Section LD 5 — Income Tax Act 2007: Calculating amount of tax credit and filing particulars

LD 5 Calculating amount of tax credit and filing particulars Employer's responsibility (1) The employer of a person who makes a payroll donation in a pay period must calculate the amount of the person's tax credit for the pay period under section LD 4 , and include the amount in the particulars described in section LD 4(1)(a). Credit extinguished (2) The tax credit is extinguished if— (a) the Commissioner does not receive an employer monthly schedule and PAYE income payment form for the relevant payroll donation: (b) the relevant particulars filed are incorrect. When matters corrected (3) Despite subsection (2), the credit is restored to the person if the relevant matter is corrected and, for the purposes of this section, it is as if the error had never been made. Defined in this Act: amount , Commissioner , employer , employer monthly schedule , pay period , PAYE income payment form , payroll donation , tax credit Section LD 5: added, on 6 January 2010, by section 323 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).