Section EH 35 — Income Tax Act 2007: Meaning of main maximum deposit

EH 35 Meaning of main maximum deposit Meaning (1) Main maximum deposit means the maximum deposit that this section says a person may make to their main income equalisation account for an accounting year. Meaning of amount (2) In subsections (3) to (5), amount means an amount calculated without applying— (a) any provision allocating income derived or expenditure incurred to an income year other than the corresponding income year in which the income was in fact derived or the expenditure was in fact incurred; or (b) any provision of any of the income equalisation schemes referred to in section EH 1(2) . Maximum deposit of farmer (3) The maximum deposit that a farmer may make is— (a) the amount determined by an Order in Council made under subsection (6); or (b) if no order is in force, an amount equal to the net income that the farmer would have in the tax year corresponding to the accounting year if— (i) the farmer derived income only from the farming or agricultural business in the accounting year; and (ii) the farmer did not make a payment under section EH 38 for the farming or agricultural business for the accounting year. Maximum deposit of fisher (4) The maximum deposit that a fisher may make is an amount equal to the net income that the fisher would have in the tax year corresponding to the accounting year if the fisher derived income only from the fishing business in the accounting year. Maximum deposit of forester (5) The maximum deposit that a forester may make is an amount equal to the net income that the forester would have in the tax year corresponding to the accounting year if the forester derived only income from forestry in the accounting year. Order in Council relating to farmers (6) The Governor-General may make an Order in Council declaring that the maximum deposit a farmer may make for an accounting year or for every accounting year is— (a) an amount calculated in the manner specified in the order; or (b) an unlimited amount. Defined in this Act: accounting year , amount , business , corresponding income year , deposit , farmer , fisher , fishing business , forester , income , main income equalisation account , main maximum deposit , net income , income year , pay , person , tax year , Compare: 2004 No 35 s EH 35