| Submission Number |
001 |
Section / Provision Income Tax Act 2004 |
OB 1 |
Date Received |
14/10/2004 |
| Description of issue |
The submission is that the time period for making distributions from trusts as “beneficiary income” has been changed from a period ending on 30 September to a period that ends 6 months after the end of the income year (which is the accounting period) of the trust. |
| Section / Provision Income Tax Act 1994 |
OB 1 |
| Status |
Finalised |
| Outcome |
| 1. |
The Panel agreed that there is an unintended legislative change in the 2004 Act.
|
| 2. |
The Panel observed that the position in the 2004 Act is consistent with the position in the 1976 Act.
|
| 3. |
The Panel has recommended that IRD consider a remedial retrospective amendment to the 1994 Income Tax Act, to bring it into line with the 1976 and 2004 Acts.
|
| 4. |
The Panel has recommended that any such amendment not have any adverse effect on taxpayers who have relied on the current wording of the 1994 Act. |
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