Section EH 1 — Income Tax Act 2007: Income equalisation schemes

EH 1 Income equalisation schemes Description (1) An income equalisation scheme allows a person to reduce their net income for a tax year by making a deposit with the Commissioner for the corresponding income year. Three schemes (2) The 3 income equalisation schemes are— (a) the main income equalisation scheme , described in sections EH 3 to EH 36 : (b) the adverse event income equalisation scheme , described in sections EH 37 to EH 62 : (c) the thinning operations income equalisation scheme , described in sections EH 63 to EH 79 . Meaning of terms (3) Terms used in the 3 schemes are defined as follows: (a) terms used specifically in the main income equalisation scheme are defined in sections EH 34 to EH 36 : (b) terms used specifically in the adverse event income equalisation scheme are defined in sections EH 61 and EH 62 : (c) terms used specifically in the thinning operations income equalisation scheme are defined in sections EH 78 and EH 79 . Defined in this Act: adverse event income equalisation scheme , Commissioner , corresponding income year , deposit , income , main income equalisation scheme , net income , person , tax year , thinning operations income equalisation scheme , Compare: 2004 No 35 s EH 1