Section RZ 5 — Income Tax Act 2007: Calculating amounts under standard method: 2010–11 to 2012–13 income years

RZ 5 Calculating amounts under standard method: 2010–11 to 2012–13 income years When this section applies (1) This section applies to the calculation of a person's provisional tax liability, when section RC 10 (Calculating amount of instalment under standard and estimation methods) applies,–– (a) for instalments payable on or after 1 October 2010 for the 2010–11 income year and for instalments for the 2011–12 and 2012–13 income years, if the person is a new personal tax rate person: (b) for instalments payable for the 2011–12 and 2012–13 income years, if the person is a new company tax rate person. Calculation modified: for 5% uplift (2) In the calculation of the amount of an instalment, in section RC 10(3)(a) , subparagraph (i) is modified so that–– (a) for instalments payable on or after 1 October 2010 for the 2010–11 income year, instead of using a 5% uplift, a 5% reduction is used, if the person is a new personal tax rate person: (b) for the 2011–12 income year, instead of using a 5% uplift, the amount of provisional tax payable is calculated using–– (i) a 5% reduction, if the person is a new personal tax rate person; or (ii) no uplift, if the person is a new company tax rate person. Calculation modified: for 10% uplift (3) In the calculation of the amount of an instalment, in section RC 10(3)(a) , subparagraph (ii) is modified so that–– (a) for instalments payable on or after 1 October 2010 for the 2010–11 income year, instead of using a 10% uplift, a 5% reduction is used, if the person is a new personal tax rate person: (b) for the 2011–12 income year, instead of using a 10% uplift, the amount of provisional tax payable is calculated using–– (i) a 5% reduction, if the person is a new personal tax rate person; or (ii) a 5% uplift, if the person is a new company tax rate person: (c) for the 2012–13 income year, instead of using a 10% uplift, the amount of provisional tax payable is calculated using–– (i) no uplift, if the person is a new personal tax rate person; or (ii) a 5% uplift, if the person is a new company tax rate person. Defined in this Act: amount , income year , new company tax rate person , new personal tax rate person , pay , provisional tax Section RZ 5: substituted, on 1 October 2010, by section 29 of the Taxation (Budget Measures) Act 2010 (2010 No 27).