Section YA 1 — Income Tax Act 2007: Definitions

YA 1 Definitions In this Act, unless the context requires otherwise,— 1973 version provisions [Repealed] 1988 version provisions [Repealed] 1990 version provisions [Repealed] abating WFF tax credit is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) absentee — (a) means a person other than a person who is resident in New Zealand during any part of the tax year: (b) is defined in section HD 18 (Agency in relation to absentees generally) for the purposes of subpart HD (Agents) absolute value means the value irrespective of whether the value’s sign is positive or negative ACC means the Accident Compensation Corporation continued by section 259 of the Accident Compensation Act 2001 ACC levy or premium is defined in section EF 3(5) (Accident compensation levies and premiums) for the purposes of that section acceptable property is defined in section GB 45(3) (Arrangements involving money not at risk) for the purposes of that section accident compensation earnings-related payment means a payment included in salary or wages of the following kinds and under the following Acts: (a) under the Accident Compensation Act 1982, a payment of earnings related compensation, as defined in section 2, and of compensation under section 80(4), that are not payments of account made under section 88 in circumstances in which, at the time the payments are made, the nature of the compensation has not been determined: (b) under the Accident Rehabilitation and Compensation Insurance Act 1992,— (i) a vocational rehabilitation allowance payable under section 25; and (ii) a payment of compensation for loss of earnings payable under any of sections 38, 39, and 43; and (iii) a payment of compensation for loss of potential earning capacity payable under section 45 or 46; and (iv) a payment of weekly compensation payable under any of sections 58, 59, and 60; and (v) a payment of continued compensation payable under section 138: (c) under the Accident Insurance Act 1998,— (i) a payment or weekly compensation made by an insurer, as defined in that Act: (ii) a payment of compensation for loss of earnings, or loss of potential earning capacity in relation to a work-related personal injury, as defined in that Act, made by an insurer under a policy of personal accident or sickness insurance to which section 188(1)(a) (as it read immediately before its repeal by section 7 of the Accident Insurance Amendment Act 2000) applies: (d) under the Accident Compensation Act 2001 , a payment of weekly compensation made by the Corporation, as defined in that Act accident compensation payment is defined in section CF 1(2) (Benefits, pensions, compensation, and government grants) for the purposes of that section accident compensation payment for attendant care is defined in section LB 6(3) (Tax credits for caregivers) for the purposes of that section accident insurance contract is defined in section CW 34(2) (Compensation payments) for the purposes of that section accommodation is defined in section CE 1(2) (Amounts derived in connection with employment) for the purposes of that section and section CX 28 (Accommodation) account advantage — (a) is defined in section GB 36(5) (Reconstruction of imputation arrangements to obtain tax advantage) for the purposes of that section: (b) is defined in section GB 43(5) (Reconstruction of Maori authority credit arrangements to obtain tax advantage) for the purposes of that section accounting period , for a foreign company, means— (a) its accounting year; or (b) the relevant period of other than 12 months, if a person’s attributed CFC income or loss or FIF income or loss from the foreign company is allowed or required to be calculated on the basis of a period other than 12 months because of a change of residence of the foreign company accounting profits method [Repealed] accounting year ,— (a) for any person, means a tax year or another 12 month period that ends with the date of the annual balance of the person’s accounts: (b) for a company, includes— (i) a period, shorter than 12 months, that is the period for which accounts are prepared, including under the international tax rules, because of the formation of the company or the termination of the company’s existence; and (ii) a period, shorter or longer than 12 months, that is the period for which accounts are prepared, including under the international tax rules, because of the company or a person under section EX 25 (Change of CFC’s balance date) or EX 69 (Change of FIF’s balance date) adopting a new accounting balance date accrual accounting method is defined in section EG 2(4) (Adjustment for changes to accounting practice) for the purposes of that section accrued entitlement , for a party to a financial arrangement at any time, means the party’s rights under the arrangement at the time accrued obligation , for a party to a financial arrangement at any time, means the party’s obligations under the arrangement at the time acquire , for depreciable property, includes— (a) make: (b) be granted, for a patent or plant variety rights: (c) lodge, for a patent application or a plant variety rights application acquisition is defined in section GC 14 (Definitions for sections GC 6 to GC 13 ) for the purposes of sections GC 6 to GC 13 (which relate to transfer pricing arrangements) acquisition