Section YZ 3 — Income Tax Act 2007: Saving effect of section DF 5 of Income Tax Act 1994

YZ 3 Saving effect of section DF 5 of Income Tax Act 1994 When this section applies (1) This section applies when a person— (a) has made a payment to which section DC 1 (Lump sum payments on retirement) would otherwise apply in the absence of this section; and (b) has allocated the deduction for the payment to an income year relying on the wording used in section DF 5 (Retiring allowances payable to employees) of the Income Tax Act 1994; and (c) has taken the tax position for the allocation on or before 22 February 2011. Savings provision (2) Despite the express wording used in section DC 1 , section DF 5 continues to apply for the person in relation to the tax position in the same manner as it applied immediately before the repeal of the Income Tax Act 1994 by the Income Tax Act 2004 . Defined in this Act: deduction , income year , pay Section YZ 3: added (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 135(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).