Section EH 41 — Income Tax Act 2007: Deduction of deposit

EH 41 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 2 (Adverse event income equalisation scheme). Amount of deduction (2) The amount of the deduction is the lesser of— (a) the total of their deposits for the accounting year; and (b) their adverse event maximum deposit for the accounting year. Timing of deduction (3) The person is allowed the deduction and it is allocated to the corresponding income year. Defined in this Act: accounting year , adverse event maximum deposit , amount , corresponding income year , deduction , deposit , person , Compare: 2004 No 35 s EH 42