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Income Tax Act 2007

Timing and quantifying rules - Environmental restoration accounts

EK 3: Payments to environmental restoration account

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.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515164.

Topics:
Money and consumer rights > Taxes
Environment and resources > Conservation
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EK 2: Persons who may make payment to environmental restoration account, or

“Who can save money for future environmental repairs”

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EK 4: Environmental restoration account, or

“Account for holding environmental restoration payments and transfers”

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.

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