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Income Tax Act 2007

Timing and quantifying rules - Environmental restoration accounts

EK 13: Income when refund given on application

You could also call this:

“Refunds from environmental restoration accounts are counted as income”

If you get a refund from your environmental restoration account, you need to count it as income. This happens in the same year that you receive the refund. The amount you count as income is determined by section CB 28. You get this refund when you apply for it under section EK 12. This rule is part of how the government keeps track of money for environmental restoration work.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515196.

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Money and consumer rights > Taxes
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EK 12: Refund if application or excess balance, or

“Getting money back from your environmental restoration account”

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EK 14: Application for transfer, or

“How to request a transfer from your environmental restoration account”

Part E Timing and quantifying rules
Environmental restoration accounts

EK 13Income when refund given on application

  1. A refund under section EK 12 is income, of the amount given by section CB 28 (Environmental restoration accounts), derived by the person in the income year in which the person receives the refund.

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Notes
  • Section EK 13 heading: amended, on , by section 31(1) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
  • Section EK 13 list of defined terms apply: inserted, on , by section 31(2) of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).