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Income Tax Act 2007

General collection rules - Refunds - ICA companies

RM 17: Treatment of further income tax paid

You could also call this:

“How paying extra company tax affects future refunds”

When a company pays further income tax, this section explains how it affects their ability to get a refund. This applies to certain sections of the law about tax refunds.

If you pay further income tax, you can’t get a refund for that amount if it’s being used to pay for a tax bill that hasn’t come yet. This means the money you’ve paid is held to cover future taxes you might owe.

This rule is important for companies that have to pay extra tax called “further income tax”. It helps make sure that the tax system is fair and that companies don’t get refunds for money that’s meant to cover future tax bills.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1520449.

Topics:

Money and consumer rights > Taxes

RM 16: Treatment of amounts not refunded, or

“How extra tax payments are handled when they can't be refunded”

RM 18: Limits on refunds related to foreign dividends, or

“Rules about overseas dividend refunds for companies no longer apply”

Part R General collection rules
Refunds: ICA companies

RM 17Treatment of further income tax paid

This section applies for the purposes of sections RM 2, RM 4, and RM 5 when a company pays further income tax under sections OB 65 and OB 66 (which relate to further tax payable by ICA companies).
The company is not entitled to a refund of the amount of further income tax paid which is treated as tax paid to satisfy an obligation yet to arise.

Compare

2004 No 35 s MD 2(6)

Notes

Section RM 17(1): amended (with effect on 1 April 2013), on 17 July 2013, by section 92 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).