price is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules active service area is defined in section CW 24(2) (Deferred military pay for active service) for the purposes of that section actuarial reserves is defined in section EZ 59 (Meaning of actuarial reserves) actuarially determined , for an amount, means a requirement that is met when an actuary has calculated the amount using relevant actuarial standards and a proper and reasonable calculation methodology actuary means a person who is— (a) a Fellow of the New Zealand Society of Actuaries; or (b) a Fellow of the Institute of Actuaries of Australia; or (c) a Fellow of the Institute of Actuaries (of London); or (d) the holder of an equivalent professional qualification approved by the Commissioner for the purposes of this definition additional transport costs is defined in section CW 18(3) (Allowance for additional transport costs) for the purposes of that section adjusted tax value — (a) is defined in sections EE 55 to EE 60 (which relate to depreciation): (b) for software acquired before 1 April 1993, is defined in section EZ 20 (Adjusted tax value for software acquired before 1 April 1993): (c) is defined in paragraphs (a) and (b) and sections EE 21 to EE 24 (which relate to depreciation) for the purposes of section FO 16 (Amortising property) adverse event deposit is defined in section EH 62 (Other definitions) adverse event income equalisation account is defined in section EH 62 (Other definitions) adverse event income equalisation scheme means the scheme referred to in section EH 1(2)(b) (Income equalisation schemes) adverse event maximum deposit is defined in section EH 61 (Meaning of adverse event maximum deposit) affected associate is defined in section GB 48(1) (Defined terms for sections GB 45 and GB 46 ) for the purposes of sections GB 45 and GB 46 (which relate to arrangements involving money not at risk) after-income tax earnings [Repealed] after-income tax loss [Repealed] agent means a person declared by this Act to be an agent for the purposes of income tax agreement for the sale and purchase of property is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules agreement for the sale and purchase of property or services — (a) means a financial arrangement that is a conditional or unconditional agreement to— (i) acquire or dispose of property; or (ii) obtain or supply services; and (b) does not include a forward contract, a futures contract, an option, or a specified option agricultural, horticultural, or viticultural company means a company that carries on a business that comprises or includes performing any work or rendering a service set out in schedule 4, part C , clause 1(b) (Rates of tax for schedular payments) air transport from New Zealand is defined in section CW 56(3) (Non-resident aircraft operators) for the purposes of that section airport is defined in section HR 7(2) (Meaning of airport operator’s activities) for the purposes of that section airport asset is defined in section HR 6(7) (Airport operator’s assets) for the purposes of that section airport authority is defined in section 2 of the Airport Authorities Act 1966 airport operator means the Crown, acting by and through the Minister of Transport, and any local authority that is an airport authority, in their respective capacities as joint venturers under a joint venture agreement airport operator’s activities is defined in section HR 7 (Meaning of airport operator’s activities) for the purposes of sections HR 5 and HR 6 (which relate to airport operators) amalgamated company means–– (a) the 1 company that results from and continues after an amalgamation and that may be 1 of the amalgamating companies or a new company: (b) for an amalgamation of building societies, a building society described as society B in the definition of amalgamation , paragraph (b) amalgamating company means–– (a) a company that amalgamates with 1 or more other companies under an amalgamation: (b) for an amalgamation of building societies, a building society described as society A or as society B in the definition of amalgamation , paragraph (b) amalgamation means–– (a) an amalgamation to which both of the following apply: (i) it occurs under Part 13 or 15 of the Companies Act 1993, or it occurs or occurred under a foreign law that has the same or similar effect to Part 13 or 15 of the Companies Act 1993; and (ii) it causes 2 or more companies to amalgamate and continue as 1 company: (b) a transfer by a building society ( society A ) of all of its engagements to another building society ( society B ) under section 33 of the Building Societies Act 1965 if–– (i) a notice of the transfer (the notice ) is registered under section 34(3) of the Building Societies Act 1965; and (ii) society A's funds, property, and assets are transferred or assigned to society B, except to the extent required to settle its affairs before being removed from the register of building societies; and (iii) society A does not carry on business after the notice is registered, except to the extent required to settle its affairs before being removed from the register of building societies; and (iv) society A's liabilities are satisfied or assumed by society B; and (v) society A is or will be removed from the register of building societies as soon as practicable after the