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CX 50B: Contributions to retirement savings schemes
or “Rules for tax on money saved for retirement”
You could also call this:

“Rules for getting money back from income smoothing schemes for farmers and fishers”

When you have extra money in your income equalisation scheme, you can get it back. This is called a refund. The law says that when you get this refund, you don’t have to count it as income. This means you won’t have to pay tax on it.

There are two types of refunds mentioned in the law. One is from section EH 8, which is about getting back extra deposits. The other is from section EH 68, which is also about getting back extra deposits. Both of these refunds are not counted as income.

This rule helps farmers and fishers who use income equalisation schemes to manage their money and taxes better. It means they can get their extra money back without worrying about paying more tax on it.

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Next up: CX 51B: Disposal of pre-1990 forest land emissions units

or “Rules for selling forest-related units from pre-1990 land”
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Part C Income
Excluded income: Definitions

CX 51Income equalisation schemes

  1. A refund under section EH 8 (Refund of excess deposit) or EH 68 (Refund of excess deposit) is excluded income.

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Notes
  • Section CX 51: amended, on , by section 145(1) (and see section 145(2) for application) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).