Financial Reporting Amendment Act 2011

1: Title
This Act is the Financial Reporting Amendment Act 2011.
2: Commencement
1: This Act (apart from section 6
2: Section 6
3: Principal Act amended
This Act amends the Financial Reporting Act 1993 2011-07-01 Financial Reporting Act 1993 OIC 2012-07-01 Financial Reporting Act 1993 Section 6 only. Note: this may be brought into force earlier by OIC, in which case the date will need to be changed and the authority tag updated.
4: Long Title amended
1: Paragraph (c) Establish an Accounting Standards Review continue an External Reporting
2: Paragraph (d) approved issued
3: The Long Title (da) provide for the issue of auditing and assurance standards by the Board; and .
5: Interpretation
1: The definitions of applicable financial reporting standard approved financial reporting standard Board section 2(1)
2: Section 2(1) applicable financial reporting standard section 28(4) auditing and assurance standard section 24 Board section 22 financial reporting standard section 24 licensed auditor section 6 Auditor Regulation Act 2011 registered audit firm section 6 Auditor Regulation Act 2011 specified standard
a: a financial reporting standard; or
b: an auditing and assurance standard .
6: Financial statements of issuers and group financial statements of issuers to be audited
1: Section 15(2)
2: The financial statements and any group financial statements must be audited—
a: by a licensed auditor; or
b: by a registered audit firm; or
c: if the issuer is a public entity under the Public Audit Act 2001, by the Auditor-General or any other person who may act as the auditor under that Act.
2: The amendment made by subsection (1) does not apply to audits in respect of financial statements, or group financial statements, prepared for accounting periods that ended before the commencement of this section and, accordingly, section 15(2)
7: Part 3 substituted
Part 3
3: External Reporting Board
22: Continuation of External Reporting Board
1: There continues to be an organisation to be called the External Reporting Board.
2: The External Reporting Board is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004.
3: The Crown Entities Act 2004 applies to the External Reporting Board except to the extent that this Act expressly provides otherwise.
4: The External Reporting Board is the same body as the Accounting Standards Review Board established under section 22 as in force immediately before its substitution by this section.
5: Unless the context otherwise requires, every reference to the Accounting Standards Review Board in any enactment, agreement, deed, instrument, application, notice, or other document in force immediately before the commencement of this section must, on and after that commencement, be read with all necessary modifications as a reference to the External Reporting Board.
23: Membership of Board
1: The Board consists of no fewer than 4 and not more than 9 members.
2: The Minister must not recommend a person for appointment as a member of the Board unless, in the opinion of the Minister, that person is qualified for appointment by reason of his or her knowledge of, or experience in, business, accounting, auditing, finance, economics, or law.
3: Subsection (2) does not limit section 29 of the Crown Entities Act 2004.
4: Members of the External Reporting Board are the board for the purposes of the Crown Entities Act 2004.
24: Functions of Board
1: The Board has the following functions:
a: to prepare and, if it thinks fit, issue financial reporting standards for the purposes of—
i: this Act; or
ii: the Crown Entities Act 2004; or
iii: the Public Finance Act 1989; or
iv: the Local Government Act 2002; or
v: any Act that requires a person to comply with this Act as if that person were a reporting entity:
b: to prepare and, if it thinks fit, issue auditing and assurance standards for—
i: the purposes of this Act; or
ii: the purposes of the Auditor Regulation Act 2011
iii: the purposes of any enactment that requires a person to comply with those standards; or
iv: the purposes of any rules or codes of ethics of an association of accountants that require its members to comply with those standards; or
v: any other purpose approved by the Minister by notice in writing to the Board:
c: to develop and implement strategies for the issue of specified standards in order to provide a framework for the Board's overall direction in the setting of standards (including developing and implementing a strategy for tiers of financial reporting in accordance with sections 34 to 34D
d: to give directions or guidance as to the accounting policies that have authoritative support within the accounting profession in New Zealand:
e: to prepare and, if it thinks fit, issue amendments to any specified standards:
f: to liaise with international or national organisations that exercise functions that correspond with, or are similar to, those conferred on the Board.
2: For the avoidance of doubt, the function of the Board referred to in subsection (1)(a)
25: Board must act independently
Except as expressly provided otherwise in this or another Act, the Board must act independently in performing its statutory functions and duties, and exercising its statutory powers, under—
a: this Act; and
b: any other Act that expressly provides for the functions, powers, or duties of the Board (other than the Crown Entities Act 2004).
