Section Sch50-“ 80KL — Income Tax Act 2007: Payment of instalments into accounts

“ 80KL Payment of instalments into accounts “ (1) Unless the Commissioner in a particular case otherwise determines, it is a condition of the receipt of tax credits paid by instalments by the Commissioner that— “ (a) the person, or the person and their spouse, civil union partner, or de facto partner,— “ (i) gives the Commissioner the details of an existing bank account held by the person (whether alone or jointly with their spouse, civil union partner, or de facto partner); or “ (ii) opens a bank account (if they do not have one), and gives the Commissioner details of that account; and “ (b) the existing account or, as applicable, the opened account is an account held as described in subsection (2). “ (2) The account must be held with— “ (a) a registered bank within the meaning of that term in section 2 of the Reserve Bank of New Zealand Act 1989; or “ (b) a building society, in respect of any deposits with the building society; or “ (c) the Public Service Investment Society Limited; or “ (d) a credit union within the meaning of that term in section 2 of the Friendly Societies and Credit Unions Act 1982. “ (3) The Commissioner must pay every instalment of tax credit into the account. “ Compare: 2004 No 35 s KD 7(4)