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Income Tax Act 2007

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

EH 71: Refund on application

You could also call this:

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

When you want to get some or all of the money back from your thinning operations income equalisation account, you can ask for a refund. This applies when two other specific rules don’t fit your situation.

If you ask for a refund, the Commissioner will give you the amount you’ve asked for. However, they can only refund money that’s been in your account for at least one year. The refund can be made up of one or more deposits that meet this one-year rule.

Remember, there are two other sections of the law that might apply to refunds from this account. You should check section EH 73 and EH 75 to see if they fit your situation better.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515020.

Topics:
Money and consumer rights > Taxes
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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”

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EH 72: Income when refund given on application, or

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

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

EH 71Refund on application

  1. This section applies when a person wants a refund of some or all of the amount in the person’s thinning operations income equalisation account, and neither section EH 73 nor EH 75 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 thinning operations income equalisation account for at least 1 year before the date the deposit ends.

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Notes
  • Section EH 71 heading: amended, on , by section 24(1) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
  • Section EH 71 list of defined terms apply: inserted, on , by section 24(2) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).