Section RC 13 — Income Tax Act 2007: Paying 2 instalments for tax year

RC 13 Paying 2 instalments for tax year Who this section applies to (1) This section applies for a tax year to— (a) a person with an initial provisional tax liability whose first business day occurs in the period that starts 30 days before the date of instalment B and ends 30 days before the date of instalment D; or (b) a person liable to pay provisional tax whose return of income for the preceding tax year is provided in the period that starts on the date of instalment B and ends on the date of instalment D if— (i) they were required to provide a return for the preceding tax year but, under section 37 of the Tax Administration Act 1994 or an extension under that section, are not required to provide the return by the date of instalment B; and (ii) their residual income tax for the tax year before the preceding tax year was $2,500 or less. Exclusion (2) Despite subsection (1), this section does not apply to a person liable to pay provisional tax who pays GST on a 6-monthly basis. When instalments are payable (3) For the purposes of section RC 9(9)(b) , the instalments are payable on the date of instalments D and F for the person’s corresponding income year. Formula for amount of instalment (4) The amount of each instalment is calculated under section RC 10 . Defined in this Act: amount , corresponding income year , first business day , GST , initial provisional tax liability , pay , provisional tax , residual income tax , return of income , tax year , Compare: 2004 No 35 s MB 13