4Application of provisional tax rules for purposes of section 86 Empowered by ss 4(2), 86
The provisional tax rules apply for the purposes of section 86, as far as applicable and with all necessary modifications, as if—
every reference to provisional tax were a reference to the amount of interim payments payable by a borrower; and
every reference to a person, a person liable to pay provisional tax, or a provisional taxpayer were a reference to a borrower; and
every reference to residual income tax were a reference to the amount of an end-of-year repayment obligation; and
every reference to income tax were a reference to an end-of-year repayment obligation; and
every reference to an instalment were a reference to an interim payment; and
every reference to a return of income were a reference to a statement of adjusted net income; and
every reference to $2,500 or less (being the threshold below which a person is not required to make provisional tax payments during the year) were a reference to the $1,000 threshold in section 79; and
every reference to section RC 10 of the Income Tax Act 2007 or to an amount calculated under section RC 10 of the Income Tax Act 2007 were a reference to section 82 of this Act or to the amount of a borrower's interim payments calculated in accordance with section 82 of this Act; and
the reference in section RC 9(9) of the Income Tax Act 2007 to interest calculated under section 120KC of the Tax Administration Act 1994 were a reference to late payment interest calculated under section 139 of this Act.
Notes
- Schedule 4 clause 1(f): replaced, on , by section 34(1) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).
However,—
sections LB 2, RC 3, RC 4, RC 5(6) and (8), RC 7(6), RC 8, RC 11, RC 15 to RC 19, RC 24, RC 28 to RC 35, RC 37 to RC 39, RZ 3, and RZ 5B of the Income Tax Act 2007, and the definition of early-payment discount in section RC 40 of that Act, do not apply to an interim payment; and
section RC 5(2) of the Income Tax Act 2007—
applies only if the borrower's end-of-year repayment obligation for the second preceding tax year is $1,000 or more; and
applies as if the calculation in that section were a reference to the calculation in section 82 of this Act; and
for a borrower required to provide a statement of adjusted net income, section RC 5(3) of the Income Tax Act 2007—
applies only if the borrower’s end-of-year repayment obligation for the second preceding tax year is $1,000 or more; and
for a statement of adjusted net income for the immediately preceding tax year, or an estimate of the end-of-year repayment obligation, that is not provided by the due date for payment of the final interim payment, applies as if the borrower has filed a statement showing an estimate of the end-of-year repayment obligation for that tax year equal to the total amount of interim payments paid by the borrower on or before that date.
Notes
- Schedule 4 clause 2(c): replaced, on , by section 34(2) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).
| Compare: 1992 No 141 s 28 |