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Orders in Council (2010)

An Order in Council is a notice of an administrative decision issued by the Governor General. The Orders in Council listed here are regulations or legislative orders in relation to and authorised by an existing Act of Parliament.

Use-of-money interest rates change

2010 Order in Council sets the use-of-money interest rates on underpayments and overpayments of taxes and duties at 8.89% and 2.18% from 16 Jan 2011 onwards.

Minimum family tax credit income amount increased

Order in Council 2010 (SR 2010/418) increases the net income level guaranteed by the minimum family tax credit.

Remission of use-of-money interest for Canterbury earthquake victims

Order in Council 2010 covers remission of use-of-money interest payable on late tax payments for Canterbury earthquake victims.

FBT rate for low-interest loans

FBT rate for low-interest loans

FIF deemed rate of return set for 2009-10

Order in Council SR 2010/242 sets Foreign Investment Funds deemed rate of return for 2009-10 at 9.12%

Rise in FBT rate for low-interest loans

Income tax amendment regulations for 2010 set the prescribed rate used to calculate FBT on low-interest, employment-related loans at 6.24%

KiwiSaver first home subsidy

Order in Council 2010 makes the KiwiSaver first home deposit subsidy a social assistance suspensory loan, so recipients are not subject to income tax on repayment.

Parental leave and employment protection - changes to advisor status

Amendment allows tax advisors to verify the self-employed status, income and weekly earnings of an applicant for paid parental leave. Applies from 1 July 2010.

Student loan scheme - volunteer exemption

Partners Relief and Development NZ has been added to the volunteer exemption list under the Student Loan Scheme Act from 1 Apr 2010.