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Remedial amendments to the Portfolio Investment Entity tax rules

A number of technical amendments have been made to the portfolio investment entity tax rules to give effect to the policy intent of the rules.

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Other sections in this legislation

KS amendmentsChanges to the company tax rateProvisional taxPIE rules

Green outline box with round corners.
Remedial amendments to the portfolio investment entity tax rules

A number of technical amendments have been made to the portfolio investment entity tax rules to give effect to the policy intent of the rules.

Investor return adjustment in section HL 7 can apply for an investor's interest in a portfolio investor class or their interest in a different class

Section HL 7 has been amended to allow a portfolio tax rate entity to perform an investor return adjustment to reflect the effect of the investor's portfolio investor rate as a member of a portfolio investor class.

New rules for use of portfolio entity formation loss

New legislation concerning new rules for use of portfolio entity formation loss.

New Zealand tax credits

Section HL 27(11), which deals with credits other than foreign tax credits under subpart LC, allows New Zealand tax credits to be used by a portfolio tax rate entity in a similar manner to foreign tax credits.

Other amendments - Income Tax Act 2004

Amendments have been made to various sections of the Income Tax Act 2004 to ensure that the New Zealand Superannuation Fund receives the same treatment as a portfolio investment entity.