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Tax Administration Act 1994

Remission, relief, and refunds

180: Remissions and refunds of imputation penalty tax

You could also call this:

"Getting money back if you've paid too much imputation penalty tax"

Illustration for Tax Administration Act 1994

The Commissioner can remit imputation penalty tax if you meet certain conditions. You might get a remission if a debit arose to your imputation credit account under section OB 54 of the Income Tax Act 2007. The Commissioner will also remit any late payment penalty imposed under section 139B if they remit the imputation penalty 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=DLM358382.

Topics:
Money and consumer rights > Taxes
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181: Remissions and refunds of FDP penalty tax, or

"Getting money back if you've paid a penalty tax by mistake"

Part 11Remission, relief, and refunds

180Remissions and refunds of imputation penalty tax

  1. The Commissioner shall remit any imputation penalty tax imposed under section 140B to the extent that the Commissioner is satisfied that—

  2. liability for the imputation penalty tax arose by virtue of a debit arising to the company's imputation credit account under section OB 54 of the Income Tax Act 2007 in relation to an arrangement to obtain a tax advantage, and it is established subsequently that, in relation to any such debit, a credit arises to the imputation credit account in accordance with section OB 25 of that Act; or
    1. liability for the imputation penalty tax arose by virtue of a refund of income tax having been sent but not having been received by the company, or not having been known by the company to have been received, before the end of the tax year; or
      1. liability for the imputation penalty tax arose by virtue of a debit arising under any of sections OB 33, OP 31, and OZ 3 of the Income Tax Act 2007, and the taxpayer did not become aware of the arising of the debit in sufficient time to allow it to remove the debit balance before the end of the year.

        1. Where the Commissioner remits any imputation penalty tax under this section, the Commissioner shall also remit any late payment penalty imposed under section 139B to the extent that the Commissioner is satisfied that the penalty was imposed in respect of the imputation penalty tax so remitted.

        2. Where the Commissioner remits any imputation penalty tax under subsection (1)(a), the Commissioner shall also remit any late payment penalty imposed under section 139B to the extent that the Commissioner is satisfied that the penalty was imposed in respect of the amount of further income tax that gave rise to the imposition of the imputation penalty tax so remitted.

        Compare
        • 1976 No 65 s 394O
        Notes
        • Section 180(1): amended, on , by section 58(1) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
        • Section 180(1)(a): 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 180(1)(b): 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 180(1)(b): amended(with effect on 17 August 1995), on , by section 11(1) of the Tax Administration Act (No 3) 1995 (1995 No 77).
        • Section 180(1)(c): amended, on , by section 341 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
        • Section 180(1)(c): 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 180(1)(c): inserted (with effect on 17 August 1995), on , by section 11(1) of the Tax Administration Act (No 3) 1995 (1995 No 77).
        • Section 180(2): amended, on , by section 58(2) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
        • Section 180(3): amended, on , by section 58(3) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).