Section EH 15 — Income Tax Act 2007: Refund for development or recovery

EH 15 Refund for development or recovery Refund for development: application of subsection (2) (1) Subsection (2) applies when a person wants a refund of some or all of the amount in their main income equalisation account for either or both of the following purposes: (a) to enable them to undertake, immediately after the refund is given, planned development or maintenance work for their farming or agricultural business, fishing business, or forestry operation: (b) to enable them to buy, immediately after the refund is given, livestock for use in their farming business, other than livestock replacing livestock disposed of or lost as a result of a self-assessed adverse event. Refund (2) If the Commissioner is satisfied that the person will use the refund for either or both of the purposes, the Commissioner must refund to them the amount applied for, to the extent to which it can be made up of 1 or more deposits that have been in their main income equalisation account for at least 6 months before the date the deposit ends. Section EH 28 overrides this subsection. Refund for recovery: application of subsection (4) (3) Subsection (4) applies when a person wants a refund of some or all of the amount in their main income equalisation account for 1 or more of the following purposes: (a) to enable them to buy, immediately after the refund is given, livestock for use in their farming business to replace livestock disposed of or lost as a result of a self-assessed adverse event: (b) to avoid them suffering serious hardship: (c) to do anything else that the Commissioner determines, in a case or class of cases, is a purpose for which a refund should be given. Refund (4) If the Commissioner is satisfied that the person will use the refund for 1 or more of the purposes, the Commissioner must refund to them the amount applied for, regardless of the length of time it has been in the account. Section EH 28 overrides this subsection. Defined in this Act: amount , business , Commissioner , date the deposit ends , deposit , fishing business , main income equalisation account , person , self-assessed adverse event , Compare: 2004 No 35 s EH 15