Section DB 62 — Income Tax Act 2007: Deduction for legal expenses

DB 62 Deduction for legal expenses When this section applies (1) This section applies to a person when their total legal expenses for an income year is equal to or less than $10,000. Deduction (2) The person is allowed a deduction for the legal expenses. Definition (3) For the purposes of this section, legal expenses means fees for legal services (as defined in the Lawyers and Conveyancers Act 2006 ) provided by a person who holds a practising certificate issued by the New Zealand Law Society or an Australian equivalent. Link with subpart DA (4) This section overrides the capital limitation. The general permission must still be satisfied and the other general limitations still apply. Defined in this Act: amount , capital limitation , deduction , general limitation , general permission , income year , legal expenses Section DB 62: added, on 1 April 2009, by section 4 of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).