Section LB 6 — Income Tax Act 2007: Tax credits for RSCT

LB 6 Tax credits for RSCT When this section applies (1) This section applies when— (a) a person derives income as a retirement scheme contribution in an income year; and (b) the retirement scheme contributor pays RSCT for the contribution; and (c) the income is not excluded income of the person under section CX 50B (Contributions to retirement savings schemes). Tax credit: New Zealand resident (2) If the person is resident in New Zealand, they have a tax credit for the tax year corresponding to the income year of an amount equal to the RSCT withheld. Tax credit: non-resident (3) If the person is not resident in New Zealand, they have a tax credit for the tax year corresponding to the income year of an amount equal to the excess of RSCT withheld over NRWT paid in relation to the contribution. When contribution is taxable Maori authority distribution (4) If the person is not resident in New Zealand and the retirement scheme contribution is a taxable Maori authority distribution, they have a tax credit for the tax year corresponding to the income year of an amount equal to the RSCT withheld. Defined in this Act: amount , excluded income , income , income year , non-resident , NRWT , pay , resident in New Zealand , retirement scheme contribution , retirement scheme contributor , RSCT , tax credit , tax year Compare: 2004 No 35 s LD 12(1)–(4) Section LB 6: substituted, on 1 April 2008, by section 438(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).