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Income Tax Act 2007

Income - Excluded income - Definitions

CX 51C: Disposal of fishing quota emissions units

You could also call this:

“How selling or disposing of fishing quota emissions units affects your income”

If you get rid of a fishing quota emissions unit in any way except by giving it up, this rule applies to you. When you sell or get rid of the unit, you might make some money. This money is not counted as income if, when you sell it, you wouldn’t make any income from selling the fishing quota that goes with the emissions unit. This doesn’t include money that’s already exempt or not counted as income.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3227607.

Topics:
Money and consumer rights > Taxes
Environment and resources > Farming and fishing
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“Rules for selling forest-related units from pre-1990 land”

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“Refunds from environmental restoration accounts are not taxable income”

Part C Income
Excluded income: Definitions

CX 51CDisposal of fishing quota emissions units

  1. This section applies to a person who disposes of a fishing quota emissions unit other than by surrender.

  2. An amount of income that the person derives from the disposal is excluded income if, at the time of the disposal, the person would not derive income, other than exempt income or excluded income, from a disposal of the individual transferable quota to which the emissions unit relates.

Notes
  • Section CX 51C: inserted (with effect on 1 July 2010), on , by section 18 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).