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Goods and Services Tax Act 1985

Returns and payment of tax - Calculation of tax payable: deductions, apportionment, other adjustments

20F: Election that sections 11A(1)(q) and (r) and 20C apply

You could also call this:

"Choosing to apply special tax rules when supplying financial services"

Illustration for Goods and Services Tax Act 1985

You can choose to apply certain rules when supplying financial services. You make this choice by taking a tax position in a return for the taxable period. This choice applies to rules in sections 11A(1)(q) and (r) and 20C.

You do this for certain supplies of financial services. The rules you choose to apply are about tax. You show you have made this choice in your tax return.

When you supply financial services, you might want to use these rules. You can find the rules in sections 11A(1)(q) and (r) and 20C. These rules are part of the tax law.

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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=DLM83894.

Topics:
Money and consumer rights > Taxes
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20E: Determining supplies charged at 0% under section 11A(1)(q) and (r) from supplies by another person, or

"How to work out tax on supplies that are free from tax when someone else is involved"

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20G: Treatment of supplies of certain assets, or

"What happens with tax when you sell certain assets"

Part 3Returns and payment of tax
Calculation of tax payable: deductions, apportionment, other adjustments

20FElection that sections 11A(1)(q) and (r) and 20C apply

  1. A person may choose to apply the rules in sections 11A(1)(q) and (r) and 20C in relation to certain supplies of financial services. The person makes the election by taking a tax position in a return for the taxable period.

Notes
  • Section 20F: replaced, on , by section 222(1) (and see section 222(2) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).