Section EH 18 — Income Tax Act 2007: Income when refund given on retirement, and election to allocate amount to earlier year

EH 18 Income when refund given on retirement, and election to allocate amount to earlier year Year of income (1) A refund under section EH 17 is income, under section CB 27 (Income equalisation schemes), derived by the person in the income year in which they retire. When year of income may be different (2) However, subsection (3) applies instead of subsection (1) if— (a) the refund includes a deposit made for an accounting year earlier than the tax year in which the person retires; and (b) the person chooses to allocate some or all of the deposit to the earlier accounting year. Different year of income (3) The amount allocated by the person to the earlier accounting year is income, under section CB 27 , derived by them in the corresponding income year. How election made (4) A person makes an election under this section by giving the Commissioner notice within 1 of the following times: (a) the time within which the person is required to file a return of income for the tax year corresponding to the accounting year in which they retire: (b) a further time allowed by the Commissioner in a case or class of cases. Defined in this Act: accounting year , amount , Commissioner , corresponding income year , deposit , income , income year , notice , person , return of income , tax year , Compare: 2004 No 35 s EH 18