New legislation - 2006: Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 [2006 No 3]

Organisation approved for charitable donee status

Section KC 5(1) of the Income Tax Act 2004

Habitat for Humanity New Zealand Limited has been granted charitable donee status from the 2005-06 tax year.

Donations made to this organisation will entitle individual taxpayers to a rebate of 33 1/3% of the amount donated. The maximum rebate for all donations is $630 per annum.

A non-closely held company, or a closely held company which is listed on a recognised stock exchange, will be entitled to a deduction from its net income to a maximum of 5% of that income.

A Maori authority may also claim a deduction from its net income. The maximum deduction for a Maori authority is 5% of its net income donated to charitable organisations and/or a body that has been defined as a Maori association under the Maori Community Development Act 1962.

Other pages in: Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 [2006 No 3]

• Temporary exemption from tax on foreign income for new migrants and certain returning New Zealanders
• Clarification of treaty override power
• Rewrite amendments
• Reimbursement for the use of a private motor vehicle
• Resident withholding tax on dividends paid by non-resident companies
• Amendments to disputes rules
• Miscellaneous technical amendments
• GST on goods outside New Zealand at the time of supply
• GST and distributions from a trust made for no consideration between associated registered persons
• GST and international postage stamps
• GST and credit contracts legislation
• Bloodstock write-down rates
• Duty on racing
• GST on goods and services supplied to security holders
• Trans-Tasman imputation credit-streaming
• Regrassing and fertilising expenditure
• The addition of Spain to the grey list
• Unacceptable tax position
• Reverse takeovers and continuity rules
• Increase in the child tax rebate
• Income tax exemption for gaming machine income of gaming trusts
• Tax consequences of natural disasters
• Taxation of foreign hybrids and foreign tax credit rules
• Exemption for rights to benefit from employment-related foreign superannuation schemes
• New disclosure and recordkeeping rules for foreign trusts
• Treatment of distributions from cooperatives
• ACC attendant care payments
• Venture capital investment alongside the Venture Investment Fund
• Corporate migration
• Allocation of research and development tax deductions
• Taxation of share-lending transactions
• Fringe benefit tax
• Depreciation rates
• Aligning provisional tax payments with GST
• PAYE subsidy for small businesses

Date published: 23 Jun 2006

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