Section RC 1 — Income Tax Act 2007: What this subpart does

RC 1 What this subpart does When this subpart applies (1) Sections RC 3 to RC 39 apply, for the purposes of the provisional tax rules, to provide— (a) the circumstances in which a person has a provisional tax obligation: (b) a person’s provisional tax liability for a tax year, and the methods for calculating the amount payable for the tax year: (c) the number of instalments of provisional tax and the instalment dates for a corresponding income year: (d) how the amount of an instalment of provisional tax is determined: (e) the payment of provisional tax in a transitional year: (f) the application of the rules relating to use of money interest in Part 7 of the Tax Administration Act 1994, and late payment penalties and shortfall penalties in Part 9 of that Act. Instalment dates (2) In this subpart, a reference to an instalment classified by the letters A to F is a reference to a date in the table in schedule 3, part A (Payment of provisional tax and terminal tax) on which an instalment of provisional tax is payable for an income year corresponding to a tax year. Defined in this Act: amount , corresponding income year , income year , instalment date , pay , provisional tax , provisional tax rules , shortfall penalty , tax year , transitional year , Compare: 2004 No 35 s MB 1