notice is registered amalgamation rules means the provisions listed in section FO 2 (Amalgamation rules) amortising property means property for which a person— (a) is allowed a deduction for an amount of depreciation loss; or (b) may make a deduction on account of amortisation of expenditure under section EZ 7 (Buying patent rights before 1 April 1993), EZ 8 (Premium paid on land leased before 1 April 1993), or any other amortisation provision amount — (a) includes an amount in money’s worth: (b) in sections CB 24 (Disposal of timber or right to take timber), CB 25 (Disposal of land with standing timber), and CB 29 (Disposal of minerals), includes the amount treated as— (i) the price paid or realised under section EB 24 (Apportionment on disposal of business assets that include trading stock): (ii) the consideration under sections FB 6 and FB 7 (which relate to the disposal of timber on a settlement of relationship property): (iii) the price realised under sections GC 1 and GC 2 (which relate to the disposal of trading stock for inadequate consideration): (c) is defined in section EH 35(2) (Meaning of main maximum deposit) for the purposes of that section: (d) is defined in section EH 78(3) (Meaning of thinning operations maximum deposit) for the purposes of that section: (e) is defined in section GC 14 (Definitions for sections GC 6 to GC 13 ) for the purposes of sections GC 6 to GC 13 (which relate to transfer pricing arrangements): (f) is defined in section RD 33(4) (Subsidised transport) for the purposes of that section: (g) is defined in section RD 37(2) (Contributions to superannuation schemes) for the purposes of that section: (h) is defined in section RD 41(4) (Services) for the purposes of that section amount of all consideration is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules amount of tax , for a payment, includes the amount of tax that must be withheld and paid, or paid to the Commissioner under the PAYE rules, ESCT rules, RSCT rules, RWT rules, or NRWT rules ancillary tax means— (a) provisional tax: (b) further income tax: (c) imputation penalty tax: (d) penalty tax for a Maori authority payable under section 140DB of the Tax Administration Act 1994: (e) FDP: (f) further FDP: (g) FDP penalty tax: (h) qualifying company election tax: (i) PAYE: (j) FBT: (k) ESCT: (kb) RSCT: (l) RWT: (m) NRWT: (n) withdrawal tax annual branch equivalent tax account return means the return to be filed with the Commissioner by a company under sections 77 and 78 of the Tax Administration Act 1994 annual FDPA return means the return to be filed with the Commissioner by a company under sections 71 and 72 of the Tax Administration Act 1994 annual gross income is defined in section BC 2 (Annual gross income) annual ICA return means the return to be filed with the Commissioner by a company under section 69 of the Tax Administration Act 1994 annual income tax balance date is defined in section EG 1(10) (Election to use balance date used in foreign country) for the purposes of that section annual PCA return means the return to be filed with the Commissioner by a company under section 66 of the Tax Administration Act 1994 annual rate is defined in section EE 61 (Meaning of annual rate) annual rates means the rates of income tax fixed for a tax year by the annual taxing Act for that year annual taxing Act means the provisions of any Act by which the rates of income tax are fixed for a tax year annual total deduction is defined in section BC 3 (Annual total deduction) approved issuer means a person for whom an approval under section 32M of the Tax Administration Act 1994 is in force arm's length amount , for an arrangement that is a cross-border arrangement under section GC 6 (Purpose of rules and nature of arrangements) means an arm's length amount of consideration under section GC 13 (Calculation of arm's length amounts) arrangement means an agreement, contract, plan, or understanding, whether enforceable or unenforceable, including all steps and transactions by which it is carried into effect arrangement for assistance entered into by the government of New Zealand is defined in section CW 22(3) (Amounts derived by overseas experts and trainees in New Zealand by government arrangement) for the purposes of that section arrangement property is defined in section GB 45(3) (Arrangements involving money not at risk) for the purposes of that section ASC has the same meaning as available subscribed capital ASC account means a memorandum account established by an ASC account company under section OF 1(2) (General rules for companies with ASC accounts) ASC account company means a company that chooses under section OF 1(1) and OF 3 (which relate to ASCA companies) to become an ASCA company ASC credit means a credit referred to in section OA 5(6) (Credits) ASC debit means a debit referred to in section OA 6(6) (Debits) ASCA means available subscribed capital account assessable income is defined in section BD 1(5) (Income, exempt income, excluded income, non-residents’ foreign-sourced income, and assessable income) assessment is defined in section 3(1) of the Tax Administration Act 1994 assessment period is defined in section GB 45(3) (Arrangements involving money not at risk) for the purposes of that section asset — (a) is defined in section CU 11 (Meaning of asset for sections CU 3 