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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Returns and return dates

44B: Special returns for financial arrangements

You could also call this:

"Special tax returns for certain financial deals"

Illustration for Tax Administration Act 1994

You must file a special return if you calculate an adjustment under section EW 53 of the Income Tax Act 2007. You file this return in the form the Commissioner requires on or before the date you file your return of income. The Commissioner makes assessments based on your calculations. You do this for the tax years the adjustment relates to. The Commissioner does this according to your calculations of income and expenditure. This happens even if there is a time bar.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM351387.

Topics:
Money and consumer rights > Taxes
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Part 3Information, record-keeping, and returns
Returns: Returns and return dates

44BSpecial returns for financial arrangements

  1. A person who calculates an adjustment under section EW 53 of the Income Tax Act 2007 must file a special return for the adjustment in the form required by the Commissioner on or before the date on which the person must file their return of income in the tax year specified in section EW 53(3).

  2. Despite the time bar, the Commissioner must make assessments in respect of the person for the tax years to which the adjustment relates according to the calculations of income and expenditure under the adjustment.

Notes
  • Section 44B: inserted, on (applying on and after 20 May 1999), by section 67(1) of the Taxation (Accrual Rules and Other Remedial Matters) Act 1999 (1999 No 59).
  • Section 44B(1): amended, 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 44B(1): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
  • Section 44B(2): replaced, on (applying to 2002–03 and subsequent income years), by section 198(1) of the Taxation (Taxpayer Assessment and Miscellaneous Provisions) Act 2001 (2001 No 85).
  • Section 44B(2): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).