Section RM 31 — Income Tax Act 2007: Treatment of amounts not refunded

RM 31 Treatment of amounts not refunded When this section applies (1) This section applies when, through the application of sections RM 28 and RM 29 , an overpayment of income tax by a PCA person is not refunded to the person. Satisfying liabilities or retained (2) The amount prevented from being a refund— (a) is used to satisfy an income tax or provisional tax liability of the person for the tax year of the entitlement; and (b) may be used by the person to satisfy an income tax or provisional tax liability for a tax year other than the tax year of entitlement; and (c) retained in the person’s tax account with the Commissioner to the extent to which paragraphs (a) and (b) do not apply. Credit for provisional tax (3) Despite subsection (2), the amount may be credited on a provisional tax instalment date if residual income tax is treated under section 120K of the Tax Administration Act 1994 as payable on the date set out in Part 7 of that Act. Relationship with section RZ 6 (4) Section RZ 6 (Limits on refunds: transitional dates) overrides subsection (2)(c). Defined in this Act: amount , Commissioner , income tax , income tax liability , instalment date , pay , PCA person , provisional tax , residual income tax , tax account with the Commissioner , tax year , Compare: 2004 No 35 s MD 3(4)