Section DB 50 — Income Tax Act 2007: Adjustment for prepayments

DB 50 Adjustment for prepayments When this section applies (1) This section applies when a person has, under section EA 3 (Prepayments), an unexpired amount of expenditure at the end of an income year. Deduction (2) The person is allowed a deduction for the unexpired amount for the following income year. Link with subpart DA (3) This section supplements the general permission. The general limitations still apply, but not to the extent to which any relevant general limitation was overridden by a provision that initially allowed a deduction for the expenditure, whether in this Act or an earlier Act. Defined in this Act: amount , deduction , general limitation , general permission , income year , supplement , Compare: 2004 No 35 s DB 41