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Income Tax Act 2007

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

EH 10: Refund at end of 5 years

You could also call this:

“Refunds for unclaimed money in your income equalisation account after 5 years”

When you put money into your main income equalisation account, it can stay there for up to 5 years after the end of the accounting year when you made the deposit. If the money is still in your account after those 5 years, the Commissioner will give it back to you. However, there’s an exception to this rule in Section EH 28, which might change how this works in some cases.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514841.

Topics:
Money and consumer rights > Taxes
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EH 9: Income does not include excess deposit, or

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

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EH 11: Income when refund given at end of 5 years, or

“Refund from income equalisation scheme becomes income after 5 years”

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

EH 10Refund at end of 5 years

  1. This section applies when a deposit is in a person’s main income equalisation account at the end of 5 years after the end of the accounting year for which the deposit was made.

  2. The Commissioner must refund the deposit to the person. Section EH 28 overrides this subsection.

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