Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Recoveries

CG 9: Recovery of deductions for aircraft engine overhaul

You could also call this:

“Reclaiming money from aircraft engine overhaul deductions when selling”

If you dispose of an aircraft engine or aircraft, you might have to count some money as income. This happens when you’ve previously claimed deductions for overhauling the aircraft engine. The amount you need to count as income is called ‘recovery income’. The exact amount is determined by section EJ 27, which talks about what happens when you dispose of an aircraft engine or aircraft.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7274080.

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Part C Income
Recoveries

CG 9Recovery of deductions for aircraft engine overhaul

  1. An amount of recovery income that a person has under section EJ 27 (Disposal of aircraft engine or aircraft) is income of the person.

Notes
  • Section CG 9: inserted, on , by section 28 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).