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Tax Administration Act 1994

Miscellaneous

226I: Notification requirements relating to tax relief for emergencies: group assets

You could also call this:

"Telling the tax office about emergency tax relief for group assets"

Illustration for Tax Administration Act 1994

You must tell the Commissioner if you choose to include compensation in your New Zealand group's total assets for an income year under section FP 19 of the Income Tax Act 2007. You need to provide information about the election you made and a reasonable estimate of the income that would arise under section CH 9 without section FP 19. You also need to give the amount of income that arises under section CH 9 after applying section FP 19, and any other information the Commissioner requires. You must give the Commissioner the information in the required form and by the required means. The information is due by the day you need to make a return of income for the corresponding tax year, unless the Commissioner allows a later time due to exceptional circumstances. You should follow the Commissioner's rules for providing the information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1430731.

Topics:
Money and consumer rights > Taxes
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Part 13Miscellaneous

226INotification requirements relating to tax relief for emergencies: group assets

  1. A person who chooses to include an amount of the compensation in the value of the total group assets of the person’s New Zealand group for an income year under section FP 19 of the Income Tax Act 2007 must notify the Commissioner of the following:

  2. that the person has made the election for the income year; and
    1. a reasonable estimate of the amount of income that would arise under section CH 9 of that Act for the income year in the absence of section FP 19; and
      1. the amount of income that arises under section CH 9 for the income year after the application of section FP 19; and
        1. any further information required by the Commissioner.

          1. The information required under subsection (1) must be given—

          2. in the form and by the means prescribed by the Commissioner; and
            1. no later than the day by which the person is required to make a return of income for the corresponding tax year, or at a later time if the Commissioner considers there are exceptional circumstances.

              Notes
              • Section 226I: inserted, on , by section 199 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).