Part 3BCredits of tax
Payments to holders of notices of entitlement
80KLPayment of instalments into accounts
Unless the Commissioner in a particular case otherwise determines, it is a condition of the receipt of tax credits paid by instalments by the Commissioner that—
- the person, or the person and their spouse, civil union partner, or de facto partner,—
- gives the Commissioner the details of an existing bank account held by the person (whether alone or jointly with their spouse, civil union partner, or de facto partner); or
- opens a bank account (if they do not have one), and gives the Commissioner details of that account; and
- gives the Commissioner the details of an existing bank account held by the person (whether alone or jointly with their spouse, civil union partner, or de facto partner); or
- the existing account or, as applicable, the opened account is an account held as described in subsection (2).
The account must be held with—
- a registered bank within the meaning of that term in section 2 of the Banking (Prudential Supervision) Act 1989; or
- a building society, in respect of any deposits with the building society; or
- the Public Service Investment Society Limited; or
- a credit union within the meaning of that term in section 2 of the Friendly Societies and Credit Unions Act 1982.
The Commissioner must pay every instalment of tax credit into the account.
Compare
- 2004 No 35 s KD 7(4)
Notes
- Section 80KL: 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 80KL(2)(a): amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).