Taxation (Business Taxation and Remedial Matters) Act 2007

554 Schedule 1—Basic tax rates: income tax, ESCT, RWT, and attributed fringe benefits

• (1) In the heading to schedule 1, “RSCT,” is inserted before “RWT,”.

  (2) In schedule 1, part A, clause 6 “Taxable income: trustees of certain funds” is inserted as a heading to the clause.

  (3) After schedule 1, part D, clause 6, the following is added:

  “Basic rates for RSCT

  “7 Retirement scheme contributions

  • The payment rate for an amount of a retirement scheme contribution made by a retirement scheme contributor for a person is set out in table 5.”

    Table 5

    Row	Conditions		Payment rate
    1	The person responsible for withholding RSCT—
    	(a)	has been notified under section 28C of the Tax Administration Act 1994 that 19.5 cents in the dollar is the person's retirement scheme prescribed rate; and
    	(b)	has been supplied with the tax file number of the person	0.195
    2	The person—
    	(a)	is a non-resident; and
    	(b)	the retirement scheme contributor is a Maori authority; and
    	(c)	the distribution is $200 or less	0.195
    3	The person responsible for withholding RSCT—
    	(a)	has been notified under section 28C of the Tax Administration Act 1994 that 33 cents in the dollar is equal to or greater than the person's retirement scheme prescribed rate
    	(b)	has been supplied with the tax file number of the person	0.330
    4	When rows 1 and 2 do not apply.		0.390
    How to use this table
    Find the applicable condition, in the middle column, in order to find the relevant rate to apply, in the right column.