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Tax Administration Act 1994

Assessments

94: Assessment of qualifying company election tax and additional tax

You could also call this:

"How much tax you must pay if you're a qualifying company"

Illustration for Tax Administration Act 1994

The Commissioner can make an assessment of the amount of qualifying company election tax you must pay under section HA 42 of the Income Tax Act 2007. You will also have to pay any late payment penalty. You can challenge this assessment. The Commissioner's assessment will include the amount of qualifying company election tax and any late payment penalty you owe. You can dispute the assessment in the same way as an assessment of income tax imposed under section BB 1 of the Income Tax Act 2007.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM354445.

Topics:
Money and consumer rights > Taxes
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Part 6Assessments

94Assessment of qualifying company election tax and additional tax

  1. The Commissioner may, in respect of any company liable to pay qualifying company election tax under section HA 42 of the Income Tax Act 2007, make an assessment of the amount of qualifying company election tax, and any late payment penalty payable under section 139B of this Act, that, in the Commissioner's judgment, ought to be imposed, and the company shall be liable to pay the qualifying company election tax and any late payment penalty so assessed, except so far as the company establishes in proceedings challenging the assessment that the assessment is excessive or that the company is not chargeable with qualifying company election tax, or the late payment penalty.

  2. Sections 108 to 111, 113, and 114 shall apply, so far as may be, with respect to every assessment made under this section as if—

  3. the term tax already assessed, in section 113, included qualifying company election tax and any late payment penalty already assessed under this section; and
    1. the term taxpayer, in sections 111 and 113, included a company which is chargeable with qualifying company election tax; and
      1. the term amount assessed for any year in section 108(1) included an amount assessed under this section, and the term property were substituted for the term income in section 108(2).

        1. An assessment made under subsection (1) is subject to challenge in the same manner as an assessment of income tax imposed under section BB 1 of the Income Tax Act 2007, and Part 8A of this Act applies accordingly.

        Compare
        • 1976 No 65 s 393L(3), (4), (5)
        Notes
        • Section 94(1): replaced, on , by section 16(1) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
        • Section 94(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 94(1): amended, on (applying to 1997–98 and subsequent income years), by section 483(3) of the Taxation (Core Provisions) Act 1996 (1996 No 67).
        • Section 94(2)(a): amended, on (applying to late payment penalties that arise with respect to 1997–98 and subsequent income years), by section 123(1) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
        • Section 94(2)(b): amended (with effect on 1 October 1996), on , by section 160(1) of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).
        • Section 94(2)(c): replaced, on (applying to 1997–98 and subsequent income years), by section 453 of the Taxation (Core Provisions) Act 1996 (1996 No 67).
        • Section 94(2)(c): amended (with effect on 1 October 1996), on , by section 160(2) of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).
        • Section 94(2)(c): 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 94(3): replaced, 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).