26: Consultation
1: The Board must not issue a specified standard, or an amendment to a specified standard, unless the Board has taken reasonable steps to consult with persons or organisations or representatives of persons or organisations who, in the opinion of the Board, would be affected by the issue of the standard or the amendment.
2: The Board must not issue a specified standard, or an amendment to a specified standard, that is likely to require the disclosure of personal information unless the Board has consulted the Privacy Commissioner.
3: Any failure to comply with subsection (1) or (2) does not affect the validity of the specified standard or the amendment.
4: In subsection (2),— personal information Privacy Commissioner
5: This section does not limit section 16 or 17 of the Crown Entities Act 2004.
27: Financial reporting standards
1: Financial reporting standards may be expressed to apply in relation to—
a: all reporting entities or groups; or
b: specified reporting entities or groups; or
c: the Crown; or
d: all departments or offices of Parliament or Crown entities; or
e: specified departments or offices of Parliament or Crown entities; or
f: all local authorities; or
g: specified local authorities; or
h: accounting periods or interim accounting periods.
2: Financial reporting standards may—
a: have general or specific application:
b: differ according to differences in time or circumstance.
3: A financial reporting standard may classify a company as a subsidiary of another company where, although the company is not a subsidiary of that other company for the purposes of section 5 of the Companies Act 1993, the company is, in effect, controlled by that other company (irrespective of whether it is taken to be controlled by that other company for the purposes of section 5 of the Companies Act 1993) so as to render it, in substance, a subsidiary of that other company.
4: In subsection (3), company
5: The Board may determine that—
a: a financial reporting standard that has not been issued so as to apply to a particular person (including a department or office of Parliament) or category of persons will apply to that person or category of persons in relation to the accounting periods or interim accounting periods that the Board may determine; or
b: a financial reporting standard that applies to a particular person (including a department or office of Parliament) or category of persons will cease to apply to that person or category of persons in relation to the accounting periods or interim accounting periods that the Board may determine.
28: Miscellaneous matters relating to application of financial reporting standards
1: A financial reporting standard, an amendment to a financial reporting standard, or a determination under section 27(5) Gazette
2: However, a financial reporting standard, an amendment to a financial reporting standard, or a determination under section 27(5) Gazette
a: the Board is satisfied that it is desirable to allow this subsection to apply because bringing the financial reporting standard, amendment, or determination into effect earlier than is provided in subsection (1) is necessary or desirable in order for 1 or more reporting entities or the directors of those entities to comply with the financial reporting or accounting standards issued or adopted by an international organisation (for example, the International Accounting Standards Board); and
b: the notice under section 31
c: the directors of the reporting entity elect in writing that this subsection should apply in respect of the financial reporting standard, amendment, or determination.
3: A financial reporting standard, an amendment to a financial reporting standard, or a determination made under section 27(5)
a: may be accounting periods or interim accounting periods that have commenced or that commence before the date on which the financial reporting standard, amendment, or determination takes effect; but
b: must not be accounting periods or interim accounting periods that have ended or that end before the financial reporting standard, amendment, or determination takes effect.
4: However, if a financial reporting standard specifies that an election may be made under this subsection, any of the following may elect in writing that the standard will apply to a particular accounting period or interim accounting period that it would not otherwise apply to:
a: the directors of a reporting entity:
b: the Minister of Finance and the Secretary to the Treasury, in relation to financial statements for the Crown required to be prepared under the Public Finance Act 1989:
c: the chief executive of a department:
d: the chief executive of an office of Parliament:
e: the chairperson and the chief executive of a Crown entity or, if no chairperson exists, the chief executive:
f: the chief executive of a local authority.
5: If an election is made under subsection (4), the financial reporting standard will apply accordingly to the accounting period or interim accounting period in respect of the relevant reporting entity, the Crown, the department, the office of Parliament, the Crown entity, or the local authority (as the case may be).
29: Auditing and assurance standards
1: Auditing and assurance standards may—
a: have general or specific application:
b: differ according to differences in time or circumstance.
2: Auditing and assurance standards may (without limitation) include professional and ethical standards that govern the professional conduct of persons who are appointed or engaged to carry out audits or other assurance engagements.
