Section EK 4 — Income Tax Act 2007: Environmental restoration account

EK 4 Environmental restoration account Person’s account (1) The Commissioner must keep an environmental restoration account in the name of every person who makes a payment to the Commissioner under section EK 2 . Payments in account (2) Every payment under section EK 2 that a person makes to the Commissioner must be entered in the person’s environmental restoration account. Amounts in account (3) The only amounts that may be entered in a person’s environmental restoration account are— (a) payments made by the person to the Commissioner under section EK 2 : (b) transfers made to the account under subsection (6): (c) interest paid under section EK 6 . Amounts not available to others (4) An amount entered in a person’s environmental restoration account may not, while in the account,— (a) be assigned or charged in any way: (b) pass by operation of law to, or into the custody or control of, someone else, except when the person is bankrupt or has been put into liquidation: (c) be an asset for the payment of the person’s debts or liabilities, except when the person is bankrupt or has been put into liquidation: (d) be an asset for the payment of the debts or liabilities of a dead person’s estate. Amounts not available except for refunds or transfers (5) An amount entered in a person’s environmental restoration account may not be removed from the environmental restoration account except by a refund under section EK 9 or EK 12 or by a transfer under subsection (6). Transfers of amounts (6) An amount may be transferred from the environmental restoration account of a person— (a) to an environmental restoration account of a person to whom the amount has been transferred under section EK 15 or EK 16(3)(b) : (b) to the department that is at the time responsible for administering the Environment Act 1986 , if the amount has been transferred under section EK 16(3)(a) : (c) to an environmental restoration account of an amalgamated company to which the amount has been transferred under section EK 19 . Commissioner may close empty account (7) The Commissioner may close an environmental restoration account of a person if the amount in the environmental restoration account is zero. Defined in this Act: amalgamating company , amount , Commissioner , environmental restoration account , interest , liquidation , pay , Compare: 2004 No 35 s EK 4