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New Zealand law explained for everyone

Income Tax Act 2007

Income - Income from mineral mining - Definitions

CU 16: Recovery of reinvestment profit on repayment of loans

You could also call this:

“This rule about getting money back when loans are repaid no longer applies”

This part of the law is no longer in effect. It was about getting back some money when loans were repaid, but it was removed from the law on 1 April 2014. This means you don’t need to worry about this rule anymore when doing your taxes or managing your finances.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513010.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Banking and loans
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CU 15: Recovery of reinvestment profit not used for mining purposes, or

“Removed tax rule about unused mining reinvestment profits”

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CU 17: Repayment by mining company of amount written off, or

“Mining companies no longer need to repay written-off amounts”

Part C Income
Income from mineral mining: Definitions

CU 16Recovery of reinvestment profit on repayment of loans (Repealed)

    Notes
    • Section CU 16: repealed, on (applying for the 2014–15 and later income years), by section 14(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).