Variation in relation to s RP 17B(4) of the Income Tax Act 2007 to extend time for tax pooling transfers
In order to use funds in a tax pooling account to satisfy a tax obligation for the 2021 income year, section RP 17B(4) of the Income Tax Act 2007 requires a transfer request to be made on or before either 75 or 76 days after the terminal tax date.
For the 2021 income year, an extension may be granted if certain criteria has been met. Customers or their tax agents must confirm to the tax pool they meet the criteria set out in COV22/15 in writing and have a contract with the tax pooling intermediary in place on or before 21 June 2022 to purchase tax pooling funds.
For those who qualify for the extension, Inland Revenue will extend the tax pooling indicator to prevent most policing action. Note this cannot prevent all output. Customers may see amounts owing in MyIR or on statements of account.
If the extension is granted, the time within which a request must be made will be the earlier of 183 days after a person’s terminal tax date for the 2021 income year or 30 September 2022.
COV 22/15 was amended on 6 April 2022 to clarify that the last date upon which a taxpayer can make a transfer request is 30 September 2022.
Tax Administration Act 1994: ss 6H and 6I
Income Tax Act 2007: s RP 17B