Section EZ 21 — Income Tax Act 2007: Sections EE 45 and EE 47: permanent removal: allowance before 1 April 1995

EZ 21 Sections EE 45 and EE 47: permanent removal: allowance before 1 April 1995 Section EE 45(11) (1) For the purposes of section EE 45(11) (Consideration for purposes of section EE 44 ), the consideration that a person derives from the event described in subsection (2) is the item’s market value. Two qualifications are— (a) if the person makes a taxable supply, “ market value ” means the market value minus any goods and services tax (GST) that would be charged on the supply; and (b) this subsection does not apply to a transfer under a relationship agreement. Section EE 47(10) (2) For the purposes of section EE 47(10) (Events for purposes of section EE 44 ), the ninth event is the cessation of use in New Zealand, and the taking out of New Zealand for use outside New Zealand, of an item of property for which a first-year allowance has been granted under section 112(1) to (7) of the Income Tax Act 1976, except when the item— (a) has been taken out of New Zealand temporarily; and (b) will, after its return to New Zealand, be used in or for the purpose of a business in New Zealand. Defined in this Act: business , GST , New Zealand , relationship agreement , taxable supply , Compare: 2004 No 35 s EZ 20