Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes

EH 2: Deposits to be paid into Crown Bank Account

You could also call this:

“Money deposited with the Commissioner goes into a government account”

When you make a deposit with the Commissioner under a scheme mentioned in section EH 1(2), you need to know two important things. First, the money you deposit is considered public money. This means it belongs to everyone, not just you. Second, the Commissioner must put this money into a Crown Bank Account. A Crown Bank Account is a special account that the government uses to keep public money safe.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514815.

Topics:

Money and consumer rights > Taxes

EH 1: Income equalisation schemes, or

“Deposit schemes to spread income across tax years”

EH 3: Persons to whom main income equalisation scheme applies, or

“Who can use the main income equalisation scheme for farmers, fishers, and foresters”

Part E Timing and quantifying rules
Income equalisation schemes

EH 2Deposits to be paid into Crown Bank Account

Every deposit a person makes with the Commissioner under a scheme referred to in section EH 1(2)—
is public money; and
must be paid into a Crown Bank Account.

Notes

Section EH 2: replaced, on 30 March 2022, by section 83 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).