Tax Administration Act 1994

Assessments

94C: Assessment of penalties under sections 142H and 142I

You could also call this:

"Paying penalties for not following financial rules"

Illustration for Tax Administration Act 1994

The Commissioner can decide how much penalty you must pay under section 142H if you are a financial institution with obligations under Part 11B. You are liable to pay this penalty unless you can prove it is too much or you do not have to pay it. The Commissioner can also decide how much penalty you must pay under section 142I if you have obligations under Part 11B to provide information about a financial account. You are liable to pay this penalty unless you can prove it is too much or you do not have to pay it.

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This page was last updated on 28 November 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7328816.

Topics:

Money and consumer rights > Banking and loansBusiness > Industry rules

94BD: Assessment of penalty for trustee failing to register, or provide information for, foreign exemption trust, or

"Penalty for not registering a foreign trust"

94D: Assessment of penalties related to requirements under model rules, or

"Paying penalties for not following digital platform rules"

Part 6Assessments

94CAssessment of penalties under sections 142H and 142I

The Commissioner may, for a financial institution having obligations under Part 11B for financial accounts maintained by the financial institution, make an assessment of the amount of a penalty under section 142H that, in the Commissioner’s judgement, ought to be imposed and the financial institution is liable to pay the penalty assessed, except so far as the financial institution establishes in proceedings challenging the assessment that the assessment is excessive or that the financial institution is not chargeable with the penalty.
The Commissioner may, for a person or entity having obligations under Part 11B for the provision of information relating to a person or entity for a financial account, make an assessment of the amount of a penalty under section 142I that, in the Commissioner’s judgement, ought to be imposed and the person or entity is liable to pay the penalty assessed, except so far as the person or entity establishes in proceedings challenging the assessment that the assessment is excessive or that the person or entity is not chargeable with the penalty.

Notes

Section 94C: inserted, on 1 July 2017, by section 16 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).