Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Deductions - Specific rules for expenditure types

DB 20: Destruction of temporary building

You could also call this:

“Claiming money back for a destroyed temporary building”

You can get money back if your temporary building is destroyed. This is called a deduction. The amount you can deduct is the same as the loss you suffered because of the destruction.

This rule is part of the general permission for deductions. It overrides the usual rule that you can’t deduct capital expenses. However, other general rules about deductions still apply.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513618.

Topics:
Money and consumer rights > Taxes
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Part D Deductions
Specific rules for expenditure types

DB 20Destruction of temporary building

  1. A person is allowed a deduction for a loss that they incur through the destruction of a temporary building.

  2. This section supplements the general permission and overrides the capital limitation. The other general limitations still apply.

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