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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:

"What happens to your tax withholding duties when your tax is adjusted"

Illustration for Income Tax Act 2007

If you get an adjustment under sections GC 7 to GC 10, it does not change your obligation to withhold tax under Part R. You still have to withhold tax in relation to the amount. This rule is part of the Income Tax Act 2007.

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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.

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Money and consumer rights > Taxes
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Part GAvoidance 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.

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).
  • Section GC 12: amended, on , by section 68 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).