“Explanation of a now-removed tax term related to memorandum accounts”
This part of the law used to explain what ‘maximum deficit debit’ meant for memorandum accounts in the Income Tax Act 2007. However, it no longer exists in the current version of the law. The government removed this section on 1 July 2010. If you need to know about maximum deficit debits, you might want to look at other parts of the tax law or ask a tax expert for help.
