Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - General provisions

OA 1: What this Part does

You could also call this:

“This part explains how to keep track of tax credits and debits in special accounts”

This part of the law tells you about some general rules for keeping track of money. It explains how to record amounts as credits and debits in a special kind of account called a memorandum account. Think of it like a notebook where you write down money coming in and going out, but for specific purposes in tax law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518633.

Topics:

Money and consumer rights > Taxes

MZ 3: Exclusions from determination of family scheme income, or

“Money not counted when calculating family tax credits”

OA 2: Memorandum accounts, or

“Records of tax credits and debits for different accounts”

Part O Memorandum accounts
General provisions

OA 1What this Part does

This Part provides some rules of general application for recording amounts as credits and debits to a memorandum account.