Section DB 4B — Income Tax Act 2007: Fees to purchase funds in tax pooling accounts

DB 4B Fees to purchase funds in tax pooling accounts Deduction (1) A person is allowed a deduction for expenditure incurred in purchasing an amount held in a tax pooling account to pay a liability for provisional tax, terminal tax, or an increase in an assessment of tax as described in sections RP 17 to RP 21 (which relate to tax pooling intermediaries). Timing of deduction (2) The deduction is allocated to the income year in which the amount is transferred into the person's tax account by the Commissioner to satisfy the person's obligation to pay the tax. Link with subpart DA (3) This section supplements the general permission and overrides the private limitation, the employment limitation, and the withholding tax limitation. The other general limitations still apply. Defined in this Act: amount , assessment , Commissioner , deduction , employment limitation , general permission , income year , intermediary , pay , private limitation , provisional tax , tax account with the Commissioner , tax pooling account , terminal tax , withholding tax limitation Section DB 4B: inserted, on 29 August 2011, by section 14 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).