Section EW 24 — Income Tax Act 2007: Consistency of use of spreading method

EW 24 Consistency of use of spreading method Consistency required (1) A person must use the same spreading method for financial arrangements that are the same as, or similar to, the arrangements for every income year. This subsection is overridden by subsection (3). Straight-line method and market valuation method (2) Section EW 25 sets out particular consistency requirements for the straight-line method and a market valuation method. IFRS method (2B) Section EW 25B sets out a particular consistency requirement for a method for IFRS preparers. Change of spreading method (3) Section EW 26 sets out the circumstances in which a person may change their spreading method. Defined in this Act: financial arrangement , IFRS , income year , spreading method , Compare: 2004 No 35 s EW 24 Section EW 24(2B) heading: inserted, on 1 April 2008, by section 375(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 24(2B): inserted, on 1 April 2008, by section 375(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 24 list of defined terms IFRS : inserted, on 1 April 2008, by section 375(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).