Section EH 60 — Income Tax Act 2007: Transfer of deposit

EH 60 Transfer of deposit Transfer from adverse event to main income equalisation account (1) A deposit that is in a person’s adverse event income equalisation account on the day 1 year after the date on which the deposit was made must be transferred to their main income equalisation account as soon as practicable. Date of deposit in main income equalisation account (2) The date on which a transferred deposit is treated as having been deposited in the person’s main income equalisation account is as follows: (a) the date on which it was transferred, for the purpose of computing interest payable under section EH 6 : (b) the date on which it was deposited in the adverse event income equalisation account, for any other purpose. No deduction (3) A transferred deposit is not an amount for which a deduction is allowed under section DQ 1 (Main income equalisation scheme). Ceasing of deposit in adverse event income equalisation account (4) A transferred deposit ceases to be a deposit in the person’s adverse event income equalisation account. Defined in this Act: adverse event income equalisation account , amount , deduction , deposit , interest , main income equalisation account , pay , person , year , Compare: 2004 No 35 s EH 61