3: An auditing and assurance standard or an amendment to an auditing and assurance standard takes effect on the 28th day after the date of the notification of the issue or amendment in the Gazette
4: An auditing and assurance standard or an amendment to an auditing and assurance standard commences to apply in relation to the accounting periods or interim accounting periods that the Board specifies in the standard or amendment, which periods—
a: may be accounting periods or interim accounting periods that have commenced or that commence before the date on which the auditing and assurance standard or amendment takes effect; but
b: must not be accounting periods or interim accounting periods that have ended or that end before the auditing and assurance standard or amendment takes effect.
30: Revocation of standard
1: The Board may revoke a specified standard.
2: Any revocation takes effect on the 28th day after the date of the notification of the revocation in the Gazette
3: The revocation of a specified standard applies in relation to the accounting periods or interim accounting periods that the Board specifies, which periods—
a: may be accounting periods or interim accounting periods that have commenced or that commence before the date on which the revocation takes effect; but
b: must not be accounting periods or interim accounting periods that have ended or that end before the revocation takes effect.
4: However, if the revocation of a financial reporting standard specifies that an election may be made under this subsection, any of the following may elect in writing that the revocation will apply to a particular accounting period or interim accounting period that it would not otherwise apply to:
a: the directors of a reporting entity:
b: the Minister of Finance and the Secretary to the Treasury, in relation to financial statements for the Crown required to be prepared under the Public Finance Act 1989:
c: the chief executive of a department:
d: the chief executive of an office of Parliament:
e: the chairperson and the chief executive of a Crown entity or, if no chairperson exists, the chief executive:
f: the chief executive of a local authority.
5: If an election is made under subsection (4), the revocation of the financial reporting standard will apply accordingly to the accounting period or interim accounting period in respect of the relevant reporting entity, the Crown, the department, the office of Parliament, the Crown entity, or the local authority (as the case may be).
31: Public notice
1: The Board must give notice of—
a: the issue of a specified standard; and
b: the amendment of a specified standard; and
c: any determination made under section 27(5)
d: the revocation of a specified standard or of any amendment to any specified standard.
2: A notice under this section—
a: must be given in the Gazette
b: may be given in any other publications that the Board considers appropriate for that purpose.
3: A notice under this section must—
a: identify the specified standard or the amendment to the specified standard (as the case may be) but need not incorporate it in the notice:
b: identify the financial reporting standard to which the determination relates, but need not incorporate it in the notice:
c: identify the specified standard revoked or the amendment to the standard revoked (as the case may be) but need not incorporate it in the notice.
4: The Board must—
a: publish specified standards that are in effect on an Internet site maintained by or on behalf of the Board; and
b: ensure that copies of those specified standards are available for purchase by members of the public.
32: Disallowance of instruments and determinations by House of Representatives
1: The Regulations (Disallowance) Act 1989 applies to the following instruments and determinations of the Board as if the instrument or determination were a regulation within the meaning of that Act:
a: any specified standard:
b: any amendment to a specified standard:
c: any revocation of a specified standard:
d: any determination made under section 27(5)
2: The instruments and determinations referred to in subsection (1) must be presented to the House of Representatives in accordance with section 4 of the Regulations (Disallowance) Act 1989.
3: The instruments and determinations referred to in subsection (1) are not regulations for the purposes of the Acts and Regulations Publication Act 1989.
33: Certificates of Board
A certificate purporting to be signed by any member of the Board as to any of the following is, in the absence of evidence to the contrary, sufficient evidence of the matters stated in the certificate:
a: the making of a determination issuing a specified standard or any amendment to a specified standard; or
b: the making of a determination under section 27(5)
c: the making of a determination revoking a specified standard; or
d: the accounting period or interim accounting period in relation to which a specified standard will commence to apply; or
e: the accounting period or interim accounting period in relation to which a specified standard ceases to apply; or
f: the accounting period or interim accounting period in relation to which a specified standard was in force.
34: Tiers of financial reporting for different classes of reporting entities and other entities
1: The purpose of sections 34A to 34D
2: In this section and in sections 34A and 34B relevant entities
a: means reporting entities, groups, the Crown, departments, offices of Parliament, Crown entities, and local authorities; and
b: includes any other entities that are required by any Act to prepare financial statements in accordance with generally accepted accounting practice.
34A: Board must develop and implement strategy for tiers of financial reporting
1: The Board must, within 9 months after the commencement of this section, prepare and submit to the Minister for approval, a draft strategy for establishing different tiers of financial reporting in respect of different classes of relevant entities.
