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Income Tax Act 2007

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

OE 22: BETA person’s final balance

You could also call this:

“ What happens to your branch equivalent tax account when you leave New Zealand ”

You have something called a branch equivalent tax account. If you have money in this account and you stop living in New Zealand, you will get a branch equivalent tax debit. This debit is listed in a table called “person’s branch equivalent tax debits” under row 4, which is called “final balance”. The debit happens on the day you stop being a resident of New Zealand.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519250.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
Branch equivalent tax accounts (BETA): Branch equivalent tax debits

OE 22BETA person’s final balance

  1. A BETA person has a branch equivalent tax debit for a credit balance in the branch equivalent tax account when the person stops being resident in New Zealand.

  2. The branch equivalent tax debit in subsection (1) is referred to in table O10: person’s branch equivalent tax debits, row 4 (final balance).

  3. The debit date is the day the person stops being resident in New Zealand.

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