Section EW 15H — Income Tax Act 2007: Mandatory use of some determinations

EW 15H Mandatory use of some determinations Required methods (1) Section EW 15C(1) does not apply when any of the following determinations apply to a person and a financial arrangement: (a) Determination G5C: Mandatory conversion convertible notes: (b) Determination G22: Optional conversion convertible notes denominated in New Zealand dollars convertible at the option of the holder: (c) Determination G22A: Optional convertible notes denominated in New Zealand dollars: (d) Determination G29: Agreements for sale and purchase of property denominated in foreign currency: exchange rate to determine the acquisition price and method for spreading income and expenditure . However, when applying Determination G29 , Determination G9C , and not Determination G9A , must be used: (e) a method other than those set out in paragraphs (a) to (d) if the alternative— (i) has regard to the purposes of the financial arrangements rules under section EW 1(3) ; and (ii) is for a financial arrangement similar to 1 to which the methods set out in paragraphs (a) to (d) may apply; and (iii) results in the allocation to each income year of amounts that are not materially different from those that would have been allocated using 1 of the methods set out in paragraphs (a) to (d). Succeeding determinations (2) For the purposes of this section, the determinations set out in subsection (1)(a), (c), and (d) include a determination that succeeds the determination. Defined in this Act: amount , financial arrangement , financial arrangements rules , income year Compare: 2004 No 35 s EW 15B(3) Section EW 15H: inserted, on 1 April 2008, by section 366 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15H(1)(d): amended (with effect on 1 April 2009), on 6 October 2009, by section 139(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).