2: The Board must, after the strategy is approved by the Minister, take reasonable steps to implement the strategy.
34B: Process for preparing strategy for tiers of financial reporting
1: In preparing the draft strategy under section 34A
a: the purpose referred to in section 34(1)
b: the advantages and disadvantages of placing different classes of relevant entities within different tiers of financial reporting.
2: The draft strategy under section 34A
a: specify the qualifying criteria for each tier of financial reporting; and
b: describe the financial reporting requirements that will apply for each tier of financial reporting; and
c: specify the Board's reasons (including why the strategy is appropriate); and
d: include any other prescribed matters.
3: The description under subsection (2)(b) may refer to—
a: a set of standards (for example, International Financial Reporting Standards and International Public Sector Accounting Standards):
b: specific standards:
c: accounting policies, principles, concepts, or methods (for example, the principles of accrual accounting):
d: any combination of the matters in paragraphs (a) to (c)
4: The Board must, in preparing the draft strategy, consult the persons or organisations or representatives of persons or organisations who, in the opinion of the Board, would be affected by the strategy.
5: Any failure to comply with subsection (4) does not affect the validity of the strategy.
34C: Minister may approve strategy
1: The Minister may, after receiving the draft strategy from the Board under section 34A
2: The Minister may decline to approve a draft strategy only if, in his or her opinion,—
a: the Board has not had sufficient regard to the matters specified in section 34B(1)
b: the Board has not adequately consulted on the strategy under section 34B(4)
c: the draft strategy is inconsistent with the purposes of this Act.
3: If the Minister declines to approve a draft strategy, he or she may give a direction to the Board to review the strategy and resubmit a draft strategy to the Minister for approval (and the Board must comply with that direction).
4: The Minister's direction under subsection (3) may specify the date by which a draft strategy must be resubmitted (which may be after the 9-month period referred to in section 34A
34D: Board may vary or replace strategy for tiers of financial reporting
1: The Board may—
a: vary a strategy that has been approved under section 34C
b: revoke a strategy that has been approved under section 34C
2: Sections 34A(2), 34B, and 34C
3: However, the Board is not required to comply with section 34B(4)
8: Privacy Act 1993
Section 42A or issued approved
9: Regulations
1: Section 42B(1)(a)(ii)
2: Section 42B(1)
e: prescribing matters for the purposes of section 34B(2)(d)
f: providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.
3: Section 42B(2) or the Board
10: New sections 42C and 42D inserted
The following sections are inserted after section 42B
42C: Levies
1: Every person that is included in a prescribed class of specified persons must pay to the Crown, or a prescribed person on behalf of the Crown, a levy prescribed by regulations.
2: In this section and section 42D specified persons
a: chartered accountants who hold a certificate of public practice; and
b: licensed auditors; and
c: registered audit firms; and
d: the Auditor-General; and
e: issuers and other entities whose financial statements are required to be registered under this Act; and
f: every other person who is a member, fellow, or associate of an association of accountants specified in the regulations and that is in the business of offering accounting or auditing services to the public in New Zealand; and
g: public entities (within the meaning of the Public Audit Act 2001); and
h: every other person registered or incorporated, or who makes an application for registration or incorporation of a person, under any of the following Acts:
i: the Building Societies Act 1965:
ii: the Companies Act 1993:
iii: the Co-operative Companies Act 1996:
iv: the Friendly Societies and Credit Unions Act 1982:
v: the Industrial and Provident Societies Act 1908:
vi: the Limited Partnerships Act 2008.
3: The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations providing for the levies.
4: The levies must be prescribed on the basis that the following costs should be met fully out of the levies:
a: a portion of the costs of the Board performing its functions and exercising its powers and duties under this Act, where the size of the portion to be met by levies under this Act is determined by the Minister; and
b: the costs of collecting the levy money.
5: 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.
6: The regulations may—
a: specify the class or classes of specified persons that are required to pay a levy:
b: provide for different levies for different classes of specified persons:
c: specify the amount of levies, or method of calculating or ascertaining the amount of levies:
d: include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs of exercising or performing the Board's functions, powers, and duties under this Act:
e: refund, or provide for refunds of, those levies:
f: provide for the payment and collection of those levies:
g: specify the financial year or part financial year to which those levies apply, and applying to that financial year or part financial year and each subsequent financial year until revoked or replaced:
h: 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 2010 in connection with preparing itself to exercise and perform, and exercising and performing, its functions, powers, and duties under this Act, irrespective of the fact that the regulations are made and come into effect after that year:
i: 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:
j: exempt or provide for exemptions from, and providing for waivers of, the whole or any part of the levy for any case or class of cases.
