Examples of the Income Tax Acts in a sentence
Received Royal Assent: 24 March 1970Passed: 19 May 1970Commenced: 19 May 1970 & s 123(2) AN ACT to consolidate the Income Tax Acts.
Financial institution unit trusts will be NZ financial institutions if they are tax resident in New Zealand (excluding offshore branches) under the company tax residency rules set out in the Income Tax Acts.# The specified period this applies for i.e, for the shorter of the:- three year period ending on 31 March of the period preceding the period in which the determination is made, or- period during which the entity has been in existence.
Whenever an RMFI reports an undocumented account, the Commissioner will use its information- gathering powers under the Income Tax Acts as mentioned in regulation 42 of the amended Cooperation with Other Jurisdiction on Tax Matters Regulations, to obtain information regarding the undocumented account(s) reported.
Wording along the lines of “as if the appeal were an appeal against an assessment to income tax and the provisions of the Income Tax Acts relating to ….shall with the necessary modifications apply accordingly” has been removed and each right of appeal now operates on a standalone basis.
A beneficiary will cease to possess special tax status with immediate effect, if the same beneficiary is in breach of any provisions of the Income Tax Acts.
The Trustee shall maintain or cause to be maintained proper accounts and records of the Fund and its administration as may be required by Superannuation Law or the Income Tax Acts and as the Trustee may otherwise determine.
The income derived from any property of the Trust shall be exempt from the provisions of the Income Tax Acts, 1946 and 1958, and any Act amending the same.
In pursuance of the provisions of the Income Tax Acts and relevant regulations made thereunder, the trustees of a trust that are persons resident in Malta need to register the said trust for the purposes of the Income Tax Acts where there is income attributable to such trust as provided for in the said Acts.
Where, for any reason the beneficiary is no longer represented by an Authorised Registered Mandatory, the said beneficiary should authorise another Mandatory and inform the Commissioner of Inland Revenue of this change as soon as possible as otherwise the obligations under the Income Tax Acts will not be able to be fulfilled.
In Smietanka, the Court stated that, “There can be no doubt that the word [income] must be given the same meaning and content in the Income Tax Acts of 1916 and 1917 that it had in the Act of 1913.” Smietanka at 519.