What are TRCs purchased in respect of tax heldover conditionally in objection cases?
When an assessment is under objection, the Commissioner may direct that the tax in dispute be heldover conditionally upon the purchase of a TRC of a specified amount. The sum purchased will be applied to settle the tax in dispute or repaid to the taxpayer depending on the final determination of the objection or appeal. Simple interest will be paid only in respect of the capital sum eventually repaid to the taxpayer.
Do I need to notify the Department if I wish to redeem the TRCs in my account for settlement of my tax liabilities?
TRCs purchased under the Electronic Tax Reserve Certificates Scheme will be redeemed automatically on a First-In-First-Out basis for settlement of your tax liabilities. About 2 weeks before the tax due date, we will send a “proposal for redemption” to you showing details of certificates intended to be redeemed and any shortfall to be settled separately.
How can I purchase ordinary TRCs after opening a TRC Account?
You can do so through your eTAX Account, PPS, the Internet, e-Cheque, bank ATM, by post or in person. You can also purchase TRCs on a monthly basis through auto-pay arrangements with a bank. TRCs must be purchased in denominations of $300 or above and in multiples of $50.