7: If a person is in 2 or more classes of specified persons in respect of which different levies have been prescribed, the person must pay each of those levies (unless the regulations provide otherwise).
8: 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.
9: The amount of any unpaid levy is recoverable in any court of competent jurisdiction as a debt due to the Board, or to any other person prescribed for the purposes of this subsection, on behalf of the Crown.
10: The Board, or any other person prescribed for the purposes of this subsection, must ensure that each levy payment is paid into a Crown Bank Account and is separately accounted for.
42D: Board must consult about request for appropriation
1: The Board must, before submitting a request to the Minister seeking an appropriation of public money for the following year, or any change to an appropriation for the current year, that relates to costs that are intended to be recovered by way of levies under section 42C, consult about that request with—
a: the persons or organisations that the Board considers are able to represent the views of those specified persons who are liable to pay a levy under that section; and
b: any other representatives of persons whom the Board believes to be significantly affected by a levy.
2: Consultation under subsection (1) must include consultation relating to the portion of the costs of the Board that should be met by the levies.
3: The Board must, at the time when the request is submitted, report to the Minister on the outcome of that consultation.
4: This section applies to requests in respect of the financial year beginning on 1 July 2013 and later financial years.
5: A failure to comply with this section does not affect the validity of any regulations made under section 42C.
11: Schedule 1 repealed
Schedule 1
12: Amendments to other enactments
The enactments specified in the Schedule 2011-07-01 Broadcasting Act 1989 Crown Entities Act 2004 Financial Reporting Amendment Act 2006 Gambling Act 2003 Government Superannuation Fund Act 1956 Income Tax Act 2007 Local Government Act 2002 New Zealand Superannuation and Retirement Income Act 2001 Official Information Act 1982 Ombudsmen Act 1975 Public Audit Act 2001 Public Finance Act 1989 Remuneration Authority Act 1977 Sale of Liquor Act 1989 Securities Act 1978 Airport Authorities (Airport Companies Information Disclosure) Regulations 1999 Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010 Securities Regulations 2009
13: Financial reporting standards continue in effect
1: Nothing in this Act affects the validity of a financial reporting standard that was approved, or of any other determination of the Accounting Standards Review Board made, before the commencement of this section.
2: Every approved financial reporting standard that is in effect immediately before the commencement of this section—
a: continues in effect as a financial reporting standard as if issued under section 24
b: may be amended or revoked as if issued under that section.
14: Consultation not required in respect of certain auditing and assurance standards
The External Reporting Board is not required to carry out consultation in accordance with section 26
15: Chairperson of Board continues in office but other members cease to hold office
1: The person who is the chairperson of the Accounting Standards Review Board, immediately before the commencement of this section, must be treated as being a member and the chairperson of the External Reporting Board on that commencement (and the term of office of the person as a member and term of office of the person as chairperson remain the same).
2: Every person (other than the chairperson) who, immediately before the commencement of this section, is a member of the Accounting Standards Review Board, ceases to be a member on that commencement (and does not automatically become a member of the External Reporting Board).