to CU 10 ) for the purposes of sections CU 3 to CU 10 (which relate to income from mining): (b) is defined in section DU 8 (Meaning of asset for sections DU 1 to DU 7 ) for the purposes of sections DU 1 to DU 7 (which relate to deductions for mining) asset base means a segregated or identifiable group of assets or proportion of a group of assets attributable to profit participation policies associated, associated person, person associated , and other expressions indicating the association of persons with each other are defined in sections YB 1 to YB 16 (which relate to associated persons) associated internal software developer is defined in section LH 17 (Some definitions) for the purposes of subpart LH (Tax credits for expenditure on research and development) associated mining operations is defined in section CU 29 (Other definitions) associated non-attributing active CFC , for a CFC, means a person who is associated with the CFC under section YB 2 (Two companies) if the person and the CFC meet the following requirements: (a) the person is a non-attributing active CFC; and (b) the person and the CFC each have a taxed CFC connection with the same country or territory association , in subpart HE (Mutual associations), and sections CB 33 , CB 34 , and DV 19 , (which relate to mutual associations), means a body or association of persons, whether incorporated or not association rebate is defined in section HE 3 (Association rebates) for the purposes of subpart HE (Mutual associations) and sections CB 34 and DV 19 (which relate to mutual associations) attributable CFC amount is defined in section EX 20B (Attributable CFC amount) attributable FIF income method means the method of calculating FIF income or FIF loss in section EX 50 (Attributable FIF income method) attributed CFC income is defined in section CQ 2 (When attributed CFC income arises) attributed CFC loss is defined in section DN 2 (When attributed CFC loss arises) attributed CFC net loss , for a person and for an income year in which they have an attributed CFC loss, means the part of the loss that the person is denied as a deduction because of section DN 4 (Ring-fencing cap on deduction), but must instead deal with under Part I (Treatment of tax losses) attributed PIE income means an amount of income attributed by a multi-rate PIE to an investor in the PIE under section HM 36 (Calculating amounts attributed to investors) attributed PIE loss means an amount of loss attributed by a multi-rate PIE to an investor in the PIE under section HM 36 (Calculating amounts attributed to investors) attributed repatriation is defined in section CD 45 (When does a person have attributed repatriation from a controlled foreign company?) attributing interest means an attributing interest in a foreign investment fund as defined in sections EX 29 to EX 43 (which relate to attributing interests in FIFs) attribution period , for a multi-rate PIE, means a period described in section HM 34 (Attribution periods) Australian approved deposit fund means an approved deposit fund as defined in section 10 of the Superannuation Industry (Supervision) Act 1993 (Aust) Australian exempt public sector superannuation scheme means an exempt public sector superannuation scheme as defined in section 10 of the Superannuation Industry (Supervision) Act 1993 (Aust) Australian financial year is defined in section CV 8(3) (Regulations: Australian wine producer rebate) for the purposes of that section Australian ICA company means a company referred to in section OB 2(1) (Australian companies with imputation credit accounts) Australian regulated superannuation fund means a regulated superannuation fund as defined in section 19 of the Superannuation Industry (Supervision) Act 1993 (Aust) Australian retirement savings account means a retirement savings account as defined in section 8 of the Retirement Savings Accounts Act 1997 (Aust) Australian wine producer rebate means a producer rebate (under A New Tax System (Wine Equalisation Tax) Act 1999 (Aust) and regulations made under that Act) that relates to wine exported from New Zealand on or after 1 July 2005 author is defined in section EI 3(6) (Assigning or granting copyright) for the purposes of that section authorised savings institution means an authorised savings institution as defined in the Home Ownership Savings Act 1974 available capital distribution amount means the amount calculated for a share in a company under section CD 44 (Available capital distribution amount) available subscribed capital means the amount calculated for a share in a company under section CD 43 (Available subscribed capital (ASC) amount) available tax loss , for a person and their net income, means— (a) a loss balance carried forward that, under Part I (Treatment of tax losses), is required to be subtracted from the net income: (b) an amount of another company’s tax loss that, under Part I , the person, if it is a company, is allowed to subtract from the net income: (c) an attributed CFC net loss or FIF net loss carried forward that, under subpart IQ (Attributed controlled foreign company net losses and foreign investment fund net losses), is required to be subtracted from the net income: (d) the amount of another company's attributed CFC net loss or FIF net loss that, under subpart IQ , is subtracted from the net income balance