Section CU 15 — Income Tax Act 2007: Recovery of reinvestment profit not used for mining purposes

CU 15 Recovery of reinvestment profit not used for mining purposes When subsections (2) and (3) apply (1) Subsections (2) and (3) apply when some or all of a company’s reinvestment profit— (a) is used for purposes other than mining purposes in the prescribed period; and (b) will not be used for mining purposes in the prescribed period. Income (2) The amount of reinvestment profit described by subsection (1) is income of the company. Timing of income (3) The income is allocated to the income year in which the amount is used for purposes other than mining purposes. When subsections (5) and (6) apply (4) Subsections (5) and (6) apply when some or all of a company’s reinvestment profit is not used for mining purposes in the prescribed period. Income (5) The reinvestment profit is income of the company. Timing of income (6) The income is allocated to the last income year of the prescribed period. No longer reinvestment profit (7) The amount referred to in subsection (2) and the reinvestment profit referred to in subsection (5) cease to be reinvestment profit. Defined in this Act: amount , company , income , income year , mining purposes , prescribed period , reinvestment profit , Compare: 2004 No 35 s CU 15