Section EH 38 — Income Tax Act 2007: Adverse event deposit

EH 38 Adverse event deposit Deposit for adverse event (1) A person may make a payment to the Commissioner for entry in their adverse event income equalisation account for an accounting year in which, because of a self-assessed adverse event, they sell and do not replace livestock. Upper limit of deposit (2) A person must not make, for an accounting year, deposits that in total are more than their adverse event maximum deposit for the accounting year. Lower limit of deposit (3) A person must not make, for an accounting year, a deposit less than the lesser of— (a) $200; and (b) the difference between the total of all the deposits they have previously made for the accounting year and their adverse event maximum deposit for the accounting year. Time of making deposit (4) A person makes a deposit for an accounting year by— (a) making the deposit during the accounting year; or (b) making the deposit during the month after the end of the accounting year. Defined in this Act: accounting year , adverse event deposit , adverse event income equalisation account , adverse event maximum deposit , Commissioner , deposit , pay , person , self-assessed adverse event , Compare: 2004 No 35 s EH 39