Section EH 73 — Income Tax Act 2007: Refund for development or recovery

EH 73 Refund for development or recovery Refund for development: application of subsection (2) (1) Subsection (2) applies when a person wants a refund of some or all of the amount in their thinning operations income equalisation account for the purpose of enabling them to undertake, immediately after the refund is given, planned development or maintenance work for their forestry business. Refund (2) If the Commissioner is satisfied that the person will use the refund for the purpose, the Commissioner must refund to them the amount applied for, to the extent to which it can be made up of 1 or more deposits that have been in the person’s thinning operations income equalisation account for at least 6 months before the date the deposit ends. Refund for recovery: application of subsection (4) (3) Subsection (4) applies when a person wants a refund of some or all of the amount in their thinning operations income equalisation account for either or both of the following purposes: (a) to avoid them suffering serious hardship: (b) to do anything else that the Commissioner determines, in a case or class of cases, is a purpose for which a refund should be given. Refund (4) If the Commissioner is satisfied that the person will use the refund for either or both of the purposes, the Commissioner must refund to them the amount applied for, regardless of the length of time it has been in the account. Defined in this Act: amount , business , Commissioner , date the deposit ends , deposit , forestry business , person , thinning operations income equalisation account Compare: 2004 No 35 s EH 75 Section EH 73 list of defined terms forestry business : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).