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Tax Administration Act 1994

Interest - Specific provisions

120O: Variation to definition of date interest starts

You could also call this:

"When interest on unpaid tax starts, and how this date can change"

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When you pay tax, interest might start on a certain date. The date interest starts is defined in a special way. This definition changes in some situations, like when you pay tax by 5 April or 20 April in a year, as required by sections RA 5 and RD 4 of the Income Tax Act 2007. You have different payment deadlines, like 5 April or 20 April, depending on the type of tax you pay. These deadlines are set by different sections of the Income Tax Act 2007, such as sections RA 5 and RD 23(3), or sections RA 6, RE 20, and RE 21. The definition of the date interest starts changes when you pay tax by the deadline set by these sections. This means the interest start date is worked out differently if you pay tax on time, according to sections RA 6 and RF 13 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=DLM355328.

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Part 7Interest
Specific provisions

120OVariation to definition of date interest starts

  1. The definition of date interest starts is to be construed as if the words the later of the following days and subparagraph (ii) were omitted from paragraph (b) of that definition when—

  2. a payment required by sections RA 5 and RD 4 of the Income Tax Act 2007 is due to be paid to the Commissioner no later than 5 April in a year:
    1. a payment required by sections RA 5 and RD 23(3) of that Act is due to be paid to the Commissioner no later than 20 April in a year:
      1. a payment required by sections RA 6, RE 20, and RE 21 of that Act is due to be paid to the Commissioner no later than 20 April in a year:
        1. a payment required by sections RA 6 and RF 13 of that Act is due to be paid to the Commissioner no later than 20 April in a year.

            Notes
            • : replaced (with effect on 1 April 1997), on , by section 84 of the Taxation (Remedial Provisions) Act 1997 (1997 No 74).
            • Section 120O(a): 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 120O(b): 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 120O(c): 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 120O(d): 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 120O(e): repealed (with effect on 30 June 2009), on (applying for all income years beginning on or after 1 July 2009), by section 666(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).