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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Returns and return dates

41B: Return by person applying for tax credit on redundancy payment

You could also call this:

"Apply for a tax refund if you got a redundancy payment"

Illustration for Tax Administration Act 1994

You can apply for a tax credit refund if you got a redundancy payment. You must apply to the Commissioner in the way they say. You need to sign the application and give them the information they ask for. You have to tell the Commissioner how much of the payment was a redundancy payment under sections ML 1 to ML 3 of the Income Tax Act 2007. You also need to give them the name of the person who paid you and the date they paid you. The Commissioner might ask for more information to verify your details. You can apply for a refund after you got the redundancy payment. You have to apply within four years of getting the payment. The Commissioner will tell you how much tax credit you have under sections ML 1 to ML 3 of the Income Tax Act 2007 and how much refund you can get. If you get a refund, it will be paid like any other tax refund. But if you get too much refund, you might have to pay it back as an excess credit of tax under section 142D. Some parts of the tax law do not apply to refunds under this section, like Part 7. But Part 9 does apply to applications made under this section.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1189140.

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Part 3Information, record-keeping, and returns
Returns: Returns and return dates

41BReturn by person applying for tax credit on redundancy payment

  1. A person who has a tax credit under section ML 2 of the Income Tax Act 2007 may apply to the Commissioner for a refund.

  2. An application under subsection (1) must be made in the manner required by the Commissioner, be signed by the person, and be accompanied by—

  3. any information the Commissioner requires, including—
    1. the amount of the payment that is a redundancy payment under sections ML 1 to ML 3 of the Income Tax Act 2007; and
      1. the name of the payer of the redundancy payment; and
        1. the date on which the redundancy payment was made; and
        2. verification of the details referred to in paragraph (a), in a document signed by the payer of the redundancy payment or other form satisfactory to the Commissioner.

          1. An application for a refund must be made in the period—

          2. beginning after the date of the redundancy payment; and
            1. ending with the day that is 4 years after the date of the redundancy payment.

              1. When the Commissioner has considered an application for a refund, the Commissioner must notify the taxpayer of the amount of the tax credit the taxpayer has under sections ML 1 to ML 3 of the Income Tax Act 2007 and the amount of refund allowed.

              2. A refund allowed under subsection (1) must be paid as if it were tax paid in excess.

              3. A refund allowed under subsection (1), to the extent it exceeds the correct amount of refund, is recoverable as an excess credit of tax under section 142D.

              4. Part 7 does not apply to a refund or an excess refund made under this section.

              5. Part 9 applies to applications made under this section.

              Notes
              • Section 41B: inserted, on , by section 203(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
              • Section 41B heading: replaced (with effect on 1 April 2008), on , by section 624(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
              • Section 41B(1): replaced (with effect on 1 April 2008), on , by section 624(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
              • Section 41B(2)(a)(i): amended, on , by section 203(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
              • Section 41B(2)(b): amended, on , by section 111(1) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
              • Section 41B(4): replaced (with effect on 1 April 2008), on , by section 624(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
              • Section 41B(4): amended, on , by section 111(2) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).