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Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes - Deposits and accounts

EH 65: Thinning operations income equalisation account

You could also call this:

“Managing your forestry income account for tax purposes”

The Commissioner will keep a thinning operations income equalisation account for you if you make a deposit. When you make a deposit, it will be entered into your account. The only things that can be put into your account are deposits you make and interest paid as described in section EH 66.

The money in your account can’t be given away, used as security, or taken by someone else, even if you owe them money. This is true unless you’ve been put into liquidation. The only way money can leave your account is through refunds, which are described in sections EH 68, EH 71, EH 73, and EH 75.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515004.

Topics:
Money and consumer rights > Taxes
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EH 64: Thinning operations deposit, or

“Rules for depositing money into your thinning operations income equalisation account”

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EH 66: Interest on deposits in thinning operations income equalisation account, or

“Interest earned on a special forestry savings account”

Part E Timing and quantifying rules
Income equalisation schemes: Deposits and accounts

EH 65Thinning operations income equalisation account

  1. The Commissioner must keep a thinning operations income equalisation account in the name of every person that makes a deposit with the Commissioner.

  2. Every deposit a person makes with the Commissioner must be entered in their thinning operations income equalisation account.

  3. The only amounts that may be entered in a person’s thinning operations income equalisation account are—

  4. deposits made by the person with the Commissioner; and
    1. interest paid under section EH 66.

      1. Despite section FC 2 (Transfer at market value), amounts entered in a person’s thinning operations income equalisation account must not, while they are in the account,—

      2. be assigned or charged in any way; or
        1. pass by operation of law to, or into the custody or control of, someone else, except when the person has been put into liquidation; or
          1. be assets for the payment of the person’s debts or liabilities, except when the person has been put into liquidation.

            1. The only payments that may be made from a person’s thinning operations income equalisation account are refunds under any of sections EH 68, EH 71, EH 73, and EH 75.

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