date , for the purposes of section RC 10 (Calculating amount of instalment under standard and estimation methods) and subpart RC (Provisional tax), section RP 17B (Tax pooling accounts and their use), and schedule 3 (Payment of provisional tax and terminal tax) means the date of the annual balance of a person’s financial statements for their tax year balloted loan right is defined in section DV 10(3) (Building societies) for the purposes of that section banking company means a person carrying on in New Zealand the business of banking base amount is defined in section RC 8(2) (GST ratio method) for the purposes of that section base premium for the 1998–99 premium year is defined in section EZ 30(3) (Base premium for 1998–99 premium year under Accident Insurance Act 1998) for the purposes of that section basic tax rate , for a person,— (a) means the basic rate of income tax for the person set out in schedule 1 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits) and schedule 2 (Basic tax rates for PAYE income payments); and (b) in the case of a transitional year, resulting from a change in a person’s balance date, has the meaning given in section 39(5) of the Tax Administration Act 1994 benchmark distribution means the first taxable Maori authority distribution by a Maori authority in a tax year benchmark dividend , means the first dividend paid by a company in a tax year that is not 1 of the following kinds: (a) a dividend to which the company is not allowed by section OB 63 (Australian dividends) to attach an imputation credit: (b) a distribution of a co-operative company for which the company has made an election under section OB 82 (When and how co-operative company makes election) beneficial interest includes an interest that is contingent, discretionary or unvested beneficiary is defined in section DX 1(5) (Testamentary annuities) for the purposes of that section beneficiary income is defined in section HC 6 (Beneficiary income) benefit is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section benefit fund PIE means a defined benefit fund that— (a) meets the requirements of section HM 7 (Requirements); and (b) chooses to become a PIE under section HM 71 (Choosing to become PIE); and (c) has not chosen to cancel PIE status under section HM 29 (Choosing to cancel status); and (d) does not attribute amounts to investors best estimate assumptions means assumptions about the future that–– (a) are actuarially determined; and (b) are made using professional judgement, training and experience; and (c) are not deliberately overstated or understated BETA has the same meaning as branch equivalent tax account BETA company [Repealed] BETA person means a person who chooses under sections OE 1(2) and OE 17 (which relate to persons with branch equivalent tax accounts) to become a BETA person binding ruling is defined in section 3 of the Tax Administration Act 1994 bloodstock — (a) means a horse that is a member of the standardbred or thoroughbred breed of horses; and (b) includes a share or interest in such a horse bonus issue ,— (a) means the issue of shares in a company, or the giving of credit for or forgiveness of an amount unpaid on any share in a company, if the company receives no consideration for the issue, crediting, or forgiveness other than the shareholder choosing not to receive an amount as an alternative to the issue: (b) includes the issue of shares under a profit distribution plan bonus issue in lieu means a bonus issue made, on or after 1 October 1988, under an arrangement conferring on shareholders of a company an election whether to receive— (a) a bonus issue; or (b) money; or (c) money’s worth, other than money’s worth that is a bonus issue boutique investor class , for a portfolio investment entity, means an investor class of the entity if— (a) the class does not have 20 or more members; and (b) the entity has 1 or more other investor classes that include 20 or more persons; and (c) no investor in the class described in paragraph (a), other than the manager or trustee of the entity, can control investment decisions relating to the class; and (d) the investor interests of investors in all investor classes described in paragraph (a) of the entity add up to less than 10% of the total value of interests in the entity branch equivalent company [Repealed] branch equivalent income , for a foreign company and for an accounting period, means the amount of income for the accounting period calculated under section EX 21 (Branch equivalent income or loss: calculation rules) as that provision read immediately before being amended by section 161 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 branch equivalent loss , for a foreign company and for an accounting period, means the amount of loss for the accounting period calculated under section EX 21 (Branch equivalent income or loss: calculation rules) as that provision read immediately before being amended by section 161 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 branch equivalent method means the method of calculating FIF income or FIF loss in section EX 50 (Branch equivalent method) as that provision read immediately before being amended by section 35 of the Taxation (International Investment and Remedial Matters) Act 2012 branch equivalent tax account means the account maintained by a