Special provisions

For drought-affected farmers within the North Canterbury, and Central and East Coast North Island regions we have relaxed the normal rules for the income equalisation scheme by allowing late deposits for the 2009 income year up to 30 April 2010.

Eligibility

Find out who is an eligible taxpayer and examples of activities that would and would not qualify.

How the scheme works

The scheme works in a similar way to a savings bank account. Eligible taxpayers establish an income equalisation account so that deposits can be made. The deposit is held for a maximum period of five years. Generally the minimum deposit period is 12 months but in certain circumstances a refund can be paid out before this.

Deposits

Find out how to make a deposit, restrictions on deposits and new deposits from a refund.

Refunds

Find out about requesting an income equalisation refund and refunds for adverse events or hardship.

During adverse events

The adverse event income equalisation scheme operates in conjunction with the standard income equalisation scheme. It allows the deferral of income tax on additional income which is generated by the forced sale of livestock from the year of sale to the year the livestock is replaced.

Special circumstances

There are a number of circumstances where the usual income equalisation regulations may not apply.

Glossary

Terms related to income equalisation.

Date published: 14 Oct 2004

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