Legislation/In Parliament

The Credit Contracts and Consumer Finance Act 2003 comes into force
On 1 April 2005 , the long awaited CCCFA came into full effect. The CCCFA has replaced the Credit Contracts Act 1981 and the Hire Purchase Act 1971 and introduces significant changes to the way in which consumer credit contracts are regulated.

The Income Tax Act 2004 replaces the old Income Tax Act 1994
The new Act applies to most taxpayers from 1 April 2005.  However, for taxpayers with a balance date other than
31 March 2005, the new Act applies from the start of their 2005/2006 income year.

New laws to counter money laundering and terrorist financing
The OECD's Financial Action Task Force has advised the Government that changes are needed in our laws to bring New Zealand up to speed with international standards. In response to these recommendations, the Government has drafted the Terrorism Suppression Amendment Bill (No. 2), which introduces a number of important changes to New Zealand's largely deregulated financial system.

Tax changes for company migrations
New rules announced in March mean that companies migrating from New Zealand will have to pay tax on all income and, in some cases, capital gains derived before migrating.

Announcement of new limited partnership regime
The Government has announced that a Bill to give effect to a new limited partnership regime will be introduced next year to encourage venture capital investment in New Zealand.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.