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Income Tax Act 2007

Timing and quantifying rules - Environmental restoration accounts

EK 9: Refund of payment if excess, lacking details

You could also call this:

“Refunds for overpayments or incomplete information when contributing to a special fund”

If you pay more money than you’re allowed to for a special fund in a year, or if you don’t give all the information needed when you make the payment, the government will give you some or all of your money back.

If you pay too much, the government will give you back the extra amount. If you didn’t provide all the details they needed, they’ll give you back all of the money you paid.

The government will try to give you this money back as soon as they can after you make the payment.

It’s important to know that you won’t get any extra money (interest) on top of what you’re getting back, even if it takes a while for the government to return it to you.

If you want to know more about how much you’re allowed to pay into this fund, you can look at section EK 2. For information about what details you need to provide when you make a payment, check section EK 5.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515184.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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EK 8: Deduction for transfer, or

“You can claim a tax deduction for money put into an environmental restoration account”

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EK 10: Certain refunds not income, or

“Refunds from environmental restoration accounts are not taxable income”

Part E Timing and quantifying rules
Environmental restoration accounts

EK 9Refund of payment if excess, lacking details

  1. This section applies when a person’s payment under section EK 2 for an income year is—

  2. more than the person’s maximum payment for the income year:
    1. made without providing the details required by section EK 5.

      1. As soon as practicable after the date on which the payment is received, the Commissioner must refund to the person—

      2. the excess, if the payment is more than the person’s maximum payment for the income year:
        1. the payment, if the payment is described by subsection (1)(b).

          1. No interest is payable by the Commissioner under section EK 6 on the amount of the payment.

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