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Tax Administration Act 1994

Third-party providers - RWT proxies

124ZF: RWT proxies

You could also call this:

"Being an RWT proxy means helping someone with their tax on certain income from overseas investments"

Illustration for Tax Administration Act 1994

You can choose to be an RWT proxy for someone who pays you resident passive income. This income must be a dividend from a non-resident unit trust. You need to notify the Commissioner and agree to act as the RWT proxy. You must tell the Commissioner your name, address, and the date you want to start being an RWT proxy. The Commissioner will use this information to know you are an RWT proxy. You can stop being an RWT proxy by notifying the Commissioner. If you want to stop being an RWT proxy, you can cancel your election. Your election will stop from the date you choose or the date the Commissioner gets your notice. You can find more information about this in s NF 2AA.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1253866.

Topics:
Money and consumer rights > Taxes
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Part 7BThird-party providers
RWT proxies

124ZFRWT proxies

  1. If the requirements in subsection (2) are met, a person may choose to become an RWT proxy for a person who pays resident passive income that consists of a dividend by notifying the Commissioner.

  2. The requirements are that—

  3. the person paying the resident passive income is a non-resident unit trust; and
    1. the person receiving the resident passive income is a natural person or a trustee of a qualifying trust who has asked the person referred to in subsection (1) to act as an RWT proxy in relation to the payment; and
      1. the person has agreed to act as the RWT proxy; and
        1. the payment of resident passive income is made while the notice is effective.

          1. For the purposes of subsection (1), the notification to the Commissioner must contain the person’s election, their name, postal address, and the date from which the election applies.

          2. The RWT proxy may cancel their election by notifying the Commissioner. The election stops applying from the later of—

          3. the date set out in the notice of cancellation:
            1. the date on which the Commissioner receives a notice of cancellation.

              Compare
              Notes
              • Section 124ZF: replaced, as section 15N (with effect on 1 April 2008), on (applying for tax on income derived in 2008–09 or later income years), by section 598(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
              • Section 124ZF: renumbered, on , by section 9(2) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).