BETA person under section OE 17(3) (Person choosing to become BETA person) branch equivalent tax credit means a credit referred to in section OA 5(5) (Credits) branch equivalent tax debit means a debit referred to in section OA 6(5) (Debits) bribe is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section broodmare means a broodmare that is bloodstock building , in subparts EE and EZ , does not include— (a) a grandparented structure: (b) commercial fit-out building society is defined in section 2 of the Building Societies Act 1965 business — (a) includes any profession, trade, or undertaking carried on for profit: (b) includes the activities of— (i) a statutory producer board: (ii) an airport operator: (c) is further defined in section DD 11 (Some definitions) for the purposes of subpart DD (Entertainment expenditure) business contacts is defined in section DD 11 (Some definitions) for the purposes of subpart DD (Entertainment expenditure) business premises is defined in section DD 11 (Some definitions) for the purposes of subpart DD (Entertainment expenditure) business tool means an item that is used by an employee in the performance of their work duties and in the absence of section CX 21 (Business tools) would give rise to an unclassified benefit business use , for a motor vehicle and for a person, means travel undertaken by the vehicle wholly in deriving the person’s income calculation method , for the calculation of FIF income or FIF loss, means any of the attributable FIF income method, the comparative value method, the deemed rate of return method, the fair dividend rate method, and the cost method calculation period , for a multi-rate PIE, means a period in which the entity calculates an amount under section HM 47 (Calculation of tax liability or tax credit of multi-rate PIEs) that— (a) consists of 1 or more attribution periods: (b) for a calculation under the quarterly calculation option, is a quarter: (c) for a calculation under the exit calculation or provisional tax calculation options, is an income year: (d) for a calculation under the exit calculation option when an exit period arises, is the exit period cancellation , for a company and for a share, means the acquisition, redemption, or other cancellation of the whole share by the company, including on the liquidation of a company, and when a stapled debt security ceases to be a share capital contribution — (a) in sections CG 8 , DB 64 , and EE 48 (which relate to capital contributions), means an amount that–– (i) is paid by a person (the payer ) to a person (the recipient ) under an agreement between them; and (ii) is paid by the payer other than in their capacity of settlor, partner, or shareholder of the recipient; and (iii) is not income of the recipient, ignoring section CG 8 ; and (iv) is paid, under the express terms and conditions of the agreement, as a contribution for depreciable property owned or to be acquired by the recipient; and (v) if the agreement is a contract of insurance, indemnity, or compensation, is paid in relation to an interruption or impairment of business activities: (b) is defined in section HG 11(12) (Limitation on deductions by partners in limited partnerships) for the purposes of that section capital limitation is defined in section DA 2(1) (General limitations) capital property is defined in section CD 44(18) (Available capital distribution amount) for the purposes of that section car ,— (a) in section EZ 16 (Amount of depreciation loss for plant or machinery additional to section EZ 15 amount),

and in the definition of qualifying asset ,— (i) means a motor vehicle designed exclusively or mainly to carry up to 9 people, including the driver; and (ii) includes such a motor vehicle that has rear doors and collapsible rear seats; and (iii) does not include a moped or a motorcycle: (b) in the FBT rules, and in the definition of work-related vehicle ,— (i) means a motor vehicle designed exclusively or mainly to carry people: (ii) includes such a motor vehicle that has rear doors or collapsible rear seats: (iii) does not include a minibus, moped, motorcycle, or taxi cash accounting method is defined in section EG 2(4) (Adjustment for changes to accounting practice) for the purposes of that section cash basis person is defined in section EW 54 (Meaning of cash basis person) casual agricultural employee means— (a) a casual agricultural worker: (b) a shearer: (c) a shearing shed hand casual agricultural worker means a person engaged on a day to day basis for a period of no more than 3 months as a casual seasonal worker for the exclusive purpose of doing seasonal agricultural, horticultural, market gardening, nursery, orchard, or tobacco farming work, or other seasonal work that, in the opinion of the Commissioner, is work of a like nature to those classes of work category A income is defined in section HR 3(1) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) category B income is defined in section HR 3(3) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) CFC has the same meaning as controlled foreign company charitable or other public benefit gift is defined in section LD 3 (Meaning of charitable or other public benefit gift) charitable organisation — (a) means, for a quarter or an income year, an association, fund, institution, organisation, society, or trust to which