RP 19 Transfers from tax pooling accounts
Transferring amounts

(1)

A tax pooling intermediary may apply to the Commissioner to transfer an amount in their tax pooling account to the tax account of a person who is their client or to another intermediary.

Treatment of transferred amounts

(1B)

An amount transferred and credited to the tax account of a person for provisional tax or terminal tax is treated as follows:

(a)

for an amount credited on or before the date that is, or would have been, the person’s final instalment date for a tax year, as income tax paid to meet a provisional tax obligation under the provisional tax rules:

(b)

for an amount credited after the date that is, or would have been, the person’s final instalment date for a tax year,—

(i)

first, as applied under section 120F of the Tax Administration Act 1994 to pay interest that the person is liable to pay; and

(ii)

secondly, as income tax paid to meet the person’s provisional tax obligation.

Credited on date of deposit or later

(2)

The intermediary may apply to the Commissioner that the amount of a transfer under subsection (1) is credited in the person’s tax account or the account of another intermediary on the date on which the amount was deposited in the tax pooling account or on some later date.

Credit date

(3)

The credit date for an amount transferred to a person’s tax account is—

(a)

for a transfer under section RP 17B(4)(a) or (b), the relevant instalment date set out in schedule 3, part A (Payment of provisional tax and terminal tax):

(b)

for a transfer under section RP 17B(4)(c), the date on which the person deposited the funds in a tax pooling account:

(c)

for an application made within the 60-day period referred to in section RP 17B(5) or (6), a date nominated that is no earlier than the original due date for the relevant period:

(d)

in any other case, the date on which the Commissioner receives the application for the transfer.

Details

(4)

For the purposes of this section, the intermediary must provide the following details to the Commissioner by electronic means:

(a)

the date of the transfer and the credit date, if it is different; and

(b)

the amount of the transfer; and

(c)

the tax file number of the person for whom the amount is transferred.

Statement

(5)

When an amount is transferred, the Commissioner must provide a statement showing the effect of the transfer to both the intermediary and the person for whom the transfer is made.

Defined in this Act: amount, apply, Commissioner, income tax, intermediary, pay, provisional tax, provisional tax rules, tax file number, tax pooling account, tax year, terminal tax

Compare: 2004 No 35 s MBA 6(1)–(3)

Section RP 19(1) heading: substituted, on 6 October 2009, by section 553(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 19(1): substituted, on 6 October 2009, by section 553(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 19(1): amended, on 2 June 2016, by section 66(1) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).

Section RP 19(1B) heading: inserted, on 6 October 2009, by section 553(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 19(1B): inserted, on 6 October 2009, by section 553(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 19(1B): amended (with effect on 3 July 2014), on 24 February 2016, by section 231 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).

Section RP 19(1B)(a): replaced, on 1 April 2019, by section 273(1) (and see section 273(2) for application) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section RP 19(1B)(b): replaced, on 1 April 2019, by section 273(1) (and see section 273(2) for application) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section RP 19(2): amended, on 2 June 2016, by section 66(2) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).

Section RP 19(2): amended, on 6 October 2009, by section 553(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section RP 19(3): substituted, on 29 August 2011, by section 127 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).

Section RP 19(3)(c): amended, on 2 June 2016, by section 66(3) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).

Section RP 19(3)(d): amended, on 2 June 2016, by section 66(4) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).

Section RP 19 list of defined terms apply: inserted, on 2 June 2016, by section 66(5) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).