(1)
An intermediary may wind up their tax pooling account at any time.
(2)
The Commissioner may require an intermediary to wind up their tax pooling account if—
the intermediary’s actions are preventing a taxpayer from effectively managing their liability to pay provisional tax and use of money interest; or
the intermediary is or has breached their obligations under this Part; or
the tax pooling account is in deficit; or
fewer than 100 taxpayers are, or are likely to be, making deposits in the tax pooling account; or
the intermediary does not meet the requirements of section 15Q; or
when they are not a natural person, the intermediary has been put into liquidation or receivership.
(3)
For the purposes of subsection (2),—
the Commissioner may require the winding up immediately or may set another date for the winding up:
the Commissioner must give 30 days’ notice to the intermediary of any intended action using subsection (2)(d).
(4)
On the winding up of a tax pooling account, the Commissioner may refund the balance of the account to the former holder of the account, or may apply to a court for directions for the disposal of the balance of the account.
Compare: 2004 No 35 s MBA 8
Section 15T: replaced, on 6 October 2009, by section 598(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).