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New Zealand law explained for everyone

Income Tax Act 2007

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

EH 69: Income does not include excess deposit

You could also call this:

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

You don’t have to worry about a refund you get under section EH 68. This type of refund is not counted as income. The law says it’s ‘excluded income’ under section CX 51. This means you don’t need to pay tax on it or include it when you’re working out your income for tax purposes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515015.

Topics:
Money and consumer rights > Taxes
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EH 68: Refund of excess deposit, or

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

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EH 70: Application for refund by person or liquidator, or

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

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

EH 69Income does not include excess deposit

  1. A refund under section EH 68 is excluded income under section CX 51 (Income equalisation schemes).

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