Section OC 31 — Income Tax Act 2007: Payment of further income tax when company no longer New Zealand resident

OC 31 Payment of further income tax when company no longer New Zealand resident Liability (1) An FDPA company is liable to pay further income tax for a debit balance in the company's FDP account when the company stops being resident in New Zealand. Due date (2) The company must pay the further income tax to the Commissioner by the day the company stops being resident in New Zealand. Paramount section (3) A company to which this section applies that stops being an FDPA company on the last day of a tax year is liable for further income tax under this section and not under section OC 30 . Application of other provisions [Repealed] (4) [Repealed] FDP credit for payment under subsection (1) (5) A company that stops being an FDPA company has an FDP credit for an amount of further income tax paid under this section. Defined in this Act: Commissioner , FDP account , FDP credit , FDPA company , further income tax , pay , resident in New Zealand , tax year , Compare: 2004 No 35 s MG 9(3) Section OC 31 heading: amended (with effect on 30 June 2009), on 6 October 2009, by section 414(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(1) heading: substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(1): substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(2) heading: substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(2): substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(3) heading: substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(3): substituted (with effect on 30 June 2009), on 6 October 2009, by section 414(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(4) heading: repealed (with effect on 30 June 2009), on 6 October 2009, pursuant to section 414(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(4): repealed (with effect on 30 June 2009), on 6 October 2009, by section 414(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31(5) heading: inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 132(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section OC 31(5): inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 132(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section OC 31 list of defined terms FDP credit : inserted (with effect on 30 June 2009), on 2 November 2012, by section 132(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section OC 31 list of defined terms FDP rules : repealed (with effect on 30 June 2009), on 6 October 2009, by section 414(4)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31 list of defined terms further FDP : repealed (with effect on 30 June 2009), on 6 October 2009, by section 414(4)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OC 31 list of defined terms further income tax : inserted (with effect on 30 June 2009), on 6 October 2009, by section 414(4)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).