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Tax Administration Act 1994

Interest - Specific provisions

120T: Interest on deferrable tax

You could also call this:

"Interest added to tax you can pay later"

Illustration for Tax Administration Act 1994

You have tax that you can delay paying, which is called deferrable tax. Interest is still added to this tax even if you do not have to pay it now. This means you will owe more money when you finally pay the tax.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM355392.

Topics:
Money and consumer rights > Taxes
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Part 7Interest
Specific provisions

120TInterest on deferrable tax

  1. Interest continues to accrue on deferrable tax even though a taxpayer has or may have no liability at the time to pay the deferrable tax.

  2. Repealed
Notes
  • Section 120T: inserted, on , by section 36(1) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
  • Section 120T(2): repealed, on (applying on and after 1 April 2003), by section 112(1) of the Taxation (Maori Organisations, Taxpayer Compliance and Miscellaneous Provisions) Act 2003 (2003 No 5).