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Tax Administration Act 1994

Interest - Specific provisions

120V: Interest on overpaid RWT

You could also call this:

"No interest paid on overpaid tax refunds"

Illustration for Tax Administration Act 1994

If you overpay your Resident Withholding Tax (RWT) and the Commissioner refunds you, you will not get interest on the excess amount refunded under section RM 8 of the Income Tax Act 2007. The Commissioner does not have to pay you interest on this amount. You will only get the excess amount back, without any extra interest.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM355398.

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

120VInterest on overpaid RWT

  1. If the Commissioner is required to make a refund of overpaid RWT under section RM 8 of the Income Tax Act 2007, no interest shall be payable by the Commissioner under section 120D(3) on the excess refunded.

Notes
  • Section 120V: inserted (with effect on 1 April 1997), on , by section 86 of the Taxation (Remedial Provisions) Act 1997 (1997 No 74).
  • Section 120V heading: 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 120V: 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).