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New Zealand law explained for everyone

Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes - Refunds: automatic

EH 8: Refund of excess deposit

You could also call this:

“Getting money back if you deposit too much”

If you put more money into your deposits than the main maximum deposit allowed for an accounting year, this rule applies to you. The Commissioner will give you back the extra money you deposited. They will do this as soon as they can after the deposit period ends. This helps make sure you don’t have more money in your deposit than you’re supposed to.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514837.

Topics:
Money and consumer rights > Taxes
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EH 7: Deduction of deposit, or

“How to claim a deduction for deposits into the main income equalisation scheme”

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EH 9: Income does not include excess deposit, or

“Refunds from income equalisation schemes are not counted as income”

Part E Timing and quantifying rules
Income equalisation schemes: Refunds: automatic

EH 8Refund of excess deposit

  1. This section applies when a person’s deposits for an accounting year are more than their main maximum deposit for the accounting year.

  2. The Commissioner must refund the excess to the person as soon as practicable after the date the deposit ends.

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