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Tax Administration Act 1994

Information, record-keeping, and returns - Statements, notices, and certificates - Resident passive income

32I: Providing RWT-exempt status to person who does not meet requirements

You could also call this:

"Getting RWT-exempt status when you don't meet the rules"

Illustration for Tax Administration Act 1994

The Commissioner can give you RWT-exempt status even if you do not meet the requirements. You might get this status if your total deductions are not less than your total assessable income for the period. You can also get this status if your total tax credits for resident passive income are more than your income tax liability by at least $500. The Commissioner can only give you RWT-exempt status if you apply as described in section 32E(3). You need to include a set of budgeted accounts with details of your projected income and tax credits in your application. The Commissioner may ask you for more information to consider your application. You can find more information about tax credits in section LB 3 of the Income Tax Act 2007. The Commissioner's decision is based on the information you provide. You should make sure you provide accurate information to support your application.

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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=DLM1261607.

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Money and consumer rights > Taxes
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32H: RWT-exempt status when persons meet requirements, or

"Getting exempt from paying withholding tax when you meet the rules"

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Part 3Information, record-keeping, and returns
Statements, notices, and certificates: Resident passive income

32IProviding RWT-exempt status to person who does not meet requirements

  1. Despite section 32H, the Commissioner may provide RWT-exempt status to the person when they do not meet the requirements in section 32E(2) if the person—

  2. will, or is likely to, have for the period, total deductions under the Income Tax Act 2007 that are not less than the total amount of assessable income of the person for the period; or
    1. would have, or would likely have, in a part of a tax year that falls in the period, total tax credits under section LB 3 of the Income Tax Act 2007 for resident passive income that are more than the income tax liability of the person for the tax year by an amount not less than $500.

      1. Despite subsection (1), the Commissioner may not provide RWT-exempt status to a person unless they have applied as described in section 32E(3), and include in the application a set of budgeted accounts with details, for the period, of the person’s projected—

      2. total amount of assessable income:
        1. total deductions:
          1. tax credits for resident passive income:
            1. income tax liability.

              1. For the purposes of subsection (2), the Commissioner may require the person to provide further information.

              2. Repealed

              3. Repealed
              Compare
              Notes
              • Section 32I: inserted, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
              • Section 32I heading: amended, on , by section 296(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
              • Section 32I(1): amended, on , by section 296(2) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
              • Section 32I(2): amended, on , by section 296(3) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
              • Section 32I(2): amended, on , by section 104 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
              • Section 32I(4): repealed, on , by section 296(4) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
              • Section 32I(5): repealed, on , by section 296(4) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).