Income Tax Act 2007 section 945

Overview of Chapter

Section 945 provides an overview of the chapter dealing with the reporting and collection of income tax on certain payments made by deposit-takers, building societies and certain companies (known as "section 946 payments").

• Persons who have made section 946 payments must file returns detailing those payments, and income tax due on them must be collected
• Returns must be delivered for payments made within accounting periods (covering return periods) and also for payments made outside accounting periods, with the amount and timing of tax due specified separately
• Persons who have made section 946 payments may claim to set off income tax they have already suffered against the income tax they owe on those payments
• Where tax is not paid on time, or where returns are incomplete or incorrect, specific assessment and enforcement procedures apply