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Tax Administration Act 1994

Penalties - Civil penalties

140A: Underestimation penalty where income tax underestimated as at final instalment date

You could also call this:

"Paying a penalty for underestimating your income tax"

Illustration for Tax Administration Act 1994

You have a penalty if you underestimate your income tax. This penalty is for when you get your tax wrong on the final instalment date. The rule about this penalty was repealed on 23 September 1997, which means it does not apply to the 1998-99 and later income years, as stated in the Taxation (Remedial Provisions) Act 1997.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM356178.

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140: Where another person withholds RWT, or

"When someone else takes out tax that you should have"

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140B: Imputation penalty tax payable where end of year debit balance, or

"Extra tax to pay if a company owes more income tax at the end of the year"

Part 9Penalties
Civil penalties

140AUnderestimation penalty where income tax underestimated as at final instalment date (Repealed)

    Notes
    • Section 140A: repealed, on (applying to the 1998–99 and subsequent income years), by section 91 of the Taxation (Remedial Provisions) Act 1997 (1997 No 74).