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Income Tax Act 2007

Timing and quantifying rules - Environmental restoration accounts

EK 5: Details to be provided with payment to environmental restoration account

You could also call this:

“Information you must provide when paying into an environmental restoration account”

When you make a payment to an environmental restoration account, you need to tell the Commissioner about it. You must give them a notice with some important information. This notice needs to include your name and the income year for which you’re making the payment. You also need to show how you worked out the biggest amount you could pay for that year. The Commissioner might ask for other details too, so make sure you include anything else they want to know.

You don’t have long to give this information. After you make your payment, you only have two working days to provide all these details to the Commissioner. This means you should have everything ready when you make your payment.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515168.

Topics:
Environment and resources > Conservation
Money and consumer rights > Taxes
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EK 4: Environmental restoration account, or

“Account for holding environmental restoration payments and transfers”

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EK 6: Interest on payments to environmental restoration account, or

“Interest earned on money in environmental restoration accounts”

Part E Timing and quantifying rules
Environmental restoration accounts

EK 5Details to be provided with payment to environmental restoration account

  1. A person making a payment to an environmental restoration account must provide the Commissioner with a notice, in a form prescribed by the Commissioner, giving—

  2. the name of the person; and
    1. the income year for which the payment is made; and
      1. a calculation of the maximum payment for the person and the income year; and
        1. any additional information that the Commissioner requires.

          1. The person must provide the information required by subsection (1) within 2 working days from the day of the payment.

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          Notes
          • Section EK 5 list of defined terms notice: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).