Section DZ 13 — Income Tax Act 2007: Enhancements to land unamortised at end of 2004–05 year

DZ 13 Enhancements to land unamortised at end of 2004–05 year When this section applies (1) This section applies when— (a) a person is allowed a deduction under section DO 4(1) of the Income Tax Act 1994, of an amount set out in section DO 4(3)(a) or (c) of that Act, for expenditure incurred in carrying on a farming or agricultural business on land in New Zealand; and (b) at the end of the 2004–05 income year, part of the expenditure (the unamortised balance ) remains to be allowed as a deduction in later income years. Deduction (2) The person is allowed a deduction for the unamortised balance of expenditure in the income year in which the expenditure is of benefit to the business. Link with subpart DA (3) 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 , supplement , Compare: 2004 No 35 s DZ 13