Section EZ 25 — Income Tax Act 2007: Meaning of New Zealand-new asset

EZ 25 Meaning of New Zealand-new asset Meaning (1) New Zealand-new asset means an item of property that a person owns to which subsections (2) to (5) apply. Not new (2) The item is not a new asset. Date of acquisition (3) The item is— (a) acquired by the person in the period starting on 16 December 1991 and ending with the close of 31 March 1993, other than under a binding contract that they entered into before 16 December 1991; or (b) acquired by the person in the period starting on 1 April 1993 and ending with the close of 31 March 1994, under a binding contract that they entered into in the period starting on 16 December 1991 and ending with the close of 31 March 1993; or (c) one to which all the following apply: (i) it was acquired by the person before 16 December 1991 as trading stock; and (ii) it was used by the person as a capital item for the first time in the period starting on 16 December 1991 and ending with the close of 31 March 1993; and (iii) it qualified for a deduction for depreciation under section 108 of the Income Tax Act 1976 in the period starting on 16 December 1991 and ending with the close of 31 March 1993. Used before 1 April 1994 (4) The item is used by the person before 1 April 1994. Not used (5) The item is— (a) not used in New Zealand before the date on which the person acquired it; and (b) not an item or part of an item that qualified for a deduction for depreciation under the Income Tax Act 1976 for a period before the date on which the person acquired it. Defined in this Act: acquire , new asset , New Zealand , New Zealand-new asset , trading stock Compare: 2004 No 35 s EZ 23