Section EZ 32E — Income Tax Act 2007: Change in section EX 20B for income of CFC insurer: interest on terminal tax

EZ 32E Change in section EX 20B for income of CFC insurer: interest on terminal tax When section applies (1) This section applies when a person has a liability for terminal tax (the resulting liability )— (a) for an income year beginning on or after 1 July 2009; and (b) relating to a return of income provided to the Commissioner before the date on which the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (the amending Act ) receives the Royal assent; and (c) that the person would not have but for the replacement by the amending Act of section EX 20B(3)(f) (Attributable CFC amount) coming into force on 1 July 2009. No liability for interest for period (2) The person is not liable to pay interest under Part 7 of the Tax Administration Act 1994 in relation to the resulting liability for the period beginning with 1 July 2009 and ending on the later of— (a) 30 June 2012: (b) a date fixed by the Commissioner for the payment of the resulting liability. Relationship with Tax Administration Act 1994 (3) This section overrides Part 7 of the Tax Administration Act 1994. Defined in this Act: Commissioner , income year , return of income , tax position , terminal tax Section EZ 32E: inserted (with effect on 30 June 2009) on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 65(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).