EK 22Meaning of maximum payment

1. In this subpart, maximum payment means the maximum payment that under subsection (2) a person may make to the person’s environmental restoration account for an income year.

2. The maximum payment that a person may make for an income year is the lesser of—

3. the amount by which the maximum account balance for the income year for the environmental restoration account is more than the amount in the environmental restoration account at the end of the income year:
4. the amount, if any, calculated under subsection (3) for the person and the income year.

5. If a person has a maximum account balance for the 2005–06 income year that is more than zero, the amount referred to in subsection (2)(b) for the person and for that income year, and for each of the later income years before the 2010–11 income year, is the amount calculated using the formula—

   $level\; increase\; +\; (year\; \times \; 0.2\; \times \; initial\; level)\; -\; contents.$

   Where:

6. In the formula,—

7. level increase is the greater of zero and the amount by which the maximum account balance for the income year is more than the maximum account balance for the 2005–06 income year:
8. year is 1 for the 2005–06 income year and increases by 1 for each successive income year to a maximum of 5 for the 2009–10 income year:
9. initial level is the maximum account balance for the 2005–06 income year:
10. contents is the amount in the environmental restoration account at the end of the income year.

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• 2004 No 35 s EK 22