Section OK 12 — Income Tax Act 2007: MACA refund of income tax

OK 12 MACA refund of income tax Debit (1) A Maori authority has a Maori authority debit for the amount of a refund of income tax paid to the Maori authority. Subsections (2) and (4) override this subsection. No debit (2) The amount of a debit under subsection (1) does not include— (a) a refund of income tax paid for a tax year before the 2004–05 tax year; or (b) a refund of income tax paid to the Maori authority that is no more than the debit under section OK 15 ; or (c) a refund of income tax paid for a period when the Maori authority credit account was not maintained. Table references (3) The Maori authority debit in subsection (1) is referred to in table O18: Maori authority debits, row 4 (refund of income tax). The Maori authority debit in subsection (2)(b) is referred to in table O18: Maori authority debits, row 7 (debit for loss of shareholder continuity). Part-year Maori authorities (4) If a Maori authority maintains a Maori authority credit account for only part of a tax year, the amount of the debit is calculated using the formula— account days × refund. 365 Definition of items in formula (5) In the formula,— (a) account days is the number of days in the tax year for which the Maori authority maintains the Maori authority credit account: (b) refund is the amount of the refund. Debit date (6) The debit date is the day the refund is made. Relationship with section OK 14B (7) This section does not apply to an amount that gives rise to a debit under section OK 14B . Defined in this Act: amount , income tax , Maori authority , Maori authority credit account , Maori authority debit , pay , tax year , Compare: 2004 No 35 s MK 5(1)(c), (g), (2)(c) Section OK 12(7) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 441(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OK 12(7): added (with effect on 1 April 2008), on 6 October 2009, by section 441(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).