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EZ 87: Insurance for repairs of North Island flooding event damage: optional timing rule for income, deductions
or “Optional delay for reporting flood insurance and repair costs until 2027-28”
You could also call this:

“This subpart explains how certain business transactions are taxed and treated”

This part of the law changes how some business deals are taxed. It does this in two ways. First, it changes how these deals are seen or how the money from them is seen. Second, it gives rules for how to treat the people involved in these deals. You can think of it like changing the rules of a game to make it fairer for everyone playing.

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Next up: FA 2: Recharacterisation of certain debentures

or “Tax treatment of profit-linked loans as shares”
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Part F Recharacterisation of certain transactions
Recharacterisation of certain commercial arrangements

FA 1What this subpart does

  1. This subpart alters the tax treatment of certain commercial arrangements by—

  2. recharacterising either their nature or that of the amounts derived under the arrangements; and
    1. providing rules for the treatment of the parties to the arrangement.