Plain language law

New Zealand law explained for everyone

Tax Administration Act 1994

Interest - Specific provisions

120VC: Interest on some provisional tax

You could also call this:

"No interest on some provisional tax payments"

Illustration for Tax Administration Act 1994

You do not have to pay interest on some provisional tax. This is if the last instalment has not been paid and a certain rule applies. The rule is found in section 120KBB. You can also find more information about interest in section 120D(3).

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7227703.

Topics:
Money and consumer rights > Taxes
Previous

120VB: Interest on overpaid AIM method provisional tax, or

"No interest on some overpaid provisional tax"

Next

120VD: Interest on tax credits for charitable or other public benefit gifts, or

"No interest is paid on tax credits for charitable donations."

Part 7Interest
Specific provisions

120VCInterest on some provisional tax

  1. No interest shall be payable by the Commissioner under section 120D(3) on an amount of provisional tax prior to the last instalment if section 120KBB applies for the provisional tax.

Notes
  • Section 120VC: inserted, on (applying for the 2017–18 and later income years), by section 117(1) of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).