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Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes - Application

EH 3: Persons to whom main income equalisation scheme applies

You could also call this:

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

The main income equalisation scheme applies to you if you are a farmer, fisher, or forester in New Zealand. You are considered a farmer if you run a farming or agricultural business on land in New Zealand. You are a fisher if you operate a fishing business. You are a forester if you make money from forestry and are not a company, public authority, Maori authority, or unincorporated body. In this scheme, when it talks about a person, it means a farmer, fisher, or forester as described above.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514819.

Topics:
Money and consumer rights > Taxes
Business > Industry rules
Environment and resources > Farming and fishing
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EH 2: Deposits to be paid into Crown Bank Account, or

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

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EH 4: Main deposit, or

“Depositing money into your main income equalisation account for farmers, fishers, and foresters”

Part E Timing and quantifying rules
Income equalisation schemes: Application

EH 3Persons to whom main income equalisation scheme applies

  1. The main income equalisation scheme applies to—

  2. a farmer, which means a person carrying on a farming or agricultural business on land in New Zealand; or
    1. a fisher, which means a person carrying on a fishing business; or
      1. a forester, which means a person who—
        1. derives income from forestry; and
          1. is not a company, a public authority, a Maori authority, or an unincorporated body.

          2. In the main income equalisation scheme, person means a farmer, fisher, or forester.

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