Income Tax Act 2007 section 495

Statement about deduction of income tax

Section 495 gives the person treated as having paid income tax on a discretionary payment the right to request a written statement from the trustees setting out the details of that payment and the tax treated as deducted.

• The person treated as having paid income tax may request a written statement from the trustees detailing the discretionary payment.
• The statement must show the grossed-up amount, the tax sum deducted under section 494, and the actual amount of the discretionary payment.
• Where income is treated as the settlor's, it is the settlor rather than the recipient who may require the statement.
• The obligation to provide the statement is legally enforceable by the person who made the request.