Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

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

EH 68: Refund of excess deposit

You could also call this:

“Getting money back if you deposit too much for thinning operations”

If you deposit more money than the maximum allowed for your thinning operations in an accounting year, the extra money will be given back to you. The Commissioner will refund this excess amount to you as soon as they can after the deposit period ends.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515013.

Topics:
Money and consumer rights > Taxes
Previous

EH 67: Deduction of deposit, or

“How you can reduce your tax by depositing money into the thinning operations income equalisation scheme”

Next

EH 69: Income does not include excess deposit, or

“Refunds from certain deposits are not counted as taxable income”

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

EH 68Refund of excess deposit

  1. This section applies when a person’s deposits for an accounting year are more than their thinning operations 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.

Compare