The Commissioner, on behalf of the Crown, may grant a loan under the small business cashflow scheme (the scheme
a: meets the eligibility requirements for a loan under the scheme; and
b: makes a loan application to the Commissioner; and
c: enters into a loan contract with the Commissioner.
2: For the purposes of subsection (1)﻿(b)
3: The person in whose name the loan application is made—
a: must provide the information to the Commissioner required by the loan contract; and
b: is bound by the terms of the loan contract and must pay or repay all amounts payable by the person under the loan contract at the times and in the manner provided in the loan contract.
4: If a person who receives a payment from the Commissioner does not meet the required eligibility requirements, the person must repay the total amount to the Commissioner immediately.
5: A loan contract under this section is not a credit contract or a consumer credit contract for the purposes of the Credit Contracts and Consumer Finance Act 2003.
6: For the purposes of this section,— loan contract
a: is provided by or on behalf of the Commissioner to a person in whose name a loan application has been made; and
b: records the terms on which a loan under the small business cashflow scheme is, or will be, made small business cashflow scheme
20: Section 80KK amended (Payment by instalment of family tax credit and Best Start tax credit (without abatement))
In section 80KK(3)﻿(a)﻿(i) paid or payable under the Social Security Act 1964 or the Social Security Act 2018
21: New section 113G inserted (Amended assessments: tax year to which net loss carried back under section IZ 8)
After section 113F
113G: Amended assessments: tax year to which net loss carried back under
section IZ 8
1: This section applies if—
a: a person elects to carry back a net loss from a tax year (the loss year section IZ 8
b: the Commissioner amends the assessment for the loss year because the person’s assessment for the loss year is based on an amount for the net loss carried back that does not meet the requirements of that section.
2: Despite the time bar, the Commissioner may amend the assessment for the tax year preceding the loss year at the same time as the Commissioner amends the assessment for the loss year.
22: Section 183ABAB amended (Remission for taxpayers affected by COVID-19)
1: In section 183ABAB(1)
a: in paragraph (c), replace due date. due date; and
b: after paragraph (c), insert:
d: the requirement for the payment does not arise from an election under section IZ 8
2: Subsection (1)
23: Schedule 7 amended (Disclosure Rules)
In schedule 7, after clause 45
45B: Social Development: wage subsidy scheme information
1: The purpose of this clause is to facilitate the exchange of information between the Inland Revenue Department and the Ministry of Social Development for the purpose of the administration by the Commissioner of the small business cashflow scheme.
2: For the purposes of this clause, the chief executive of the Ministry of Social Development may from time to time provide the Commissioner with information relating to the wage subsidy scheme administered by the Ministry.
3: The Commissioner may use the information supplied under this clause in connection with the exercise or performance of any of the Commissioner’s duties, powers, or functions under the Inland Revenue Acts.
4: For the purposes of this section,— small business cashflow scheme wage subsidy scheme Child Support Act 1991 amended
24: Child Support Act 1991
Sections 25 to 29 Child Support Act 1991 2020-04-30 Child Support Act 1991 see section 2 to check with effect dates
25: Section 2 amended (Interpretation)
1: In section 2(1) COVID-19 New Zealanders Stranded Overseas Support Programme
2: In section 2(1) social security benefit
e: special assistance under the COVID-19 New Zealanders Stranded Overseas Support Programme that corresponds to a benefit of a kind specified in paragraph (a), (c), or (d), but only if granted to a sole parent (within the meaning of that Act):
f: special assistance under that programme that corresponds to a benefit of the kind specified in paragraph (b)
26: Section 9 amended (Social security beneficiaries must apply for formula assessment)
In section 9(8) unsupported child’s benefit
27: Section 27 amended (Election by receiving carer to end formula assessment)
1: In section 27(4)﻿(a) or (d) (d), or (e)
2: In section 27(4)﻿(b) paragraph (b) paragraph (b) or (f)
3: In section 27(4)﻿(b) unsupported child’s benefit unsupported child’s benefit or special assistance
28: Section 35A amended (Living allowance)
Replace section 35A(2)﻿(b)
b: for a person granted a supported living payment under subpart 4 of Part 2 of the Social Security Act 2018, special assistance under the COVID-19 New Zealanders Stranded Overseas Support Programme that corresponds to such a payment, or both, the rate set out in clause 1(c) of Part 3 of Schedule 4 of that Act (ignoring the reference to Income Test 1).
29: Section 142 amended (Payment of formula assessment child support to receiving carers who are social security beneficiaries)
After section 142(3)
4: In this section and section 143, unsupported child’s benefit
2: Amendments to other Acts
Animal Welfare Amendment Act (No 2) 2015 amended
30: Animal Welfare Amendment Act (No 2) 2015
Section 31 Animal Welfare Amendment Act (No 2) 2015 2020-04-30 Animal Welfare Amendment Act (No 2) 2015 see section 2 to check with effect dates
31: Section 2 amended (Commencement)
1: In section 2(1) Sections 5(1), (5), and (6), 9, 11(2), 13(1), 14 to 19, 23 to 25, 26, 29(1), 56, and 68(2) Sections 5(5), 23 to 26, and 56
2: After section 2(1)
1A: Sections 5(1) and (6), 9, 11(2), 13(1), 14 to 19, 29(1), and 68(2) come into force on the earlier of the following:
a: a date appointed by the Governor-General by Order in Council:
b: 9 May 2021.
