(1) Notwithstanding anything in section 32 of this Act, every retiring allowance, annual allowance, or annuity that is payable under the principal Act to any person—
shall be reduced, as from the date on which the person becomes so resident, in accordance with the provisions of Part 1 of this Act.
(2) Any reduction required to be made under this section shall be calculated—
(a) As if, for the purposes of section 4 of this Act, the item P is the amount of the first full instalment of the retiring allowance, annual allowance, or annuity that would, but for this section, have been payable on and after the date on which the person becomes so resident; and
(3) Every person to whom subsection (1) of this section refers shall, within 20 days of becoming resident in New Zealand within the meaning of the Income Tax Act 2007, notify the Board that that person has become so resident.
(4) The Board may deduct, from any payments due under the principal Act to any person who fails to comply with subsection (3) of this section, the amount of any overpayment caused by any allowance or annuity not having been reduced on time in accordance with this section.
Subsection (1) was amended, as from 26 April 2005, by section 4(1) Government Superannuation Fund Amendment Act 2005 (2005 No 10) by substituting the words “or partner”
for the word “spouse”
.
Section 33(1)(b): amended, on 1 April 2008, by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Subsection (1)(b) was amended, as from 1 April 1995, by section YB1 Income Tax Act 1994 (1994 No 164) by substituting the words “Income Tax Act 1994”
for the words “Income Tax Act 1976”
.
Subsection (2)(b) was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “tax year”
for the words “income year”
.
Section 33(3): amended, on 1 April 2008, by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Subsection (3) was amended, as from 1 April 1995, by section YB1 Income Tax Act 1994 (1994 No 164) by substituting the words “Income Tax Act 1994”
for the words “Income Tax Act 1976”
.
Section 33 was amended, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35) by substituting the words “Income Tax Act 2004”
for the words “Income Tax Act 1994”
in all places in which they appear. .