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Tax Administration Act 1994

Interest - Specific provisions

120Q: Due date for underestimation penalty tax

You could also call this:

"When to pay tax if you underestimated your income"

Illustration for Tax Administration Act 1994

When you have to pay underestimation penalty tax, the due date is the same as instalment F. You can find instalment F in Schedule 3, Part A of the Income Tax Act 2007. This due date is for your corresponding income year.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM355377.

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Part 7Interest
Specific provisions

120QDue date for underestimation penalty tax

  1. For the purposes of this Part, the due date for the payment by a taxpayer of underestimation penalty tax is deemed to be the date of instalment F set out in Schedule 3, Part A of the Income Tax Act 2007, for the taxpayer's corresponding income year.

Notes
  • Section 120Q: inserted, on , by section 36(1) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
  • Section 120Q: 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 120Q: amended, on (applying for income years corresponding to 2008–09 and subsequent tax years), by section 246(1) of the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 (2006 No 3).