3: In section 2(6) subsection (1) or (2) subsection (1), (1A), or (2) Credit Contracts Legislation Amendment Act 2019 amended
32: Credit Contracts Legislation Amendment Act 2019
Sections 33 34 Credit Contracts Legislation Amendment Act 2019 2020-04-30 Credit Contracts Legislation Amendment Act 2019 see section 2 to check with effect dates
33: Section 2 amended (Commencement)
1: Replace section 2(2)
1A: The following provisions come into force on the day after the date on which the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 receives the Royal assent:
a: sections 6 and 7:
b: sections 16(2), 17(2), and 18(2):
c: section 25 to the extent that it relates to sections 45A, 45C, 45E, 45I, 45J, and 45K of the Credit Contracts and Consumer Finance Act 2003:
d: sections 34(1) and 37:
e: section 40(1):
f: section 49:
g: section 55(1) to the extent that it relates to new paragraphs (na) and (nb) of Schedule 1 of the Credit Contracts and Consumer Finance Act 2003:
h: section 55(3):
i: section 69(4) to the extent that it relates to regulation 6A of the Credit Contracts and Consumer Finance Regulations 2004.
2: The following provisions come into force on 1 June 2020:
a: sections 3, 5(1), 8, 9(2), 10(2) and (6), 12, 13, 14, 15, 29, 44, 56, 57, and 58:
b: sections 25, 55, and 69(4) to the extent that they have not previously been brought into force.
2: In section 2(4) 1 April 2021 1 April 2023
34: Schedule 2 amended
1: In Schedule 2 1 April 2021 commencement
2: In Schedule 2 31 March 2021 the day before commencement
3: In Schedule 2
4: In this clause, commencement Consequential amendments to Schedule 1AA of Credit Contracts and Consumer Finance Act 2003
35: Consequential amendments to Schedule 1AA of Credit Contracts and Consumer Finance Act 2003
1: This section amends Schedule 1AA
2: In clause 6 commencement commencement
3: In the heading to clause 9 : 1 June 2020 commencement
4: In clause 10(1) 1 April 2021 commencement
5: In clause 10(8) on 1 May 2021 on or after commencement
6: In the heading to clause 12 1 April 2021 commencement
7: In clause 12(1) and (3)﻿(b) 31 March 2021 the day before commencement of section 131B
8: In clause 12(2) 1 April 2021 commencement of section 131B
9: In clause 12(4) 1 February 2021 2 months before commencement of section 131B 2020-04-30 Credit Contracts and Consumer Finance Act 2003 see section 2 to check with effect dates Public Finance Act 1989 amended
36: Public Finance Act 1989
Section 37 Public Finance Act 1989 2020-04-30 Public Finance Act 1989 see section 2 to check with effect dates
37: New section 41AA inserted (Minister may grant extension of time requirement to provide information on strategic intentions: COVID-19)
After section 41
41AA: Minister may grant extension of time requirement to provide information on strategic intentions: COVID-19
1: If a department is due to provide information on strategic intentions for a period beginning on 1 July 2020, the responsible Minister may grant the department an extension, of up to 3 months, of the period specified in section 38(4)﻿(a).
2: However, the responsible Minister must not grant an extension under subsection (1)
a: the department is unable to, or will experience significant difficulties if required to, provide the information on or before 1 July 2020; or
b: the department is unable to adequately assess how its future operations will be affected and the extension will enable it to provide better information on strategic intentions than it would be able to if the extension were not granted.
3: If a department provides its information on strategic intentions after 1 July 2020 in reliance on an extension under this section, the information provided by the department must, despite section 38(2)﻿(a), relate to the then current financial year and at least the following 3 financial years.
4: As soon as practicable after granting an extension, the responsible Minister must present to the House of Representatives notice of the extension and the responsible Minister’s reasons for granting it.
5: This section is repealed on 1 October 2020. Crown Entities Act 2004 amended
38: Crown Entities Act 2004
Sections 39 40 Crown Entities Act 2004 2020-04-30 Crown Entities Act 2004 see section 2 to check with effect dates
39: New section 139C inserted (Responsible Minister may grant extension of time for requirement to provide statement of intent: COVID-19)
After section 139B
139C: Responsible Minister may grant extension of time for requirement to provide statement of intent: COVID-19
1: If a Crown entity is due to provide a statement of intent for a period beginning on 1 July 2020, the responsible Minister may grant the Crown entity an extension, of up to 3 months, of the period specified in section 139(3).
