Section RD 70 — Income Tax Act 2007: Calculating amounts of tax on failure to withhold

RD 70 Calculating amounts of tax on failure to withhold When this section applies (1) This section applies when an employer, person, or PAYE intermediary does not withhold under section RD 65(3) an amount of tax for an employer's superannuation cash contribution. Calculation of amount of tax (2) The amount of tax is calculated using the formula— tax rate × contribution to fund − tax already paid. 1 − tax rate Definition of items in formula (3) In the formula,— (a) tax rate is the basic rate set out in schedule 1, part D (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits) at the time the contribution was made: (b) contribution to fund is the amount of the contribution received by the superannuation fund excluding the amount of tax: (c) tax already paid is any amount of tax for the contribution that has already been paid. Defined in this Act: amount , amount of tax , basic rate , employer , employer's superannuation cash contribution , pay , PAYE intermediary , superannuation fund Compare: 2004 No 35 s NE 5 Section RD 70(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 523(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RD 70(1): amended (with effect on 1 April 2008), on 2 November 2012, by section 144(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section RD 70(3)(a) tax rate : amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section RD 70 list of defined terms employer's superannuation cash contribution : inserted (with effect on 1 April 2008), on 6 October 2009, by section 523(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RD 70 list of defined terms employer's superannuation contribution : repealed (with effect on 1 April 2008), on 6 October 2009, by section 523(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).