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Tax Administration Act 1994

Third-party providers - Tax pooling intermediaries

124T: Role of Commissioner

You could also call this:

"The Commissioner is not responsible for problems with tax pooling accounts."

Illustration for Tax Administration Act 1994

The Commissioner does not have to check or audit how a tax pooling account is run. You need to know the Commissioner is not responsible if something goes wrong with a tax pooling account. This can happen if a tax pooling intermediary does not put money into the account, takes money out without permission, or fails to apply for a transfer of funds to your tax account with the Commissioner, as seen in s MBA 4(5), (6).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1253870.

Topics:
Money and consumer rights > Taxes
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"Setting up a tax pooling account with a helper"

Part 7BThird-party providers
Tax pooling intermediaries

124TRole of Commissioner

  1. The Commissioner is not required to oversee or audit the operation of a tax pooling account.

  2. The Commissioner is not liable for any loss related to the operation of a tax pooling account through—

  3. the failure of a tax pooling intermediary to deposit in a tax pooling account an amount paid to them by a taxpayer:
    1. the unauthorised withdrawal by a tax pooling intermediary from a tax pooling account:
      1. the failure of a tax pooling intermediary to apply for a transfer of funds from a tax pooling account to a taxpayer’s tax account with the Commissioner.

        Compare
        Notes
        • Section 124T: replaced, as section 15P, on , by section 598(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
        • Section 124T: 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).
        • Section 124T(2)(c): amended, on , by section 80 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).