Section RB 3 — Income Tax Act 2007: Schedular income tax liability for filing taxpayers for non-resident passive income

RB 3 Schedular income tax liability for filing taxpayers for non-resident passive income When this section applies (1) This section applies for the purposes of calculating a filing taxpayer’s terminal tax under section BC 8 (Satisfaction of income tax liability). Calculating amount of liability (2) The schedular income tax liability of the filing taxpayer under section BC 7 (Income tax liability of person with schedular income) for each class of non-resident passive income that is schedular income under paragraph (f) of the definition of schedular income is equal to an amount calculated using the formula— amount of income × tax rate. Definition of item in formula (3) In the formula, tax rate is the rate set out in sections RF 7 to RF 10 , and RF 12 (which relate to the calculation of NRWT) that applies to the class of non-resident passive income. No imputation credits (4) If the taxpayer derives a dividend to which subsection (2) applies, they do not have a credit under section LE 1 (Tax credits for imputation credits) for an imputation credit attached to the dividend. Defined in this Act: amount , dividend , filing taxpayer , imputation credit , non-filing taxpayer , non-resident passive income , NRWT , schedular income , schedular income tax liability , terminal tax , Compare: 2004 No 35 ss BC 7 , NG 3 Section RB 3(2): amended (with effect on 1 April 2008), on 6 October 2009, by section 497(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).