Section RC 37 — Income Tax Act 2007: Availability of early-payment discounts

RC 37 Availability of early-payment discounts Sections RC 38 and RC 39 apply for an income year to a small-business person who is not liable to pay provisional tax for the income year and, for earlier income years,— (a) has never been liable to pay provisional tax and either— (i) has never received an early-payment discount; or (ii) has not derived assessable income from a business in a period of 4 income years starting after the latest income year for which they received an early-payment discount; or (b) has not derived assessable income from a business in a period of 4 income years starting after the latest income year for which they were liable to pay provisional tax. Defined in this Act: assessable income , business , early-payment discount , income year , pay , provisional tax , small-business person , Compare: 2004 No 35 s MBB 2(1)(a), (d)