Section HC 33 — Income Tax Act 2007: Choosing to satisfy income tax liability of trustee

HC 33 Choosing to satisfy income tax liability of trustee Election to satisfy tax liability (1) A person who is a trustee, settlor, or beneficiary of a trust may choose to satisfy the income tax liability of the trustee of the trust. Liability of person making election (2) The person making the election is liable for the income tax payable by the trustee, other than income tax that the trustee is liable for as agent. Application of election (3) The election under subsection (1) may apply either for an income year or from the date on which it is made. It then applies for all following income years. Time of providing election (4) The person must notify the Commissioner of an election under subsection (1) within the time allowed for filing a return of income for the income year. If section HC 30 applies, they must give notification by the election expiry date. Defined in this Act: agent , Commissioner , election expiry date , income tax , income tax liability , income year , notify , pay , return of income , settlor , trustee , Compare: 2004 No 35 s HH 4(7)