Section CW 61 — Income Tax Act 2007: Providing standard-cost household service

CW 61 Providing standard-cost household service Exempt income under determination (1) An amount of income derived in an income year by a natural person from providing a standard-cost household service is exempt income if the amount is exempt income under a determination made under section 91AA(2)(a) of the Tax Administration Act 1994. When amount treated as expenditure (2) If subsection (1) does not apply, and the amount of standard-cost household service is less than the amount of income of the person, the person is treated, under a determination made under section 91AA of that Act, as incurring an amount of expenditure in providing the services. Allocation (3) For the purposes of subsection (2), the allocation of the amount of the expenditure occurs under section BD 4 (Allocation of deductions to particular income years). Defined in this Act: amount , deduction , exempt income , income , income tax liability , income year , standard-cost household service , Compare: 2004 No 35 s CW 49