Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

General collection rules - Terminating provisions

RZ 11: Refunds for life insurers

You could also call this:

“Life insurers can get tax refunds if they meet specific conditions”

If you are a life insurer, you might be able to get a refund on some of the tax you’ve paid. The Commissioner will give you a refund if you meet certain conditions. First, the tax you paid must have created imputation credits. Second, for tax years before 1 July 2010, you would have been allowed a refund under section RM 2(1) or similar rules from earlier Acts. When looking at this rule, ignore the part of your tax that comes from policyholder base income. Lastly, you need to meet all other rules that apply to getting a refund. This law helps make sure you don’t pay more tax than you should.

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 It might be out of date or be missing some parts.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

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2630950.

Topics:
Money and consumer rights > Taxes
Previous

RZ 10: Recovery of amounts payable to Commissioner, or

“Getting back money owed to the tax department”

Next

RZ 12: Adjustments to interest in requests made after commencement, or

“Changing interest amounts in tax pooling requests made between July 2014 and early 2016”

Part R General collection rules
Terminating provisions

RZ 11Refunds for life insurers

  1. The Commissioner must refund an amount of tax that a life insurer has paid to the extent to which—

  2. the tax paid gave rise to imputation credits; and
    1. for a tax year corresponding to an income year before the income year that includes 1 July 2010, the life insurer would be entitled to a refund under section RM 2(1) (Refunds for overpaid tax) or any provision corresponding to it in an earlier Act, treating section RM 2(1)(a) and any corresponding provision as modified so as to exclude the amount of the life insurer's policyholder base income tax liability from the tax required to be paid by them; and
      1. all other relevant requirements for a refund are met.

        Notes
        • Section RZ 11: added (with effect on 1 April 2008), on , by section 556 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).