Section HM 12 — Income Tax Act 2007: Income types

HM 12 Income types Nature of income (1) Income derived by the entity, to the extent of 90% or more, must— (a) be derived from property referred to in section HM 11 ; and (b) consist of the following: (i) a dividend: (ii) a replacement payment: (iii) an amount of income treated under subpart EW (Financial arrangements rules) as derived by the entity: (iv) an amount of income derived from a lease of land, but this subparagraph does not apply if the lessee under the lease is associated with the entity receiving the amount: (v) an amount derived from the disposal of property referred to in section HM 11 : (vi) FIF income: (vii) attributed PIE income: (viii) a distribution from a superannuation fund: (ix) an amount of income under section CW 4 (Annuities under life insurance policies) or CX 40 (Superannuation fund deriving amount from life insurance policy). Foreign investment zero-rate PIEs (2) Section HM 19B(1) overrides this section. Foreign investment variable-rate PIEs (3) Section HM 19C(2) overrides subsection (1)(a) and (b)(v). Defined in this Act: amount , associated person , attributed PIE income , dividend , FIF income , income , land , lessee , replacement payment , superannuation fund Compare: 2007 No 97 s HL 10(2) Section HM 12: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HM 12 heading: amended (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 59(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(1) heading: inserted, on 29 August 2011, by section 59(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(1)(b)(viii): amended (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 59(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(1)(b)(ix): added (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 59(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(2) heading: added, on 29 August 2011, by section 59(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(2): added, on 29 August 2011, by section 59(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(2): amended (with effect on 29 August 2011), on 2 November 2012, by section 91 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 12(3) heading: added, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 59(5) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HM 12(3): added, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 59(5) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).