Section EK 15 — Income Tax Act 2007: Transfer on request

EK 15 Transfer on request When this section applies (1) This section applies when— (a) a person applies under section EK 14 for a transfer of some or all of the amount in their environmental restoration account to a person who is nominated in the application; and (b) the person has transferred to the nominated person the obligations to which the amount relates; and (c) none of sections EK 9 , EK 12 , EK 16 , and EK 19 applies. Transfer if request made (2) The Commissioner must make a transfer under this section to an environmental restoration account of the person nominated in the application. Transfer treated as payment by nominated person (3) A transfer under subsection (2) is treated as being a payment by the nominated person to the nominated person’s environmental restoration account if the nominated person satisfies the Commissioner that— (a) the obligations to which the transferred amount relates have been transferred to the nominated person; and (b) in the absence of the transfer, the nominated person would be entitled to make a payment, of the amount of the transfer, to the nominated person’s environmental restoration account. Commissioner to reverse transfer if requirements of subsection (3) not met (4) If the nominated person does not meet the requirements of subsection (3) in relation to an amount, the Commissioner must transfer the amount to the environmental restoration account of the person who made the application under subsection (1)(a). Timing of reversal (5) The transfer under subsection (4) is treated as taking place at the time of the original transfer under subsection (2). Defined in this Act: Commissioner , environmental restoration account , pay , Compare: 2004 No 35 s EK 15