Section EW 54 — Income Tax Act 2007: Meaning of cash basis person

EW 54 Meaning of cash basis person Who is cash basis person (1) A person is a cash basis person for an income year if— (a) 1 of the following applies in the person's case for the income year: (i) section EW 57(1) ; or (ii) section EW 57(2) ; and (b) section EW 57(3) applies in the person's case for the income year. Persons excluded by Commissioner (2) A person may be excluded under section EW 59 from being a cash basis person for a class of financial arrangements. Defined in this Act: cash basis person , financial arrangement , income year Section EW 54: substituted, on 1 April 2009, by section 9(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).