Section LO 4 — Income Tax Act 2007: When income tax unpaid

LO 4 When income tax unpaid When this section applies (1) This section applies when— (a) a person has a tax credit under section LO 1 and a Maori authority credit is attached to a dividend; and (b) the dividend is paid by a Maori authority that has a debit balance in their Maori authority credit account at the end of the tax year; and (c) the authority has not paid further income tax by the due date referred to in section OK 21 (Further income tax for closing debit balance). Amount of reduction (2) The Commissioner may reduce the person’s credit by an amount equal to their proportion of the unpaid amount under subsection (1)(c). When failure to pay remedied (3) To the extent to which a Maori authority remedies the failure after the due date, this section does not apply. Defined in this Act: amount , Commissioner , dividend , further income tax , Maori authority , Maori authority credit , Maori authority credit account , pay , tax credit , tax year , Compare: 2004 No 35 s LD 3A(6)