Section RH 2 — Income Tax Act 2007: Retirement scheme contributions

RH 2 Retirement scheme contributions Contribution for benefit of members (1) A retirement scheme contribution means a contribution in money by a retirement scheme contributor to a retirement savings scheme for the benefit of a person who is a member of, or who has an ownership interest in, the contributor. Tax credits (2) For the purposes of subsection (1), money includes an amount of an imputation credit or a Maori authority credit. Determining amount of contribution (3) The amount of a retirement scheme contribution is the sum of— (a) the amount of the contribution received by the retirement savings scheme and not withheld under subsection (5) on behalf of the retirement scheme contributor; and (b) the amount of tax for the retirement scheme contribution. Payment of amount of tax (4) A retirement scheme contributor who pays an amount that represents a retirement scheme contribution must withhold and pay to the Commissioner the amount of tax for the contribution. The amount is payable monthly under section RA 15 (Payment dates for interim and other tax payments). Appointment of agent (5) For the purposes of subsection (4), a contributor may appoint the retirement savings scheme as agent in relation to the calculation and payment of the amount of tax. Defined in this Act: amount , amount of tax , Commissioner , imputation credit , Maori authority credit , retirement savings scheme , retirement scheme contribution , retirement scheme contributor Compare: 2004 No 35 ss NEB 1(2) , NEB 2 , NEB 3(1)(a) , OB 1 “ retirement scheme contribution ” Section RH 2: inserted, on 1 April 2008, by section 545 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).