3: Subsection (2) does not prevent a person to whom that subsection applies from being appointed a member of the External Reporting Board in accordance with the principal Act Crown Entities Act 2004


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


1: Title
This Act is the Taxation (Canterbury Earthquake Measures) Act 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: Sections 4 5 11(2) 13
3: Sections 7 8 9 12
4: Sections 6 10 11(3)
1: Amendments to Income Tax Act 2007
3: Income Tax Act 2007
This Part amends the Income Tax Act 2007 2011-05-24 Income Tax Act 2007 see commencement section for retrospective and current commencement dates. 2013-04-01 Income Tax Act 2007 sections 6, 10, and 11(3)
4: New sections CZ 23 and CZ 24
After section CZ 22
CZ 23: Employee benefits for Canterbury earthquake relief: exempt income
Exempt income
1: Income derived by an employee from an employer is exempt income to the extent given by subsection (2) if the income—
a: would be assessable income in the absence of this section; and
b: is provided by the employer for the purpose of relief of employees from the adverse effects of a Canterbury earthquake, as defined in section 4 of the Canterbury Earthquake Recovery Act 2011, of 4 September 2010 or 22 February 2011; and
c: is derived in the period of 8 weeks beginning on the day of that Canterbury earthquake; and
d: does not replace a PAYE income payment; and
e: does not depend on the seniority of the employee; and
f: is available to another employee, who is not an associated person of the employer and is or was immediately before a Canterbury earthquake in full-time employment with the employer, if the employee is an associated person of the employer; and
g: is treated by the employer as being exempt income for the employee. Extent of exemption
2: Income satisfying subsection (1) is exempt income to the extent that the income is—
a: accommodation as defined in section CE 1(2) (Amounts derived in connection with employment):
b: less than or equal to $3,200 in total, if the income is in a form other than accommodation. assessable income, employee, employer, exempt income, fringe benefit, income
CZ 24: Employee benefits for Canterbury earthquake relief: not fringe benefits
When this section applies
1: This section applies when an employee receives from an employer a benefit that—
a: would be a fringe benefit in the absence of this section; and
b: is for the purpose of the relief of employees from the adverse effects of a Canterbury earthquake, as defined in section 4 of the Canterbury Earthquake Recovery Act 2011, of 4 September 2010 or 22 February 2011; and
c: is received in the period of 8 weeks beginning on the day of that Canterbury earthquake; and
d: does not replace a PAYE income payment; and
e: does not depend on the seniority of the employee; and
f: is available to another employee, who is not an associated person of the employer and is or was immediately before a Canterbury earthquake in full-time employment with the employer, if the employee is an associated person of the employer; and
g: is treated by the employer as not being a fringe benefit. Benefits with known value for employee
2: Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could estimate, are not fringe benefits to the extent that their total value as fringe benefits for the period would be less than or equal to the amount by which $3,200 exceeds the income that is—
a: exempt income under section CZ 23(2)(b); and
b: derived by the employee from the employer in the same period. Benefits with unknown value for employee
3: Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could not estimate, are not fringe benefits. associated person, employee, employer, exempt income, fringe benefit, income, PAYE income payment .
5: New section GZ 3
After section GZ 2
GZ 3: Donations of trading stock for relief of Canterbury earthquakes
Section GC 1 (Disposals of trading stock at below market value) does not apply to the disposal of trading stock by a person to a person who is not an associated person—
a: for the purpose of relief from the adverse effects of a Canterbury earthquake, as defined in section 4 of the Canterbury Earthquake Recovery Act 2011; and
b: in the period beginning on 4 September 2010 and ending on 31 March 2012. associated person, trading stock .
6: What this Part does
Section MA 1(c)
7: Family scheme income from other payments
In section MB 13(2)(q) another section. another section:
r: a payment—
i: to relieve the adverse effects of an event declared to be an emergency event by the Commissioner in a determination under section 91AAS of the Tax Administration Act 1994; and
ii: in the period set by the Commissioner in the determination as relating to the event.
8: What this subpart does
In section ML 1(1) 1 October 2010 1 October 2011
9: Tax credit for redundancy payments
In section ML 2(1) 1 April 2011 1 October 2011
10: Subpart ML repealed
Subpart ML
11: Definitions
1: This section amends section YA 1
2: In the definition of PAYE income payment for the purposes of the PAYE rules
3: The definition of redundancy payment
2: Amendments to other Acts
Tax Administration Act 1994
12: New heading and section 91AAS
After section 91AAR Determinations relating to family scheme income
91AAS: Declaration of emergency event for purposes of family scheme income
1: The Commissioner may determine that an event is an emergency event, for the purposes of section MB 13(2)(r)(i) of the Income Tax Act 2007, if the event meets the requirements of paragraphs (a) and (b) of the definition of emergency
2: The determination must set a period relating to the event, for the purposes of section MB 13(2)(r)(ii) of the Income Tax Act 2007, equal to or less than 12 months and beginning on the day of the event.
3: The determination may provide for the extension, limitation, variation, cancellation, or repeal of an earlier determination, except that the total period relating to an event may not exceed 12 months.
