Section DC 7 — Income Tax Act 2007: Contributions to employees’ superannuation schemes

DC 7 Contributions to employees’ superannuation schemes Deduction (1) An employer is allowed a deduction for a superannuation contribution to an employees’ superannuation scheme. Exclusion [Repealed] (1B) [Repealed] Timing of deduction (2) The deduction is allocated to the income year in which the employer makes the contribution. Relationship with section EJ 21 (3) Subsection (2) is overridden by section EJ 21 (Contributions to employees’ superannuation schemes). 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: capital limitation , deduction , employee , employer , general limitation , general permission , income year , superannuation contribution , superannuation scheme , tax credit , Compare: 2004 No 35 s DC 6 Section DC 7(1): amended (with effect on 1 April 2008), on 6 October 2009, by section 82(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DC 7(1B) heading: repealed, on 1 April 2009, pursuant to section 52 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section DC 7(1B): repealed, on 1 April 2009, by section 52 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section DC 7 list of defined terms superannuation contribution : inserted (with effect on 1 April 2008), on 6 October 2009, by section 82(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DC 7 list of defined terms tax credit : inserted, on 1 April 2008, by section 124(2) of the Taxation (KiwiSaver) Act 2007 (2007 No 110).