Section RC 14 — Income Tax Act 2007: Paying 1 instalment for tax year

RC 14 Paying 1 instalment 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 D and ends at the end of the corresponding income year: (b) a person liable to pay provisional tax whose return of income for the preceding tax year is not provided on or before 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 D; and (ii) their residual income tax for the tax year before the preceding tax year was $2,500 or less: (c) a person who pays GST on a 6-monthly basis if— (i) their first business day occurs in the period that starts 30 days before the date of instalment C and ends at the end of the corresponding income year; or (ii) they meet the requirements of paragraph (b)(i) and (ii) as if the reference to instalment D in paragraph (b)(i) were a reference to instalment C. When instalment payable (2) For the purposes of section RC 9(9)(c) , the instalment is payable on the date of instalment F for the person’s corresponding income year. Amount of instalment (3) The amount of the 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 14