Section ML 1 — Income Tax Act 2007: What this subpart does

ML 1 What this subpart does Redundancy payments (1) This subpart provides a tax credit for a person who derives a redundancy payment before 1 October 2011 for loss of employment. Exclusions (2) Despite subsection (1), no tax credit arises for a redundancy payment— (a) related to— (i) retirement from employment: (ii) loss of seasonal employment arising from the normal seasonal work cycle: (iii) a contract of employment for a fixed term or for the duration of a project: (iv) employment for a period following notice of termination of employment: (b) paid— (i) to a director of a company by the company or a person associated with the company: (ii) to a person by a person associated with them: (iii) by a person to an employee who has been paid a redundancy payment by a person associated with the person. Defined in this Act: 1988 version provisions , associated person , company , director , employee , employment , pay , tax credit Compare: 2004 No 35 s KC 6(1), (3) Section ML 1: inserted, on 1 April 2008, by section 490 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 110). Section ML 1(1): amended (with effect on 1 April 2011), on 24 May 2011, by section 8 of the Taxation (Canterbury Earthquake Measures) Act 2011 (2011 No 24). Section ML 1(1): amended, on 1 October 2010, by section 10 of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section ML 1(2)(b)(i): substituted (with effect on 1 April 2008), on 6 October 2009, by section 369 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section ML 1(2)(b)(ii): substituted (with effect on 1 April 2008), on 6 October 2009, by section 369 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section ML 1(2)(b)(iii): substituted (with effect on 1 April 2008), on 6 October 2009, by section 369 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).