Section EH 67 — Income Tax Act 2007: Deduction of deposit

EH 67 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 3 (Thinning operations income equalisation scheme). Amount of deduction (2) The amount of the deduction is the lesser of— (a) the total of the person’s deposits for the accounting year; and (b) their thinning operations maximum deposit for the accounting year. Timing of deduction (3) The person is allowed the deduction in the accounting year. Defined in this Act: accounting year , amount , deduction , deposit , person , thinning operations maximum deposit , Compare: 2004 No 35 s EH 69