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Income Tax Act 2007

Avoidance and non-market transactions - Market value substituted

GC 12: Effect on person's withholding obligations

You could also call this:

“Adjustments don't change your withholding responsibilities”

If an adjustment is made under sections GC 7 to GC 10, it doesn’t change your responsibility to withhold money under Part R. This means you still need to withhold the same amount as before, unless section GC 11(2) applies. This rule is about making sure you follow the right withholding rules, even if other changes are made to your tax situation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517110.

Topics:
Money and consumer rights > Taxes
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Part G Avoidance and non-market transactions
Market value substituted

GC 12Effect on person's withholding obligations

  1. An adjustment under any of sections GC 7 to GC 10 has no effect on an obligation of the taxpayer to withhold under Part R (General collection rules) in relation to the amount other than to the extent to which section GC 11(2) applies.

Notes
  • Section GC 12: substituted (with effect on 30 June 2009), on , by section 249(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).