section LD 3(2) (Meaning of charitable or other public benefit gift) or schedule 32 (Recipients of charitable or other public benefit gifts) applies— (i) in the quarter; or (ii) in the income year, if fringe benefit tax is payable on an income year basis under section RD 60 (Close company option); and (b) does not include a local authority, a public authority, or a university charitable purpose includes every charitable purpose, whether it relates to the relief of poverty, the advancement of education or religion, or any other matter beneficial to the community, and— (a) the purpose of a trust, society, or institution is charitable under this Act if the purpose would meet the public benefit requirement apart from the fact that the beneficiaries of the trust, or the members of the society or institution, are related by blood: (b) a marae has a charitable purpose if— (i) the physical structure of the marae is situated on land that is a Maori reservation referred to in Te Ture Whenua Maori Act 1993 (the Maori Land Act 1993); and (ii) the funds of the marae are not used for a purpose other than the administration and maintenance of the land and of the physical structure of the marae, or not used for a purpose that is a charitable purpose other than under this paragraph charitable trust is defined in section HC 13 (Charitable trusts) for the purposes of the trust rules chief executive is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) chief executive of the administering department — (a) means the chief executive, appointed under the State Sector Act 1988 , of the department responsible for administering the Social Security Act 1964 ; and (b) includes any person authorised to perform any of the functions of the chief executive child in subparts MA to MF and MZ (which relate to tax credits for families),

and in the definition of dependent child , means a person who is not in a marriage, civil union, or de facto relationship, and who— (a) is aged 15 years or less; or (b) is aged 16 or 17 years and is not financially independent; or (c) is aged 18 years and is a person for whom a tax credit is allowed under section MD 1 (Abating WFF tax credit) or both sections MD 1 and ME 1 (Minimum family tax credit) child tax credit is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) civil union partner , in subparts MA to MF and MZ (which relate to tax credits for families) and in section LC 13 (Tax credits for independent earners) and in the definitions of entitlement period , full-time earner , and separated person , does not include a separated person claim , in the life insurance rules, is defined in section EY 7 (Meaning of claim) claim of right means a belief that an act is lawful, although the belief may be based on ignorance, or mistake, of— (a) fact; or (b) any matter of law other than the enactment against which the offence is alleged to have been committed class , in subpart EC (Valuation of livestock),

and in the definition of national average market value ,— (a) means a category of livestock listed in schedule 17 , column 2 (Types and classes of livestock); and (b) when used of a particular type of livestock, means any of the categories listed for that particular type class of policies means life insurance policies that have substantially the same terms and conditions, and that are priced by the life insurer using substantially the same assumptions close company — (a) means, at any time, a company to which 1 of the following applies: (i) at the time there are 5 or fewer natural persons the total of whose voting interests in the company is more than 50% (treating all natural persons associated at the time as 1 natural person); or (ii) at the time a market value circumstance exists for the company and there are 5 or fewer natural persons the total of whose market value interests in the company is more than 50% (treating all natural persons associated at the time as 1 natural person); and (b) in section RD 3(2) to (4) (PAYE income payments), includes a company with 25 or fewer shareholders; and (c) does not include a special corporate entity close of trading spot exchange rate , for any foreign currency on any day, means the rate determined by applying the following paragraphs in order: (a) the rate of a spot contract for the purchase of New Zealand dollars using the foreign currency at any time on that day on a market approved, with the rate obtained from the sources of information approved, by the Commissioner in determination G6D made under section 64E of the Income Tax Act 1976 (or a determination issued in substitution for that determination); and (b) if no such rate can be obtained for that day, then the rate on the next day on which it can be obtained and that is no later than 5 working days after the first day; and (c) if no such rate of a spot contract can be obtained, the cross rate determined as at 3.00 pm New Zealand time on that day by applying the method outlined in paragraph 6(3)(c) of determination G6D made under section 64E of the Income Tax Act 1976 (or in the corresponding paragraph of a determination issued in substitution for that determination); and (d) if no such rate can be obtained, the rate determined by applying the method set out in paragraph 6(2) of determination G9A made under section 64E of the Income Tax Act 1976 (or in the