Changes effective from 27 March 2001: Taxation (Beneficiary Income of Minors, Services-related Payments and Remedial Matters) Bill
Restrictive covenant payments, except for those relating to sale of a business, and exit inducement payments.
Approved issuer levy (AIL)
- Apply the compliance and penalty legislation to late payments of AIL, instead of imposing non-resident withholding tax.
- Allow taxpayers with annual AIL liabilities of less that $500 to make payments six-monthly instead of monthly.
International tax - remedial issues
Clarifying amendments that:
- Correctly allocate imputation credits between resident and non-resident partners when shares are owned by a partnership.
- Ensure that the correct rate of non-resident withholding tax is paid for conduit tax relief credited non-cash dividends.
Further remedial amendment
That clarifies the period for which taxpayers who receive both a notice of assessment and a statement of account from Inland Revenue are eligible for a cancellation of use-of-money interest.