Section Sch6-1 — Income Tax Act 2007: PIE investments

1 PIE investments The prescribed investor rate for a person who is an investor in a multi-rate PIE is set out in table 1. Table 1 Row Conditions Prescribed rate 1 For a natural person who is resident in New Zealand, other than a person described in row 4 or 6. 0.280 2 For a non-resident person other than a person described in row 7B or 9. 0.280 3 For a person who— (a) is resident in New Zealand and who derives income for the relevant tax year as a trustee of a trust other than a trust with income that is exempt income under section CW 41 or CW 42 ; and (b) notifies this rate for the relevant tax year. 0.280 4 For a natural person who is resident in New Zealand and is not a person described in row 6 and who, in either of the 2 income years before the relevant tax year, derives— (a) $48,000 or less in taxable income; and (b) $70,000 or less in the sum of their taxable income and attributed PIE income after subtracting any attributable PIE loss 0.175 5 For a person who— (a) is resident in New Zealand and derives income for the relevant tax year as a trustee of a trust other than a trust with income that is exempt income under section CW 41 or CW 42 ; and (b) notifies this rate for the relevant tax year. 0.175 6 For a natural person who is resident in New Zealand and who, in either of the 2 income years before the relevant tax year, derives— (a) $14,000 or less in taxable income; and (b) $48,000 or less in the sum of their taxable income and attributed PIE income after subtracting any attributable PIE loss. 0.105 7 For a person who— (a) is resident in New Zealand and derives income for the relevant tax year as a trustee of a testamentary trust to which section HC 37 applies other than a trust with income that is exempt income under section CW 41 or CW 42 ; and (b) notifies this rate for the relevant tax year. 0.105 7B For a non-resident person who is a notified foreign investor in a foreign investment variable-rate PIE, see table 1B for the applicable rate for the amount of income. variable 8 For a person who is a zero-rated investor or an investor treated under section HM 61 as zero-rated. 0.000 9 For a non-resident person who is a notified foreign investor in a foreign investment zero-rate PIE. 0.000 10 For a transitional resident who is an investor in a foreign investment zero-rate PIE. 0.000 How to use this table Find the applicable condition, in the second column, in order to find the relevant rate to apply, in the third column. Schedule 6 table 1: substituted (with effect on 1 April 2010), on 7 September 2010, by section 122 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Schedule 6 table 1 row 1: amended, on 1 October 2010, by section 39(a) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 2: substituted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 137(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Schedule 6 table 1 row 3: amended, on 1 October 2010, by section 39(c) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 4: amended, on 1 October 2010, by section 39(d) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 5: amended, on 1 October 2010, by section 39(e) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 6: amended, on 1 October 2010, by section 39(f) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 7: amended, on 1 October 2010, by section 39(g) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Schedule 6 table 1 row 7B: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 137(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Schedule 6 table 1 row 8: replaced, on 2 November 2012, by section 163(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Schedule 6 table 1 row 9: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 137(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Schedule 6 table 1 row 10: added, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 137(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).