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Tax Administration Act 1994

Information, record-keeping, and returns - Tax codes and tax rates for certain payments - PAYE tax codes

24F: Rates of tax for schedular payments: standard, payee, and set rates

You could also call this:

"Tax rates for payments to others"

Illustration for Tax Administration Act 1994

When you make a schedular payment, you are the payer. The person getting the payment is the payee. You can find the standard tax rates for these payments in schedule 4 of the Income Tax Act 2007. The payee can choose their tax rate under schedule 5, part C, clause 3, but there are minimum rates. If the payee owes tax, the Commissioner can set a tax rate for their schedular payment under schedule 5, part C, clause 4.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1253917.

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Money and consumer rights > Taxes
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Part 3Information, record-keeping, and returns
Tax codes and tax rates for certain payments: PAYE tax codes

24FRates of tax for schedular payments: standard, payee, and set rates

  1. In this section, and sections 24G, 24H, and 24I, and in schedule 5, part C,—

  2. a person who is making a schedular payment is referred to as the payer:
    1. a person who is entitled to receive a schedular payment is referred to as the payee.

      1. The standard rates of tax for schedular payments are set out in schedule 4 of the Income Tax Act 2007.

      2. A payee may choose the rate of tax for the payment under schedule 5, part C, clause 3. Minimum rates apply, see clause 3(1).

      3. If a payee has a liability under the Inland Revenue Acts that has not been met, the Commissioner may, from time to time, set a rate of tax for a schedular payment of the payee under schedule 5, part C, clause 4.

      Notes
      • Section 24F: replaced, on , by section 279 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
      • Section 24F(1) heading: inserted, on , by section 18 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section 24F(2) heading: inserted, on , by section 18 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section 24F(3) heading: inserted, on , by section 18 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section 24F(4) heading: inserted, on , by section 18 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).