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Income Tax Act 2007

Timing and quantifying rules - Taxes and levies

EF 4: Use of money interest payable by Commissioner

You could also call this:

“Interest paid to you by Inland Revenue counts as income in the year you receive it”

If the Commissioner of Inland Revenue owes you interest money, this is considered income for you. The law says that this interest income belongs to the income year when the Commissioner actually pays you the money. This rule is part of Part 7 of the Tax Administration Act 1994. It’s important to remember that the timing of when you receive the interest affects which tax year it counts for.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514784.

Topics:

Money and consumer rights > Taxes

EF 3: Accident compensation levies and premiums, or

“Deducting ACC payments from your income”

EF 5: Use of money interest payable by person, or

“You can claim interest paid to Inland Revenue as a tax deduction”

Part E Timing and quantifying rules
Taxes and levies

EF 4Use of money interest payable by Commissioner

Income that is interest payable by the Commissioner to a person under Part 7 of the Tax Administration Act 1994 is allocated to the income year in which the Commissioner pays the interest.
Repealed
Repealed
Repealed

Compare

2004 No 35 s EF 4

Notes

Section EF 4(1): amended (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 28(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(2) heading: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), pursuant to section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(2): repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(3) heading: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), pursuant to section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(3): repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(4) heading: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), pursuant to section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4(4): repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 28(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4 list of defined terms assessment: repealed (with effect on 1 April 2011), on 29 August 2011, by section 28(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4 list of defined terms notice: repealed (with effect on 1 April 2011), on 29 August 2011, by section 28(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
Section EF 4 list of defined terms tax year: repealed (with effect on 1 April 2011), on 29 August 2011, by section 28(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).