Income Tax and Goods and Services tax – Director’s liability and the COVID-19 “safe harbour” in schedule 12 to the Companies Act 1993
This public ruling considers whether s HD 15 of the Income Tax Act 2007 or s 61 of the Goods and Services Tax Act 1985 (which relate to director's liability for tax of a company) will apply to a director of a company that has been affected by COVID-19 and that relies on the safe harbour in schedule 12 of the Companies Act. The ruling concludes that, of itself, reliance on the safe harbour by a director, and the company continuing to trade or carry on business or incur new obligations on commercial, ordinary business terms, will not result in the application of those provisions.
Companies Act 1993, ss 135, 136, 138B, schedule 12
Goods and Services Tax Act 1985, s 61
Income Tax Act 1994, s HK 11
Income Tax Act 2004, s HK 11
Income Tax Act 2007, s HD 15
Official Information Act 1982, s 6
Tax Administration Act 1994, s 91D
AMP Life Ltd v CIR (2000) 19 NZTC 15,940 (HC)
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