Plain language law

New Zealand law explained for everyone

Tax Administration Act 1994

Penalties - Civil penalties

139AC: Penalty for trustee’s failure to register, provide information for, foreign exemption trust

You could also call this:

"Penalty for not following rules for foreign exemption trusts"

Illustration for Tax Administration Act 1994

You are a trustee of a foreign exemption trust. You must follow the rules in sections like section 22, 59B, 59C, and 59D. If you do not, you may have to pay a penalty. You will have to pay the penalty amount decided by the Commissioner, which is up to $1,000. The Commissioner decides this amount. You will not have to pay the penalty if you try your best to follow the rules and fix any mistakes. The Commissioner must be satisfied with your efforts. You must pay the penalty by the due date, which is either 30 days after the Commissioner sends you a notice or a date the Commissioner decides.

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 It might be out of date or be missing some parts.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=LMS835665.

Previous

139ABB: Penalty for failing to register or provide information for purposes of applied global anti-base erosion rules, or

"Penalty for not following global tax rules"

Next

139B: Late payment penalty, or

"You pay a penalty if you don't pay your tax on time."

Part 9Penalties
Civil penalties

139ACPenalty for trustee’s failure to register, provide information for, foreign exemption trust

  1. A trustee of a foreign exemption trust is liable to pay a penalty under this section if the trustee fails to comply with the requirements of section 22, 59B, 59C, or 59D.

  2. The penalty under this section is the amount specified by the Commissioner, which must not be more than $1,000.

  3. A trustee is not liable to pay a penalty under this section for a failure to comply with requirements if the Commissioner is satisfied that the trustee makes reasonable efforts to comply with the requirements and to remedy the non-compliance with the requirements.

  4. The due date for payment of a penalty imposed under this section is the later of—

  5. 30 days after the date on which the Commissioner issues the notice of assessment for the penalty:
    1. the date specified by the Commissioner in the notice of assessment as being the due date for payment of the penalty.

      Notes
      • Section 139AC: inserted, on , by section 196 of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).