Section EH 74 — Income Tax Act 2007: Income when refund given for development or recovery

EH 74 Income when refund given for development or recovery Year of income (1) A refund under section EH 73 is income, under section CB 27 (Income equalisation schemes), derived by the person in the income year in which the Commissioner receives the application for the refund. When year of income may be different (2) However, subsection (3) applies instead of subsection (1) if— (a) the Commissioner receives the application for a refund in the specified period for an accounting year or, if the Commissioner allows in a case or class of cases, within a longer period; and (b) the person chooses in the application that the refund is to be income in the accounting year to which the specified period or the longer period relates. Different year of income (3) The refund is income under section CB 27 derived in the corresponding income year to which the specified period or the longer period relates. Defined in this Act: accounting year , Commissioner , corresponding income year , income , income year , person , specified period , Compare: 2004 No 35 s EH 76