Section EH 5 — Income Tax Act 2007: Main income equalisation account

EH 5 Main income equalisation account Person’s account (1) The Commissioner must keep a main income equalisation account in the name of every person who makes a deposit with the Commissioner. Deposits in account (2) Every deposit a person makes with the Commissioner must be entered in the person’s main income equalisation account. Amounts in accounts (3) The only amounts that may be entered in a person’s main income equalisation account are— (a) deposits made by the person with the Commissioner; and (b) interest paid under section EH 6 . Amounts not available to others (4) Despite section FC 2 (Transfer at market value), amounts entered in a person’s main income equalisation account must not, while they are in the account,— (a) be assigned or charged in any way; or (b) pass by operation of law to, or into the custody or control of, someone else, except when the person is bankrupt or has been put into liquidation; or (c) be assets for the payment of the person’s debts or liabilities, except when the person is bankrupt or has been put into liquidation; or (d) be assets for the payment of the debts or liabilities of a dead person’s estate. Amounts available only for refunds (5) The only payments that may be made from a person’s main income equalisation account are refunds under any of sections EH 8 , EH 10 , EH 13 , EH 15 , EH 17 , EH 19 , EH 23 , and EH 25 . Defined in this Act: amount , Commissioner , deposit , interest , liquidation , main income equalisation account , pay , person , Compare: 2004 No 35 s EH 5