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Tax Administration Act 1994

Information, record-keeping, and returns - Investment income information - RWT rates, certificates, and records

26B: Use of unsuitable RWT rates

You could also call this:

"Using the correct tax rate for payments"

Illustration for Tax Administration Act 1994

You need to use the right RWT rate for payments. If the Commissioner thinks a better rate could have been used, they can suggest a change. The Commissioner can tell the payer to use a new rate if you agree to it. You must use the new rate as soon as possible after being told about it, unless you tell the payer to use a different rate.

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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=DLM2878422.

Topics:
Money and consumer rights > Taxes
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"Keep records for tax purposes"

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Part 3Information, record-keeping, and returns
Investment income information: RWT rates, certificates, and records

26BUse of unsuitable RWT rates

  1. If the Commissioner considers that a more suitable or more accurate RWT rate could have been used in relation to a payment of resident passive income consisting of interest, the Commissioner—

  2. may recommend a prospective change of RWT rate to the payee; and
    1. with the consent of the payee, notify the payer of the change.

      1. The payer must use the RWT rate provided by the Commissioner in relation to the payee as soon as reasonably practicable after the date of notification. However, if the payee subsequently notifies the payer of a different RWT rate, the payer must apply the rate notified by the payee.

      Notes
      • Section 26B (former section 25A): renumbered, on , by section 285(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
      • Section 26B: replaced, on , by section 25 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).