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Income Tax Act 2007

Memorandum accounts - Branch equivalent tax accounts (BETA) - Introductory provisions

OE 18: When person stops being BETA person

You could also call this:

“How to end your status as a BETA person and close your branch equivalent tax account”

You can choose to stop being a BETA person. This means you can decide to end your branch equivalent tax account. You can only make this choice after the year when you first decided to become a BETA person.

If you want to stop being a BETA person, you need to make this choice in a later year. The change will start from the first day of the year after you make your choice. But for this to happen, you must file a yearly branch equivalent tax account return for the year you made your choice. You need to file this return within the time allowed by section 78(3) of the Tax Administration Act 1994.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519234.

Topics:

Money and consumer rights > Taxes

OE 17: Person choosing to become BETA person, or

“How to choose to become a BETA person and start a branch equivalent tax account”

OE 19: BETA person’s payment of income tax on foreign income, or

“How BETA individuals can claim tax credits for overseas income”

Part O Memorandum accounts
Branch equivalent tax accounts (BETA): Introductory provisions

OE 18When person stops being BETA person

A BETA person may choose to stop the branch equivalent tax account.
A person may make an election under subsection (1) only in an income year that is later than the income year in which the person chose under section OE 1(2) to become a BETA person.
The person ends their status as a BETA person from the first day of the income year after the income year in which the election referred to in subsection (1) is made but only if they file an annual branch equivalent tax account return for the year of election in the time allowed by section 78(3) of the Tax Administration Act 1994.

Compare

2004 No 35 s MF 13(1), (2)

Notes

Section OE 18 list of defined terms notice: inserted, on 2 June 2016, by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).