Section EH 7 — Income Tax Act 2007: Deduction of deposit

EH 7 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 1 (Main 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 main 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 , corresponding income year , deduction , deposit , main maximum deposit , person , Compare: 2004 No 35 s EH 7