Section RM 5 — Income Tax Act 2007: Overpayment on income statements

RM 5 Overpayment on income statements When this section applies (1) This section applies when an income statement has been provided to a person and the result is that an amount of tax must be refunded to the person. For the purposes of this section, the amount of tax must be more than $200. 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. Refund on confirmation of correctness (2) The Commissioner may refund the amount of tax only after the person has confirmed that the income statement is correct. Threshold amount (3) The Governor-General may make an Order in Council increasing the amount set out in subsection (1). Defined in this Act: amount of tax , Commissioner , income statement , refundable tax credit Compare: 2004 No 35 s MD 1(1A) Section RM 5(1B) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 542(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RM 5(1B): inserted (with effect on 1 April 2008), on 6 October 2009, by section 542(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section RM 5 list of defined terms refundable tax credit : added (with effect on 1 April 2008), on 6 October 2009, by section 542(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).