4: As soon as possible after issuing or changing a determination under this section, the Commissioner must publish the new or changed determination in a publication chosen by the Commissioner. 2011-05-24 Tax Administration Act 1994 section 12 has a retrospective commencement – see commencement section (s2) Estate and Gift Duties Act 1968
13: New section 73B
After section 73
73B: Exemption for certain gifts of trading stock
A gift by a person to a person who is not an associated person under the Income Tax Act 2007 shall not constitute a dutiable gift if the gift is—
a: of trading stock as defined in section EB 2 of the Income Tax Act 2007; and
b: made for the purpose of relief from the adverse effects of a Canterbury earthquake, as defined in section 4 of the Canterbury Earthquake Recovery Act 2011; and
c: made within the period beginning on 4 September 2010 and ending on 31 March 2012. 2011-05-24 Estate and Gift Duties Act 1968 section 13 has a retrospective commencement – see commencement section (s2) Taxation (Budget Measures) Act 2010
14: Section 95 repealed
Section 95
15: Definitions
Section 96(6) 2011-05-24 Taxation (Budget Measures) Act 2010


1: Title
This Act is the Appropriation (2010/11 Supplementary Estimates) Act 2011.
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Application
1: Section 9 Schedule 3
2: The rest of this Act relates to the financial year ending with 30 June 2011.
4: Purpose
The purpose of this Act is to—
a: authorise the Crown and Offices of Parliament to incur expenses and capital expenditure during the financial year ending with 30 June 2011 by appropriating expenses and capital expenditure for that financial year; and
b: authorise the Crown to incur expenses and capital expenditure for more than 1 financial year for certain specified matters by appropriating expenses and capital expenditure for more than 1 financial year for those matters; and
c: set out the net assets for each department (other than an intelligence and security department) and Office of Parliament for the purposes of section 22
d: list appropriations and classes of outputs that are subject to the reporting requirements of section 32A
5: Interpretation
1: In this Act, unless the context otherwise requires,— scope shown in the Supplementary Estimates
a: for each multi-class output expense appropriation under section 7 Titles and Scopes of Appropriations by Appropriation Type Details of Annual and Permanent Appropriations
b: for each appropriation under section 7 8 Titles and Scopes of Appropriations by Appropriation Type Details of Annual and Permanent Appropriations
c: for each appropriation under section 9 Type, Title, Scope and Period of Appropriations Supplementary Estimates
a: The Supplementary Estimates of Appropriations for the Government of New Zealand and Supporting Information for the year ending 30 June 2011
b: Addition to the Supplementary Estimates of Appropriations for the Government of New Zealand and Supporting Information for the year ending 30 June 2011 this year
2: In this Act, unless the context otherwise requires, benefit capital expenditure class of outputs Crown department expenses financial year intelligence and security department multi-class output expense appropriation Office of Parliament other expenses output expenses Vote section 2(1)
6: Appropriations additional to, or in reduction of, other appropriations
1: The appropriations authorised by sections 7 8
2: The appropriations authorised by section 9(1) to (3) multi-year appropriations
7: Appropriations for expenses and for capital expenditure to be incurred
1: A separate appropriation, in accordance with which the Crown or an Office of Parliament is authorised to incur expenses or capital expenditure, is made for each of—
a: the categories of output expenses set out in column 3 of Schedule 1
b: the categories of benefits or other unrequited expenses set out in column 3 of Schedule 1
c: the categories of other expenses set out in column 3 of Schedule 1
d: the categories of capital expenditure set out in column 3 of Schedule 1
2: Each appropriation provided by subsection (1) is limited to—
a: either—
i: the amount authorised by the Appropriation (2010/11 Estimates) Act 2010 column 4 of Schedule 1
ii: if no amount was authorised by the Appropriation (2010/11 Estimates) Act 2010 column 4 of Schedule 1
b: the scope shown in the Supplementary Estimates for the relevant appropriation.
3: The appropriations provided by subsection (1) include the expenses and capital expenditure that have been incurred—
a: under any Imprest Supply Act passed in relation to this year; and
b: in advance, but within the scope, of one of those appropriations.
8: Appropriations administered by intelligence and security departments
1: A separate appropriation, in accordance with which the Crown is authorised to incur expenses and capital expenditure, is made for the expenses and capital expenditure to be incurred by each intelligence and security department set out in column 3 of Schedule 2
2: Each appropriation provided by subsection (1) is limited to—
a: the amount authorised by the Appropriation (2010/11 Estimates) Act 2010 column 4 of Schedule 2
b: the scope shown in the Supplementary Estimates for the relevant appropriation.
