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Tax Administration Act 1994

Interest - Specific provisions

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

You could also call this:

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

Illustration for Tax Administration Act 1994

You do not get interest from the Commissioner on tax credits for charitable gifts. This is because of a rule that says no interest is payable on these tax credits. The tax credits are calculated under section LD 1 of the Income Tax Act 2007.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS197927.

Topics:
Money and consumer rights > Taxes
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Part 7Interest
Specific provisions

120VDInterest on tax credits for charitable or other public benefit gifts

  1. No interest shall be payable by the Commissioner under section 120D(3) on an amount of tax credit calculated under section LD 1 of the Income Tax Act 2007.

Notes
  • Section 120VD: inserted, on , by section 82 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).