Section Sch50-“ 32I — Income Tax Act 2007: Providing RWT exemption certificate to person who does not meet requirements

“ 32I Providing RWT exemption certificate to person who does not meet requirements “ (1) Despite section 32H, the Commissioner may provide an RWT exemption certificate for a period to a person who does not meet the requirements in section 32E(2) if the person— “ (a) will, or is likely to, have for the period, total deductions under the Income Tax Act 2007 that are not less than the total amount of assessable income of the person for the period; or “ (b) would have, or would likely have, in a part of a tax year that falls in the period, total tax credits under section LB 3 of the Income Tax Act 2007 for resident passive income that are more than the income tax liability of the person for the tax year by an amount not less than $500. “ (2) Despite subsection (1), the Commissioner may not provide an RWT exemption certificate to a person unless they have applied in writing as described in section 32E(3), and include in the application a set of budgeted accounts with details, for the period, of the person’s projected— “ (a) total amount of assessable income: “ (b) total deductions: “ (c) tax credits for resident passive income: “ (d) income tax liability. “ (3) For the purposes of subsection (2), the Commissioner may require the person to provide further information. “ (4) A certificate provided under this section is cancelled under section 32L at the expiry date set out in the certificate. “ (5) If a person provided with a certificate under this section notifies another person that they hold the certificate, the notification must include a copy of the certificate. “ Compare: 2004 No 35 s NF 9(12)–(14)