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Income Tax Act 2007

Memorandum accounts - Branch equivalent tax accounts (BETA) - Branch equivalent tax credits

OE 7: BETA payment of income tax

You could also call this:

“Branch equivalent tax credits can no longer be used to pay income tax”

This part of the law used to talk about how branch equivalent tax credits could be used to pay income tax. However, as of 1 July 2012, this section no longer applies. It was removed from the law for income years starting on or after that date. This means you can’t use branch equivalent tax credits to pay income tax anymore.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519200.

Topics:
Money and consumer rights > Taxes
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OE 6: BETA payment of income tax on foreign income, or

“Discontinued method for paying tax on overseas income”

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OE 8: BETA unused amount of debit balance, or

“Unused branch equivalent tax credits no longer apply”

Part O Memorandum accounts
Branch equivalent tax accounts (BETA): Branch equivalent tax credits

OE 7BETA payment of income tax (Repealed)

    Notes
    • Section OE 7: repealed, on (applying for income years beginning on or after that date), by section 107(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
    • Section OE 7(6): amended (with effect on 1 April 2008), on , by section 134(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
    • Section OE 7(7)(b): amended (with effect on 1 April 2008), on , by section 134(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
    • Section OE 7(8): amended (with effect on 1 April 2008), on , by section 134(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).