RP 18 Deposits in tax pooling accounts
When this section applies

(1)

This section applies when a tax pooling intermediary makes a deposit in a tax pooling account on behalf of a person.

Deposit held in trust

(2)

The intermediary holds the principal amount of the person’s deposit in trust for the person until the amount is—

(a)

credited to the person’s tax account with the Commissioner:

(b)

credited to another person’s tax account with the Commissioner:

(c)

refunded to the person:

(d)

transferred at the person’s request to another intermediary:

(e)

transferred at the intermediary’s request to another intermediary.

Effective date

(2B)

For the purposes of this section and sections RP 17B and RP 19, a deposit that is transferred between intermediaries under subsection (2)(d) or (e) retains its pre-transfer date.

Notification required

(3)

The intermediary must—

(a)

notify the person, at or before the time the person pays an amount to the intermediary, that the payment does not satisfy an obligation of the person to make a payment to the Commissioner; and

(b)

notify the Commissioner by electronic means, providing for each person who has contributed an amount as a deposit,—

(i)

the person’s name and tax file number; and

(ii)

the amount of the person’s contribution.

Confirming receipt of deposit and details

(4)

On receiving the deposit and details described in subsection (3), the Commissioner must provide confirmation of receipt.

Refunding deposit

(5)

If the details described in subsection (3) are not provided within 5 working days after a deposit is made, the Commissioner must refund the deposit.

Defined in this Act: amount, Commissioner, intermediary, notify, pay, request, tax account with the Commissioner, tax file number, tax pooling account, working day

Compare: 2004 No 35 ss MBA 3, MBA 4(3), MBA 5(1)–(4)

Section RP 18(2)(c): amended, on 6 October 2009, by section 552(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(2)(d): added, on 6 October 2009, by section 552(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(2)(e): added, on 6 October 2009, by section 552(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(2B) heading: inserted, on 6 October 2009, by section 552(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(2B): inserted, on 6 October 2009, by section 552(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(4) heading: substituted, on 6 October 2009, by section 552(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18(4): substituted, on 6 October 2009, by section 552(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 18 list of defined terms request: inserted, on 2 June 2016, by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).