Section CU 6 — Income Tax Act 2007: Compensation and scrap payment: use to replace or repair asset

CU 6 Compensation and scrap payment: use to replace or repair asset Choosing between section CU 5 and sections CU 7 and CU 8 (1) If the mining company wants sections CU 7 and CU 8 to apply instead of section CU 5 , it must comply with subsection (2). Choosing sections CU 7 and CU 8 (2) The company must— (a) give notice to the Commissioner that the insurance, indemnity, or compensation will be used to replace or repair the asset; and (b) give the notice within the time in which the company must file a return of income for the income year in which the loss, destruction, or damage occurred; and (c) start the replacement or repair by the end of the second income year after the income year in which the loss, destruction, or damage occurred. Defined in this Act: asset , Commissioner , income year , mining company , notice , return of income , Compare: 2004 No 35 s CU 6