Section EW 55 — Income Tax Act 2007: Effect of being cash basis person

EW 55 Effect of being cash basis person Use of spreading method (1) A cash basis person is not required to apply any of the spreading methods to any of their financial arrangements, but may choose to do so under section EW 61 . Calculation of base price adjustment (2) The fact that a cash basis person does not use any of the spreading methods for the financial arrangement does not excuse them from the requirement to calculate a base price adjustment when any of section EW 29(1) to (12) applies to them. Defined in this Act: cash basis person , financial arrangement , spreading method , Compare: 2004 No 35 s EW 55