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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Fringe benefits

48B: Reconciliation statement for retirement scheme contribution withholding tax

You could also call this:

"A statement to check retirement savings tax is correct"

Illustration for Tax Administration Act 1994

If you make a retirement scheme contribution, you or your scheme must give the Commissioner a reconciliation statement. This statement shows information about the person and you, the contributor. You must give the Commissioner this statement by the end of the second month after the income year ends. You need to include details like the total amount of RSCT payable, imputation credits used, and the amount of RSCT paid. RSCT stands for Retirement Scheme Contribution Tax, which is a tax on your retirement savings. You also need to provide your tax file number if you use a lower tax rate. The statement must show the total amount of retirement scheme contributions and the total RSCT payable. It must also show the amount of imputation credits and Maori authority credits used to pay RSCT. You can find more information about these terms and the required statement on the New Zealand government website. Remember to check the deadline for giving the Commissioner your reconciliation statement. This is usually the end of the second month after the income year ends. Make sure you include all the required information to avoid any issues.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1189145.

Topics:
Money and consumer rights > Savings and retirementMoney and consumer rights > Taxes
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Part 3Information, record-keeping, and returns
Returns: Fringe benefits

48BReconciliation statement for retirement scheme contribution withholding tax

  1. If a retirement scheme contributor has made a retirement scheme contribution to a retirement savings scheme for a person in an income year, the retirement scheme contributor, or the retirement savings scheme acting on behalf of the retirement scheme contributor, must deliver to the Commissioner a reconciliation statement for the income year showing the information required by—

  2. subsection (2), relating to the person; and
    1. subsection (3), relating to the retirement scheme contributor.

      1. The reconciliation statement must show the following information for the income year relating to the person referred to in subsection (1):

      2. the total amount of RSCT payable on retirement scheme contributions; and
        1. the total amount of imputation credits and Maori authority credits used in meeting the liability for RSCT; and
          1. the total amount of RSCT paid or payable other than by using imputation credits and Maori authority credits; and
            1. the amount of each retirement scheme contribution subject to RSCT; and
              1. the rate used to calculate the RSCT on the retirement scheme contribution; and
                1. the RSCT for the retirement scheme contribution; and
                  1. the amount of imputation credits attached to the retirement scheme contribution; and
                    1. the amount of imputation credits used to meet the liability for RSCT on the retirement scheme contribution; and
                      1. the amount of Maori authority credits attached to the retirement scheme contribution; and
                        1. the amount of Maori authority credits used to meet the liability for RSCT on the retirement scheme contribution; and
                          1. the amount of RSCT remaining owing on the retirement scheme contribution after the use of imputation credits and Maori authority credits; and
                            1. the amount of RSCT on the retirement scheme contribution paid other than by the use of imputation credits and Maori authority credits; and
                              1. the tax file number, if a rate of less than 39% is used to calculate the RSCT on a retirement scheme contribution; and
                                1. the amount of the imputation credits or Maori authority credits attached to the retirement scheme contribution that are not used to meet the liability for RSCT; and
                                  1. the total amount of NRWT payable on retirement scheme contributions; and
                                    1. the amount of each retirement scheme contribution that is non-resident passive income; and
                                      1. any other particulars the Commissioner may require.

                                        1. The reconciliation statement must show the following information for the income year relating to the retirement scheme contributor referred to in subsection (1):

                                        2. the total amount of retirement scheme contributions for which RSCT is payable; and
                                          1. the total amount of RSCT payable on retirement scheme contributions; and
                                            1. the total amount of imputation credits used in meeting the liability for RSCT; and
                                              1. the total amount of Maori authority credits used in meeting the liability for RSCT; and
                                                1. the total amount of RSCT paid or payable other than by using imputation credits and Maori authority credits.

                                                  1. The reconciliation statement required by subsection (1) for an income year must be received by the Commissioner on or before the end of the second month following the end of the income year.

                                                  Notes
                                                  • Section 48B: inserted, on , by section 206(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(a): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(b): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(c): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(d): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(e): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(f): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(h): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(j): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(k): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(l): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(m): amended, on , by section 28 (and see section 3 for application) of the Taxation (Income Tax Rate and Other Amendments) Act 2020 (2020 No 65).
                                                  • Section 48B(2)(m): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(n): amended, on , by section 206(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(o): amended, on , by section 206(2)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(2)(p): amended, on , by section 206(2)(c) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(3)(a): amended, on , by section 206(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(3)(b): amended, on , by section 206(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(3)(c): amended, on , by section 206(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(3)(d): amended, on , by section 206(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
                                                  • Section 48B(3)(e): amended, on , by section 206(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).