Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
OE 21: BETA person’s refund of income tax
or “Refund of income tax for people with overseas income can result in a tax debit”
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.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: OF 1: General rules for companies with ASC accounts

or “Rules for managing available subscribed capital accounts for certain investment companies”
Next

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.

Compare