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Income Tax Act 2007

General collection rules - Withholding tax on retirement scheme contributions

RH 4: Retirement scheme contributors

You could also call this:

“Who can contribute to your retirement scheme”

If you’re a unit holder, shareholder, or member of certain types of entities, you might be part of a retirement scheme. The entities that can contribute to your retirement scheme are:

  1. Trustees of widely-held unit trusts
  2. Companies that are not close companies
  3. Maori authorities

These entities are called retirement scheme contributors if they make a payment meant to be a retirement scheme contribution for you during or before the income year. This applies to you if you’re connected to the entity as a unit holder, shareholder, or member.

Remember, for this to count, the entity must have made or intend to make a payment towards your retirement scheme. This is part of the general collection rules in the Income Tax Act 2007.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1690719.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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“Rules for accessing money in retirement savings schemes”

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RH 5: Calculating amounts of tax for retirement scheme contribution, or

“How to work out the tax on your retirement scheme contribution”

Part R General collection rules
Withholding tax on retirement scheme contributions

RH 4Retirement scheme contributors

  1. An entity is a retirement scheme contributor for a person for an income year if—

  2. the entity is—
    1. the trustee of a widely-held trust that is a unit trust:
      1. a company other than a close company:
        1. a Maori authority; and
        2. the person is a unit holder, shareholder, or member of the entity:
          1. in or before the income year, the entity makes a payment intended to be a retirement scheme contribution for the person.

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            Notes
            • Section RH 4: inserted, on , by section 545 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).