Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
EK 2: Persons who may make payment to environmental restoration account
or “Who can save money for future environmental repairs”
You could also call this:

“Rules for paying into an environmental restoration account”

You can make payments to an environmental restoration account, but there are some rules you need to follow. You can’t pay more than the maximum amount allowed for the year. Also, you must pay at least $1,000 each year.

When you make a payment, it needs to be done within 6 months after the end of the income year. If you want to make a payment after this time, you need to ask the Commissioner for permission. The Commissioner might give you more time, and if they do, you must make the payment within that extended time.

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 It might be out of date or be missing some parts.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

Next up: EK 4: Environmental restoration account

or “Account for holding environmental restoration payments and transfers”
Next

Part E Timing and quantifying rules
Environmental restoration accounts

EK 3Payments to environmental restoration account

  1. A person must not make a payment for an income year of more than the person’s maximum payment for the income year.

  2. A person must not make a payment for an income year of less than $1,000.

  3. A payment made after the day that is 6 months after the end of an income year is not made for the income year unless—

  4. the Commissioner has allowed a longer period for the payment; and
    1. the payment is made within the period allowed by the Commissioner.

      Compare