3: The appropriations provided by subsection (1) include the expenses and capital expenditure that have been incurred—
a: under any Imprest Supply Act passed in relation to this year; and
b: in advance, but within the scope, of one of those appropriations.
9: Appropriations applying to more than 1 financial year
1: A separate appropriation, in accordance with which the Crown is authorised to incur expenses or capital expenditure, is made for each of—
a: the categories of output expenses set out in column 3 of Schedule 3
b: the categories of other expenses set out in column 3 of Schedule 3
c: the categories of capital expenditure set out in column 3 of Schedule 3
2: Each appropriation provided by subsection (1) is limited to—
a: the period specified in column 4 of Schedule 3
b: either—
i: the amount authorised by the previous authorities specified in column 6 of Schedule 3 column 5 of Schedule 3
ii: if no previous authority is specified in column 6 of Schedule 3 column 5 of Schedule 3
c: the scope shown in the Supplementary Estimates for the relevant appropriation.
3: The appropriations provided by subsection (1) include the expenses and capital expenditure that have been incurred—
a: under any Imprest Supply Act passed in relation to this year; and
b: in advance, but within the scope, of one of those appropriations.
4: The authority to incur expenses provided by the appropriation under section 8 Auckland Rail Development section 9
5: The authority to incur expenses provided by the appropriation under section 8 Rail Network and Rolling Stock Upgrade section 9
6: The authority to incur expenses provided by the appropriation under section 9 Historical Treaty of Waitangi Settlements 2010-2014
10: Confirmation of net assets
For the purposes of section 22 sections 23 26E(1)(b) Schedule 4
a: column 3
b: column 8
c: column 9
11: Appropriations and classes of outputs subject to section 32A of Public Finance Act 1989
The appropriations and classes of outputs listed in Schedule 5
a: are appropriations and classes of outputs for which expenses or capital expenditure are to be incurred other than by departments or Offices of Parliament; and
b: are subject to section 32A


1: Title
This Act is the Imprest Supply (First for 2011/12) Act 2011.
2: Commencement
This Act comes into force on 1 July 2011.
3: Repeal of this Act
1: Sections 6 7 10
2: The rest of this Act is repealed on the close of 30 June 2012. 2012-07-01 Imprest Supply (First for 2011/12) Act 2011 Have checked with Michelle on this one. Section 3(1) says that sections 6, 7 and 10 are repealed on the coming into force of the first Appropriation Act for the 2011/12 year (this is still at the bar 1 stage (pco 15239) so we do not know the date as the commencement clause is day after assent). On 1 July 2012, section 3(2) pertains to the rest of this Act being repealed, please also check to see if sections 6, 7 and 10 are repealed (Doreen).
4: Purposes
The purposes of this Act are—
a: to authorise expenses and capital expenditure to be incurred by the Crown and Offices of Parliament during the 2011/12 year in advance of appropriation by way of an Appropriation Act; and
b: to enable the net asset holdings of departments and Offices of Parliament to exceed the amounts confirmed in the Appropriation (2010/11 Supplementary Estimates) Act 2011
5: Interpretation
1: In this Act, unless the context otherwise requires,— 2011/12 year department section 2(1) expenses section 2(1)
2: In this Act, unless the context otherwise requires, asset capital expenditure financial year intelligence and security department Minister Office of Parliament operating surplus remeasurements responsible Minister Vote section 2(1)
6: Authority to incur expenses
Section 6 repealed 13 August 2011 section 3(1)
7: Authority to incur capital expenditure
Section 7 repealed 13 August 2011 section 3(1)
8: Appropriation required
1: All expenses incurred under section 6(1) section 7(1)
2: Until the coming into force of that Appropriation Act, those expenses and that capital expenditure may be incurred during the 2011/12 year as if they had been incurred in accordance with one of the separate appropriations specified in section 7(1)
9: Authority under this Act is authority for purposes of sections 4(1) and 26C(1) of Public Finance Act 1989
1: The authority given by this Act to incur expenses or capital expenditure in advance of appropriation is an authority under an Act for the purposes of sections 4(1) 26C(1)
2: However, subsection (1) does not apply to expenses or capital expenditure for which no appropriation is made in accordance with section 8(1)
10: Authority to exceed net assets confirmed in Appropriation Act
Section 10 repealed 13 August 2011 section 3(1)