Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Timing and quantifying rules - Environmental restoration accounts

EK 18: Payments from which refunds come

You could also call this:

“How refunds from your environmental restoration account are processed”

When you get a refund from your environmental restoration account, it comes from the money you put into the account. The refund is taken from the oldest payment you made first. This means if you made several payments into your account over time, the refund will come from the first payment you made, then the second, and so on. This helps keep track of which money is being used for refunds in your account.

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 It might be out of date or be missing some parts.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

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515206.

Topics:
Money and consumer rights > Taxes
Environment and resources > Conservation
Previous

EK 17: Minimum refund or transfer, or

“Minimum amount for refunds or transfers from environmental restoration accounts”

Next

EK 19: Environmental restoration account of amalgamating company, or

“Transfer of environmental restoration funds when companies merge”

Part E Timing and quantifying rules
Environmental restoration accounts

EK 18Payments from which refunds come

  1. Each refund to a person is treated as coming from the total amount in the person’s environmental restoration account in the order in which the person made the payments into the account.

Compare