Reprint
as at 22 June 2009

Taxation (Use of Money Interest Rates Setting Process) Regulations 1997

(SR 1997/7)
Michael Hardie Boys, Governor-General

Order in Council

At Wellington this 21st day of January 1997
Present:His Excellency the Governor-General in Council

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
These regulations are administered by the Inland Revenue Department.

Pursuant to section 120H(a) of the Tax Administration Act 1994 (as inserted by section 36(1) of the Tax Administration Amendment Act (No 2) 1996), His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, makes the following regulations.

Contents

1 Title and application
2 Taxpayer’s paying rate
3 Commissioner’s paying rate

Regulations

1 Title and application

(1) These regulations may be cited as the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997.

(2) These regulations shall apply with respect to tax obligations, liabilities, and rights that are to be performed under or arise—
(a) in respect of tax payable under the Income Tax Act 1994 or the Income Tax Act 2004 or the Income Tax Act 2007 in relation to income derived in the 1997–98 tax year and subsequent years:
(b) in respect of goods and services tax payable in relation to supplies made in taxable periods commencing on or after 1 April 1997:
(c) in respect of gift duty payable in relation to gifts made on or after 1 April 1997:
(d) in respect of duty payable under the Gaming Duties Act 1971 in relation to all races run, all lotteries drawn, all dutiable games played by means of a gaming machine, and all casino wins arising on or after 1 April 1997:

(e) in respect of duty payable under the Stamp and Cheque Duties Act 1971 in relation to every—
(i) instrument of conveyance executed; and
(ii) bill of exchange made, drawn, or prepaid under section 81 or section 82 or section 83 of that Act; and
(iii) liable transaction under that Act entered into—
on or after 1 April 1997:

(f) in respect of an amount payable by a payer (as defined in section 153 of the Child Support Act 1991) under Part 10 of the Child Support Act 1991 on or after 1 April 1997.

Regulation 1(2)(a): amended, on 1 April 2008 (effective for 2008–09 income year and later), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Regulation 1(2)(a): amended, on 1 April 2005 (effective for 2005–06 tax year and later), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

2 Taxpayer’s paying rate

For the purposes of section 120E(1)(a) of the Tax Administration Act 1994, the taxpayer’s paying rate must be set at the Reserve Bank of New Zealand floating first mortgage new customer housing rate series plus 250 basis points.
Regulation 2: substituted, on 22 June 2009, by regulation 4 of the Taxation (Use of Money Interest Rates Setting Process) Amendment Regulations (No 2) 2009 (SR 2009/183).

3 Commissioner’s paying rate

For the purposes of section 120E(1)(b) of the Tax Administration Act 1994 (as so inserted), the Commissioner’s paying rate shall be set at the Reserve Bank of New Zealand 90 day bank bill rate series less 100 basis points.

Marie Shroff,Clerk of the Executive Council.

Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 23 January 1997.

Contents

1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)

Notes

1 General

This is a reprint of the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997. It incorporates all the amendments to the regulations as at 22 June 2009, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints

Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

•omission of unnecessary referential words (such as “of this section” and “of this Act”)
•typeface and type size (Times Roman, generally in 11.5 point)

•layout of provisions, including:

•indentation
•position of section headings (eg, the number and heading now appear above the section)

•format of definitions (eg, the defined term now appears in bold type, without quotation marks)
•format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)
•position of the date of assent (it now appears on the front page of each Act)
•punctuation (eg, colons are not used after definitions)
•Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

•case and appearance of letters and words, including:

•format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
•small capital letters in section and subsection references are now capital letters

•schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
•running heads (the information that appears at the top of each page)
•format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)

Taxation (Use of Money Interest Rates Setting Process) Amendment Regulations (No 2) 2009 (SR 2009/183)
Income Tax Act 2007 (2007 No 97): section ZA 2(1)
Income Tax Act 2004 (2004 No 35): section YA 2