Section EF 3 — Income Tax Act 2007: Accident compensation levies and premiums

EF 3 Accident compensation levies and premiums Timing of deduction (1) A deduction that an employer or self-employed person is allowed for an Accident Compensation Corporation (ACC) levy or premium is allocated to the income year in which it becomes due and payable, except as provided in subsection (2) or (3). Earlier income year (2) If a deduction for an ACC levy or premium has been allocated to an income year earlier than the income year in which the levy or premium becomes due and payable and, because of the time bar or for another reason, the Commissioner cannot lawfully amend the assessment for the income year, the deduction is allocated to the income year in which it was allowed. Balance dates between 1 October and 6 April (3) If a person’s income year ends on a balance date falling between 1 October and 6 April (both dates inclusive), an ACC levy or premium that is due on a date in schedule 3, part A , column H (Payment of provisional tax and terminal tax) is treated as if it were due and payable on the relevant date in schedule 3, part A , column G for the person’s corresponding income year. References to dates in schedule 3 (4) For the purposes of subsection (3), references to the date in schedule 3, part A , columns G and H (which refer to months only and not days) are references to the day in the relevant month that is fixed by the following: (a) the definition of instalment date in section YA 1 (Definitions); and (b) sections RA 3 (Terminal tax obligations), RC 1(2) , and RC 20 to RC 24 (which relate to provisional tax instalments in transitional years). Meaning of ACC levy or premium (5) In this section, ACC levy or premium means any of the following levies, premiums, or penalties: (a) the following levy or premium: (i) a levy to fund the Work Account under section 168 of the Accident Compensation Act 2001; or (ii) an employer’s premium to fund the Employers’ Account under section 281B of the Accident Insurance Act 1998: (b) [Repealed] (c) the following levy or premium: (i) a levy to fund the Work Account under section 168B or 211 of the Accident Compensation Act 2001; or (ii) a premium to fund the Self-Employed Work Account under section 300 of the Accident Insurance Act 1998: (d) the following levy or premium: (i) a levy to fund the Earners’ Account under section 219(1) of the Accident Compensation Act 2001; or (ii) a premium to fund the Earners’ Account under section 283(1) of the Accident Insurance Act 1998: (e) an Earners' Account levy under section 283(2) of the Accident Insurance Act 1998: (f) a levy to meet the costs of the Regulator under section 236 of the Accident Insurance Act 1998: (g) a contribution to the Insolvent Insurers Fund under section 246 or 247 of the Accident Insurance Act 1998: (h) a levy or penalty payable to the Non-Compliers Fund under section 263 of the Accident Insurance Act 1998: (i) a base premium under sections 466 to 470 of the Accident Insurance Act 1998. Defined in this Act: ACC levy or premium , Commissioner , deduction , employer , income year , pay , time bar , Compare: 2004 No 35 s EF 3 Section EF 3(5)(a)(i): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section EF 3(5)(b): repealed, on 3 March 2010, by section 49 of the Accident Compensation Amendment Act 2010 (2010 No 1). Section EF 3(5)(c)(i): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section EF 3(5)(d)(i): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130). Section EF 3(5)(e): substituted, on 3 March 2010, by section 49 of the Accident Compensation Amendment Act 2010 (2010 No 1).