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Tax Administration Act 1994

Assessments

107: Amended assessment for income tax where return date between 31 March and 1 October

You could also call this:

"Changing the tax year for some income"

Illustration for Tax Administration Act 1994

You pay income tax. The tax year usually ends on 31 March. You might have an accounting period that ends between 31 March and 1 October. The Commissioner can amend your tax assessment to change the tax year for that income. You had returns of income and were assessed for income tax. The Commissioner amended those assessments to change the tax year. This change does not affect the amended assessment. The Commissioner made the change to your tax assessment. This means the income from one accounting period is now in a different tax year. The amended assessment is still valid.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM354680.

Topics:
Money and consumer rights > Taxes
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107A: Time bar for amendment of assessments, or

"Time limit for changing tax assessments"

Part 6Assessments

107Amended assessment for income tax where return date between 31 March and 1 October

  1. Where, whether before or after the commencement of this Act,—

  2. any taxpayer, in respect of income derived during any number of successive accounting periods ending respectively with a day between 31 March and 1 October in each year, has made returns of income and been assessed for income tax upon the basis that the income derived during each such accounting period was derived during the tax year ending with the 31 March next succeeding the end of that accounting period; and
    1. the Commissioner has amended all those assessments (or such of them as the Commissioner is not precluded by the time bar from amending) by assessing the taxpayer upon the basis that the income derived during each accounting period was derived during the tax year ending with the 31 March preceding the end of that accounting period,—
        1. the validity of the amended assessment in respect of the income derived during any such accounting period shall not be deemed to be affected or to have at any time been affected by reason of its having been made for the same tax year as the assessment in respect of the income derived by the taxpayer during the preceding accounting period.

      Notes
      • Section 107: replaced, on (applying to 1997–98 and subsequent income years), by section 457 of the Taxation (Core Provisions) Act 1996 (1996 No 67).
      • Section 107 heading: amended, on (applying to 2002–03 and subsequent income years), by section 212(3) of the Taxation (Taxpayer Assessment and Miscellaneous Provisions) Act 2001 (2001 No 85).
      • Section 107: 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 107: amended, on (applying to 2002–03 and subsequent income years), by section 236(2) of the Taxation (Taxpayer Assessment and Miscellaneous Provisions) Act 2001 (2001 No 85).
      • Section 107(a): 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 107(b): 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 107(b): amended, on (applying to 2002–03 and subsequent income years), by section 212(2) of the Taxation (Taxpayer Assessment and Miscellaneous Provisions) Act 2001 (2001 No 85).
      • Section 107(b): amended, on (applying to 2002–03 and subsequent income years), by section 236(2) of the Taxation (Taxpayer Assessment and Miscellaneous Provisions) Act 2001 (2001 No 85).