Independent earner: tax credit Section LC 13 Individuals whose income is between To improve incentives to participate in   $24,000 and $44,000, and who are not the workforce. -Tax Credit receiving certain forms of income, are entitled to a tax credit of $520. This credit abates once annual income rises above $44,000. Interest on home vendor Sections LZ 6-8 A tax credit may be available for To encourage the most efficient use of    mortgages: tax credit interest from a home vendor mortgage, the nation’s housing. -Tax Credit providing it was approved by the Housing NZ Corporation, on or before 5 August 1982. Jurors’ and witnesses’ fees: Section CW 26 Fees paid by the Crown to jurors and To encourage public involvement in law   exempt income its witnesses, other than expert enforcement by increasing the net -Exemption witnesses, are exempt income. payment to witnesses. Cost savings for the Department of Justice who administer the payments, which outweigh the tax foregone. The income derived by a charitable To encourage and regional Section CW 40   Local and regional promotional association or society is exempt beautification/advertisement. -Exemption bodies: exempt income income, if it is primarily established for beautification purposes. Māori Authorities: deduction Section DV 12 A Māori authority is allowed a Tax incentives for charitable donation.   deduction for a cash donation that it -Deduction makes to a Māori association as defined in the Māori Community Development Act 1962. It is also allowed a deduction for charitable or other public benefit cash gifts. This deduction is limited by net income. Non-profit organisations Section DV 8 Non-profit organisations are entitled to To reduce compliance costs.   an income tax deduction for the lesser -Deduction of $1,000 and their net income. Non-resident oil rig and seismic Section CW 57 Income derived by non-resident To prevent rig operators leaving NZ   vessel operator - tax exemption operators of oil rigs and seismic before 183 days and a separate -Exemption vessels is exempt from taxation. operator having to come in to finish the job.
Independent earner: tax credit Section LC 13 -Tax Credit Individuals whose income is between $24,000 and $44,000, and who are not receiving certain forms of income, are entitled to a tax credit of $520. This credit abates once annual income rises above $44,000. To improve incentives to participate in the workforce.   Interest on home vendor mortgages: tax credit Sections LZ 6-8 -Tax Credit A tax credit may be available for interest from a home vendor mortgage, providing it was approved by the Housing NZ Corporation, on or before 5 August 1982. To encourage the most efficient use of the nation’s housing.    Jurors’ and witnesses’ fees: exempt income Section CW 26 -Exemption Fees paid by the Crown to jurors and its witnesses, other than expert witnesses, are exempt income. To encourage public involvement in law enforcement by increasing the net payment to witnesses. Cost savings for the Department of Justice who administer the payments, which outweigh the tax foregone.   Local and regional promotional bodies: exempt income Section CW 40 -Exemption The income derived by a charitable association or society is exempt income, if it is primarily established for beautification purposes. To encourage and regional beautification/advertisement.   Māori Authorities: deduction Section DV 12 -Deduction A Māori authority is allowed a deduction for a cash donation that it makes to a Māori association as defined in the Māori Community Development Act 1962. It is also allowed a deduction for charitable or other public benefit cash gifts. This deduction is limited by net income. Tax incentives for charitable donation.   Non-profit organisations Section DV 8 -Deduction Non-profit organisations are entitled to an income tax deduction for the lesser of $1,000 and their net income. To reduce compliance costs.   Non-resident oil rig and seismic vessel operator - tax exemption Section CW 57 -Exemption Income derived by non-resident operators of oil rigs and seismic vessels is exempt from taxation. To prevent rig operators leaving NZ before 183 days and a separate operator having to come in to finish the job.  
b18-taxexpstmt.docx