Income Tax Act 2007 section 342

Period of accreditation

Section 342 sets out the period for which a community development finance institution's accreditation has effect and the rules governing when that period can begin.

• An accreditation lasts for a fixed period of three years, starting on the day specified in the accreditation document.
• For a body not already accredited, the specified start date cannot be earlier than the day the accreditation is granted; for a body already accredited, it cannot be earlier than the expiry of the current accreditation.
• A body that is already accredited may request that its existing accreditation be treated as expiring immediately before the new accreditation is granted, even if it would otherwise run longer.
• The accreditation period is subject to the power to withdraw accreditation under the terms and conditions set out in section 341.