Section EH 4 — Income Tax Act 2007: Main deposit

EH 4 Main deposit Deposit for business or forestry (1) A person may make a payment to the Commissioner for entry in their main income equalisation account for an accounting year as follows: (a) a farmer may make a payment for the farmer’s farming or agricultural business: (b) a fisher may make a payment for the fisher’s fishing business: (c) a forester may make a payment for the forester’s income from forestry. Upper limit of deposit (2) A person must not make, for an accounting year, deposits that in total are more than their main maximum deposit for the tax 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— (i) the total of the deposits the person has previously made for the accounting year; and (ii) the person’s main 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) doing both the following: (i) making the deposit during the specified period for the accounting year; and (ii) at the time of making it, giving the Commissioner notice that the deposit is for the accounting year; or (c) doing both the following: (i) making the deposit within a time that is after the end of the specified period for the accounting year but that is allowed by the Commissioner in a case or class of cases; and (ii) at the time of making it, giving the Commissioner notice that the deposit is for the accounting year. Limit on making deposit (5) If a refund has been made to a person for an accounting year under section EH 13 or EH 15 , the person may later make a deposit for that accounting year only if the Commissioner is satisfied, before the deposit is made, that all the refund has been used to develop or expand a farmer’s business, if the person is a farmer, or a fishing business, if the person is a fisher, or the means by which a forester derives income from forestry, if the person is a forester. Defined in this Act: accounting year , business , Commissioner , deposit , farmer , fisher , fishing business , forester , income from forestry , main deposit , main income equalisation account , main maximum deposit , notice , pay , person , specified period , Compare: 2004 No 35 s EH 4