2: However, the responsible Minister must not grant an extension unless the responsible Minister is satisfied that, as a consequence of the effects of COVID-19,—
a: the Crown entity is unable to, or will experience significant difficulties if required to, provide the information on or before 1 July 2020; or
b: the Crown entity is unable to adequately assess how its future operations will be affected and the extension will enable it to provide a better statement of intent than it would be able to if the extension were not granted.
3: If the responsible Minister grants an extension under this section,—
a: the time for providing a draft statement of intent to the responsible Minister under section 146(2)﻿(a)﻿(i) is extended by the same period; and
b: the entity must (despite section 146(2)﻿(c)﻿(i)) provide the final statement of intent to its responsible Minister as soon as practicable after receiving the responsible Minister’s comments (if any) but before the end of the period of the extension; and
c: the statement of intent must, if provided after 1 July 2020, relate to the then current financial year and at least the following 3 financial years (despite section 139(2)); and
d: the responsible Minister must, as soon as practicable after granting the extension, notify the Crown entity of the extension and the Minister’s reasons for granting it; and
e: the Crown entity must, as soon as practicable after receiving notice under paragraph (d)
f: the Crown entity must include, in the next annual report that it provides to its responsible Minister for presentation to the House of Representatives under section 150, a statement of the extension and the Minister’s reasons for granting it.
4: This section is repealed on 1 October 2020.
40: New section 149CA inserted (Responsible Minister may grant extension of time for obligation to prepare statement of performance expectations: COVID-19)
After section 149C
149CA: Responsible Minister may grant extension of time for obligation to prepare statement of performance expectations: COVID-19
1: A responsible Minister may grant an extension, of up to 3 months, for a Crown entity to prepare the Crown entity’s statement of performance expectations that is due to be prepared for the financial year beginning on 1 July 2020.
2: However, the responsible Minister must not grant an extension unless the responsible Minister is satisfied that, as a consequence of the effects of COVID-19,—
a: the Crown entity is unable to, or will experience significant difficulties if required to, prepare the statement of performance expectations before 1 July 2020; or
b: the Crown entity is unable to adequately assess how its operations in the forthcoming financial year will be affected and the extension will enable it to provide a better statement of performance expectations than it would be able to if the extension were not granted.
3: If the responsible Minister grants an extension under this section,—
a: the time for providing a draft statement of performance expectations to the responsible Minister under section 149I(2)﻿(a)﻿(i) is extended by the same period; and
b: the entity must (despite section 149I(2)﻿(c)﻿(i)) provide the final statement of performance expectations to its responsible Minister as soon as practicable after receiving the responsible Minister’s comments (if any) but before the end of the period of the extension; and
c: the responsible Minister must, as soon as practicable after granting the extension, notify the Crown entity of the extension and the Minister’s reasons for granting it; and
d: the Crown entity must, as soon as practicable after receiving notice under paragraph (c)
e: the Crown entity must include, in the next annual report that it provides to its responsible Minister for presentation to the House of Representatives under section 150, a statement of the extension and the Minister’s reasons for granting it.
4: This section is repealed on 1 October 2020. State-Owned Enterprises Act 1986 amended
41: State-Owned Enterprises Act 1986
Section 42 State-Owned Enterprises Act 1986 2020-04-30 State-Owned Enterprises Act 1986 see section 2 to check with effect dates
42: New section 14A inserted (Shareholding Ministers may grant extension of time for delivery of statement of corporate intent: COVID-19)
After section 14
14A: Shareholding Ministers may grant extension of time for delivery of statement of corporate intent: COVID-19
1: The shareholding Ministers of a State enterprise may grant an extension, of up to 3 months, for the State enterprise to deliver the completed statement of corporate intent relating to the financial year beginning on 1 July 2020 (and each of the immediately following 2 financial years) to the shareholding Ministers.
2: However, the shareholding Ministers must not grant an extension unless they are satisfied that, as a consequence of the effects of COVID-19,—
a: the State enterprise is unable to, or will experience significant difficulties if required to, deliver the completed statement of corporate intent before 1 July 2020; or
b: the State enterprise is unable to adequately assess how its future operations will be affected and the extension will enable it to provide a better statement of corporate intent than it would be able to if the extension were not granted.
3: If the shareholding Ministers grant an extension under this section,—
a: the time for providing a draft statement of corporate intent to the shareholding Ministers under section 14(1) is extended by the same period; and
b: the board must (despite section 14(4)) consider comments on the draft statement of corporate intent that are made to it not later than 14 days before the new date by which the completed statement of corporate intent is to be delivered; and
c: the statement of corporate intent must, if delivered after 1 July 2020, relate to the then current financial year and each of the immediately following 2 financial years (despite section 14(2)); and
d: the shareholding Ministers must, as soon as practicable after granting the extension, notify the State enterprise of the extension and the Ministers’ reasons for granting it; and
e: the State enterprise must, as soon as practicable after receiving notice under paragraph (d)
f: the State enterprise must include, in the next annual report that it provides to its responsible Minister for presentation to the House of Representatives under section 17(2), a statement of the extension and the shareholding Ministers’ reasons for granting it.
4: This section is repealed on 1 October 2020.