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EH 35: Meaning of main maximum deposit
or “Explaining the maximum amount you can deposit into your main income equalisation account”
You could also call this:

“Explanation of important terms used in the main income equalisation scheme”

In the main income equalisation scheme, there are several important terms you need to know. The “date the deposit ends” can be different depending on your situation. It might be when you get your refund, five years after the end of the accounting year when you made the deposit, or when you apply for a refund. It could also be when you retire, when you pass away, or when the Commissioner gets notice about certain events.

A “deposit” is a main deposit, but it can also include interest added to it in some cases. The term “fishing business” doesn’t just mean catching fish. It can include fish farming with a special licence, mussel farming, and rock oyster farming too.

A “main deposit” is when you pay money to the Commissioner under [section EH 4(1)]. Your “main income equalisation account” is an account the Commissioner keeps for you under [section EH 5].

Lastly, the “specified period” for your tax year is either six months after the end of your accounting year, or the time from the end of your accounting year until one month after you have to file your tax return, whichever is shorter.

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Next up: EH 37: Persons to whom adverse event income equalisation scheme applies

or “Who could use the adverse event income equalisation scheme (now removed)”
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Part E Timing and quantifying rules
Income equalisation schemes: Definitions

EH 36Other definitions

  1. In the main income equalisation scheme,—

    date the deposit ends means—

    1. the date on which the refund is calculated, when section EH 8 applies:
      1. the date that is 5 years after the end of the accounting year for which the deposit was made, when section EH 10 applies:
        1. the date on which the Commissioner receives the application for the refund, when section EH 13 or EH 15 applies:
          1. the date of the person’s retirement, when section EH 17 applies:
            1. the date of the person’s death, when section EH 19 applies:
              1. the date on which the Commissioner receives notice of the adjudication, when section EH 23 applies:
                1. the date on which the Commissioner receives notice of the liquidation, when section EH 25 applies

                  deposit—

                  1. means a main deposit; and
                    1. includes, for the purposes of sections EH 6(2) to (4), EH 10 to EH 33, and EZ 80(3) and (7)(b), interest that is added to a main deposit under section EH 6(5)

                      fishing business includes a business of—

                      1. fish farming under a licence issued under the Freshwater Fish Farming Regulations 1983:
                        1. mussel farming:
                          1. rock oyster farming

                            main deposit means a payment made to the Commissioner under section EH 4(1)

                              main income equalisation account, for a person, means the account that the Commissioner keeps in the person’s name under section EH 5

                                specified period, for a person’s tax year, means the shorter of—

                                1. the period of 6 months after the end of the accounting year that corresponds to the tax year; and
                                  1. the period from the end of the accounting year that corresponds to the tax year to the date 1 month after the date by which the person must, under section 37 of the Tax Administration Act 1994, file their return of income for the accounting year that corresponds to the tax year.

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                                  Notes
                                  • Section EH 36 deposit paragraph (b): amended, on , by section 40 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).
                                  • Section EH 36 list of defined terms apply: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).