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Tax Administration Act 1994

Transfers of excess tax - Miscellaneous

173S: Transfers of interest on overpaid tax

You could also call this:

"Getting interest back on overpaid tax transferred to another time or tax type"

Illustration for Tax Administration Act 1994

You can ask the Commissioner to transfer some interest to another time or another type of tax. The Commissioner can only transfer the interest on the date it would have been paid under Part 7. If you want the interest transferred to a later period, the Commissioner can only transfer a certain amount. You are limited to the amount you owe the Commissioner, your deferrable tax, or any adjustments. The Commissioner can also agree to transfer a certain amount with you. The transfer rules are under Part 7, which you can find at Part 7. The Commissioner will follow these rules when transferring 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=DLM358311.

Topics:
Money and consumer rights > Taxes
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Part 10BTransfers of excess tax
Miscellaneous

173STransfers of interest on overpaid tax

  1. If the Commissioner is liable to pay interest to a taxpayer under Part 7, a taxpayer or their agent may request the Commissioner to transfer all or part of the interest to another period, another tax type of the taxpayer or to another taxpayer.

  2. The Commissioner may only transfer the interest on the date that it would have been payable under Part 7, as if a transfer request had not been made.

  3. If the date under subsection (2) is after the start of the requested period for the taxpayer or the other taxpayer, the maximum amount that the Commissioner may transfer is the total of—

  4. debt owing by the taxpayer, or by the other taxpayer as the case may be, to the Commissioner for the requested period at the date under subsection (2); and
    1. the taxpayer’s, or the other taxpayer’s as the case may be, deferrable tax for the requested period at the date under subsection (1); and
      1. the amount of an adjustment for the requested period under a notice of proposed adjustment, if there is no deferrable tax under paragraph (b) for the period; and
        1. any amount agreed with the Commissioner.

          Notes
          • Section 173S: inserted, on , by section 91(1) of the Taxation (Relief, Refunds and Miscellaneous Provisions) Act 2002 (2002 No 32).
          • Section 173S(3): inserted (with effect on 5 February 2017), on , by section 127 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).