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Income Tax Act 2007

General collection rules - Withholding tax on retirement scheme contributions

RH 1: RSCT rules and their application

You could also call this:

“How retirement savings contribution tax (RSCT) rules work and when they apply”

The RSCT rules are a set of laws that you need to know about if you’re involved with retirement savings. These rules are found in different parts of the law, including this subpart and other sections that talk about things like withholding money, contributions to retirement savings schemes, and tax credits.

The rules also cover how retirement savings affect family scheme income and how distributions from retirement savings schemes are treated. There are specific parts of the law that deal with these topics, and you can find more information by looking at those sections.

If you’re a retirement scheme contributor and you make a contribution to a retirement scheme, these RSCT rules will apply to you. This means you need to follow these rules when you’re dealing with retirement savings contributions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1690707.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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Part R General collection rules
Withholding tax on retirement scheme contributions

RH 1RSCT rules and their application

  1. The RSCT rules means—

  2. this subpart; and
    1. section BE 1(5B) (Withholding liabilities); and
      1. section CX 50B (Contributions to retirement savings schemes); and
        1. section LB 6 (Tax credits for RSCT); and
          1. section LE 7B (Credit of RSCT for imputation credit); and
            1. section LO 2B (Credit of RSCT for Maori authority credit); and
              1. section MB 1(5B) (Adjustments for calculation of family scheme income); and
                1. section MB 6 (Treatment of distributions from retirement savings schemes); and
                  1. schedule 1, part D, clause 7; and
                    1. sections 28C and 48B and Part 9 of the Tax Administration Act 1994.

                      1. The RSCT rules apply to a retirement scheme contributor who makes a retirement scheme contribution.

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                      Notes
                      • Section RH 1: inserted, on , by section 545 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).