Section DQ 4 — Income Tax Act 2007: Environmental restoration accounts scheme

DQ 4 Environmental restoration accounts scheme Deduction for payment (1) A person is allowed a deduction of the amount set out in section EK 7 (Deduction for payment) if the person has made a payment for an income year to the Commissioner under section EK 2 (Persons who may make payment to environmental restoration account) and the amount is not refunded under section EK 9 (Refund of payment if excess, lacking details). Timing of deduction (2) The deduction under subsection (1) is allocated to the income year referred to in section EK 7 . Deduction for transfer (3) A person is allowed a deduction for an income year of the amount set out in section EK 8 (Deduction for transfer) if in an income year the person receives— (a) a transfer under section EK 15 (Transfer on request) that is treated under section EK 15(3) as being a payment by the person: (b) a transfer under section EK 16(3)(b) (Transfer on death, bankruptcy, or liquidation): (c) a transfer under section EK 19 (Environmental restoration account of amalgamating company). Timing of deduction (4) A deduction under subsection (3) is allocated to the income year referred to in section EK 8 . Link with subpart DA (5) This section supplements the general permission and overrides the capital limitation. The other general limitations still apply. Defined in this Act: capital limitation , deduction , general limitation , general permission , income year , pay , supplement , Compare: 2004 No 35 s DQ 4