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Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes - Refunds: on application

EH 13: Refund on application

You could also call this:

“How to request a refund from your main income equalisation account”

If you want to get some or all of the money from your main income equalisation account, you can ask for a refund. This applies when none of the other rules about refunds (like EH 8, EH 10, EH 15, EH 17, EH 19, EH 23, EH 25, EZ 80, and EZ 81) fit your situation.

The Commissioner will give you the refund you ask for. However, the money must have been in your account for at least one year before you can get it back. There’s an exception to this rule in section EH 28, which might change how this works.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514848.

Topics:
Money and consumer rights > Taxes
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EH 12: Application for refund by person, trustee of estate, Official Assignee, or liquidator, or

“How to ask for your money back from your income equalisation account”

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EH 14: Income when refund given on application, or

“Refunds from applications can be counted as income in different tax years”

Part E Timing and quantifying rules
Income equalisation schemes: Refunds: on application

EH 13Refund on application

  1. This section applies when a person wants a refund of some or all of the amount in their main income equalisation account, and none of sections EH 8, EH 10, EH 15, EH 17, EH 19, EH 23, EH 25, EZ 80, and EZ 81 applies.

  2. The Commissioner must refund to the person the amount applied for, to the extent to which it can be made up of 1 or more deposits that have been in the person’s main income equalisation account for at least 1 year before the date the deposit ends. Section EH 28 overrides this subsection.

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Notes
  • Section EH 13 heading: amended, on , by section 18(1) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
  • Section EH 13(1): amended, on , by section 38 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).
  • Section EH 13 list of defined terms apply: inserted, on , by section 18(2) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).