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Income Tax Act 2007

General collection rules - Terminating provisions

RZ 12: Adjustments to interest in requests made after commencement

You could also call this:

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

When a tax pooling intermediary asks the Commissioner on your behalf to use money from a tax pooling account after 2 July 2014 but before the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 became law, they can make some changes to that request.

If you allow them, the intermediary can ask the Commissioner to change the amount of interest included in the original request. This interest is calculated under Part 7 of the Tax Administration Act 1994.

The changes they can make are limited to the details required by section RP 19(4)(a) and section RP 19(4)(b). These sections talk about the details needed when transferring money from tax pooling accounts.

Even with these changes, the request can’t ask for more money than what’s allowed in section RP 17B(7).

The intermediary needs to ask for these changes within 60 days of you being told how much interest you need to pay under Part 7 of the Tax Administration Act 1994.

If changes are made, it’s treated as if the original request was made with these changes from the start.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6765585.

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Part R General collection rules
Terminating provisions

RZ 12Adjustments to interest in requests made after commencement

  1. This section applies when a tax pooling intermediary makes a request (the original request) to the Commissioner for a person under section RP 17B(5) or (6) (Tax pooling accounts and their use) after 2 July 2014 and before the date on which the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 receives the Royal assent.

  2. The tax pooling intermediary, if authorised by the person, may make a request (the amendment request) to the Commissioner for the original request to be amended by adjusting the amount included to pay interest under Part 7 of the Tax Administration Act 1994.

  3. The amendments to the original request are limited to changes in—

  4. the details required by section RP 19(4)(a) (Transfers from tax pooling accounts):
    1. the details required by section RP 19(4)(b).

      1. The original request as amended must not request the transfer of an amount exceeding the maximum amount specified in section RP 17B(7).

      2. The amendment request must be received by the Commissioner within 60 days from the date on which the Commissioner notifies the person of the amount of interest payable under Part 7 of the Tax Administration Act 1994.

      3. The original request as amended is treated as being made on the date on which the original request was made.

      Notes
      • Section RZ 12: inserted (with effect on 3 July 2014), on , by section 234 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).