Section EZ 44 — Income Tax Act 2007: Relationship with rest of Act

EZ 44 Relationship with rest of Act (1) Notwithstanding any other provision in this Act, income or expenditure in an income year in respect of a financial arrangement under the old financial arrangements rules is calculated under those rules. (2) Expenditure incurred under the old financial arrangements rules is not included in— (a) the cost of trading stock, for small taxpayers: (b) the cost of revenue account property: (c) the cost of livestock: (d) the cost of bloodstock: (e) the cost of acquiring a film or a film right: (f) film production expenditure: (g) the cost of timber: (h) petroleum exploration expenditure or petroleum development expenditure. (3) Where— (a) property is transferred under a financial arrangement; and (b) the property or the consideration given for the property is relevant under any provision of this Act other than the old financial arrangements rules for the purpose of determining any amount of income or deduction of a person,— the property is treated for the purpose of that provision as having been transferred under the financial arrangement for an amount equal to the acquisition price of the property. Compare: 2004 No 35 s EZ 41