Section LO 2B — Income Tax Act 2007: Credit of RSCT for Maori authority credit

LO 2B Credit of RSCT for Maori authority credit Retirement scheme contributions (1) A retirement scheme contributor who attaches a Maori authority credit to a retirement scheme contribution for a person in an income year has a credit of RSCT equal to the lesser of— (a) the amount of the Maori authority credit: (b) the liability of the contributor for RSCT on the contribution. When credit more than liability (2) If the amount of the Maori authority credit is more than the liability of the contributor for RSCT on the contribution,— (a) the amount of the excess is treated as a Maori authority credit attached to a taxable Maori authority distribution from the contributor to the person; and (b) the person responsible for withholding the RSCT must, within 30 days of the contribution, notify the person of the amount of the excess credit. Defined in this Act: amount , income year , Maori authority credit , notify , retirement scheme contribution , retirement scheme contributor , RSCT Compare: 2004 No 35 s LD 4 Section LO 2B: inserted, on 1 April 2008, by section 449 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).