Section EK 2 — Income Tax Act 2007: Persons who may make payment to environmental restoration account

EK 2 Persons who may make payment to environmental restoration account A person may make a payment to the Commissioner for entry in the person’s environmental restoration account for an income year if the person— (a) carries on a business in New Zealand; and (b) expects to incur, for a later income year, expenditure that— (i) is not on revenue account property, other than land to which section CB 8 (Disposal: land used for landfill, if notice of election) applies; and (ii) is of a kind listed in schedule 19, part B (Expenditure in avoiding, remedying, or mitigating detrimental effects of discharge of contaminant); and (iii) is of a kind not listed in schedule 19, part C ; and (c) makes a provision for such expenditure in financial statements that are— (i) prepared for external reporting purposes; and (ii) audited by an accountant who is a chartered accountant or has equivalent professional qualifications; and (iii) given by the accountant a standard audit opinion, without qualifications on matters relating to the effect of this subpart. Defined in this Act: business , Commissioner , environmental restoration account , income year , pay , revenue account property , Compare: 2004 No 35 s EK 2