Section RM 2 — Income Tax Act 2007: Refunds for overpaid tax

RM 2 Refunds for overpaid tax Amount more than required (1) The Commissioner must refund an amount of tax that a person has paid if— (a) the amount is more than the tax required to be paid by the person under this Part; and (b) the 4-year period for amendment of an assessment under section 108 of the Tax Administration Act 1994 has not ended. Refundable credits (1B) An amount of tax under subsection (1) includes an amount of a refundable tax credit to which section LA 5(5) (Treatment of remaining credits) applies. Refunds arising from mistakes (2) Section RM 6 overrides subsection (1). Defined in this Act: amount of tax , assessment , Commissioner , pay , refundable tax credit , tax Compare: 2004 No 35 s MD 1(1) Section RM 2(1B) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 541(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RM 2(1B): inserted (with effect on 1 April 2008), on 6 October 2009, by section 541(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RM 2 list of defined terms refundable tax credit : inserted (with effect on 1 April 2008), on 6 October 2009, by section 541(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).