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Income Tax Act 2007

General collection rules - Terminating provisions

RZ 6: Limits on refunds: transitional dates

You could also call this:

“Rules for using extra money from tax refunds for specific tax years”

If you have a company with an imputation credit account and you get a refund of income tax, there might be some extra money that’s not refunded. This extra money can only be used for tax years starting after the 1988-89 tax year. It doesn’t matter if this is before or after the year you were entitled to the refund.

If you’re part of a Maori authority and you get a refund of income tax, there might also be some extra money that’s not refunded. For Maori authorities, this extra money can only be used for tax years starting after the 2004-05 tax year. Again, it doesn’t matter if this is before or after the year you were entitled to the refund.

These rules are part of the section RM 16(2)(c) for companies with imputation credit accounts and section RM 22(4)(b) for Maori authorities. They help control how extra money from tax refunds can be used in different tax years.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1520562.

Topics:
Money and consumer rights > Taxes
Māori affairs > Treaty of Waitangi
Business > Industry rules
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Part R General collection rules
Terminating provisions

RZ 6Limits on refunds: transitional dates

  1. If an imputation credit account (ICA) company has a refund of income tax, and an amount paid in excess is dealt with under section RM 16(2)(c) (Treatment of amounts not refunded), the amount may be used only for a tax year commencing after the 1988–89 tax year, whether that is before or after the year of that entitlement.

  2. If a Maori authority has a refund of income tax, and an amount paid in excess is dealt with under section RM 22(4)(b) (Limits on refunds for Maori authorities), the amount may be used only for a tax year commencing after the 2004–05 tax year, whether that is before or after the year of that entitlement.

  3. Repealed
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Notes
  • Section RZ 6(3) heading: repealed, on , pursuant to section 286(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
  • Section RZ 6(3): repealed, on , by section 286(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
  • Section RZ 6 list of defined terms PCA person: repealed, on , by section 286(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).