Section LZ 7 — Income Tax Act 2007: Maximum amount of credit under section LZ 6

LZ 7 Maximum amount of credit under section LZ 6 Maximum amount: 1 person (1) If only 1 person has provided the loan secured by a home vendor mortgage, the maximum amount of tax credit that the person is entitled to under section LZ 6 in a tax year is $500. Maximum amount: 2 or more persons (2) When 2 or more persons have provided the loan secured by a home vendor mortgage, for each person who has provided the loan, the maximum amount of tax credit under section LZ 6 in a tax year is calculated using the formula— loan provided × 500. loan secured Definition of items in formula (3) In the formula,— (a) loan provided is the amount of the loan provided by the persons: (b) loan secured is the total amount of the loan secured by the home vendor mortgage. Defined in this Act: amount , home vendor mortgage , loan , tax credit , tax year , Compare: 2004 No 35 s KE 1(1)