Section EH 34 — Income Tax Act 2007: Meaning of income from forestry

EH 34 Meaning of income from forestry Income (1) Income from forestry — (a) means income derived from either or both of the sales described in subsection (2) in the circumstances described in subsection (3): (b) includes PFSI forestry income. Sales (2) The sales are— (a) the sale of timber: (b) the sale of a right to cut or remove timber. Circumstances (3) The circumstances are— (a) the income is derived by a person who is the owner of land in New Zealand on which timber is grown, not including a person whose interest in the land is that of a licensee; and (b) the timber the subject of the sale is standing or cut or fallen timber in its natural state grown on the land. Defined in this Act: income , income from forestry , New Zealand , own , person , PFSI forestry income , timber Compare: 2004 No 35 s EH 34 Section EH 34(1): substituted (with effect on 1 April 2008), on 7 December 2009, by section 18(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section EH 34 list of defined terms PFSI forestry income : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).