corresponding paragraph of a determination issued in substitution for that determination) close relative is defined in section FC 1(2) (What this subpart does) for the purposes of subpart FC (Distribution, transmission, and gifts of property) closely-held company means, at any time, a company to which 1 of the following applies: (a) at the time there are 5 or fewer persons the total of whose direct voting interests in the company is more than 50%, treating all persons associated at the time as 1 person; or (b) at the time,— (i) a market value circumstance exists for the company; and (ii) there are 5 or fewer persons the total of whose direct market value interests in the company is more than 50%, treating all persons associated at the time as 1 person closing stock , for a person and for an income year, means trading stock of the person at the end of the income year combined imputation and CTR ratio [Repealed] combined imputation and FDP ratio means the ratio set out in section OC 29 (FDP credits and imputation credits attached to dividends) combined tax and earner-related payment means, for a PAYE income payment, the total of— (a) the amount of tax for the PAYE income payment required to be withheld and paid under the PAYE rules; and (b) the amount withheld from the PAYE income payment under— (i) section 115 of the Accident Rehabilitation and Compensation Insurance Act 1992, on account of the earner’s premium payable by employees under the Act; or (ii) section 285 of the Accident Insurance Act 1998, on account of the earner’s premium payable by employees under the Act; or (iii) section 221 of the Accident Compensation Act 2001, on account of the earner’s levy payable by employees under the Act commencement of this Act , in sections ZA 3 (Transitional provisions), ZA 4 (Saving of binding rulings), ZA 5 (Saving of accrual determinations), and ZA 6 (Comparative tables of old and new provisions), means commencement under section A 2(2) (Commencement) commercial bill — (a) includes— (i) a document creating or securing a legal or equitable security over goods, as defined in section 16 of the Personal Property Securities Act 1999, for the payment of money owing or to become owing, whether or not the document is registered under an Act; and (ii) a bill of exchange, as defined in section 3 of the Bills of Exchange Act 1908; and (iii) a promissory note, as defined in section 84 of the Bills of Exchange Act 1908, other than a banknote; and (iv) a Treasury Bill; and (v) a document or agreement that has substantially the same purpose or effect as an item referred to in any of subparagraphs (i) to (iv); and (vi) a share or interest in an item referred to in any of subparagraphs (i) to (v); and (b) does not include— (i) a debenture or bond for the payment of a security issued by a body corporate; or (ii) a security, whether legal or equitable, over an estate or interest in land commercial building means a building that is not, in part or in whole, a dwelling, unless use as a dwelling is a secondary and minor use commercial fit-out means an item to the extent to which it is–– (a) plant attached to a commercial building, but not used inside a dwelling within the commercial building: (b) attached to, and non-structural in relation to, a building, if the item is not used for weatherproofing the building and–– (i) is not used in relation to, and is not part of, a dwelling within the building; or (ii) is used in relation to, but is not part of, a dwelling within the building, and the building is a commercial building commercial production means the production of petroleum— (a) in a state suitable for delivery to a buyer, consumer, processor, refinery, or user; and (b) in commercial quantities; and (c) on a continuing basis Commissioner means the Commissioner of Inland Revenue as defined in section 3 of the Tax Administration Act 1994 common interest is defined in section YC 13(4) (Corporate spin-outs) for the purposes of that section common market value interest — (a) means the market value interest measured under section IC 3(4) (Common ownership: group of companies) for the purposes of that section and section IC 4 : (b) is defined in section YC 13(6) (Corporate spin-outs) for the purposes of that section common span is defined in section IP 2(1) (Group companies’ common span) for the purposes of subpart IP (Meeting requirements for part-years) common voting interest — (a) means the voting interest measured under section IC 3(3) (Common ownership: group of companies) for the purposes of that section and section IC 4 : (b) is defined in section YC 13(5) (Corporate spin-outs) for the purposes of that section commonality period is defined in section IC 6(1) (Common ownership for period) for the purposes of Part I (Treatment of tax losses) Commonwealth — (a) means the British Commonwealth of Nations; and (b) includes every territory for whose international relations the Government of any country of the Commonwealth is responsible community trust is defined in section 4 of the Community Trusts Act 1999 company — (a) means a body corporate or other entity that has a legal existence separate from that of its members, whether it is incorporated or created in New Zealand or elsewhere: (ab) does not include a partnership: (abb) does not include a look-through company, except in the PAYE rules, the FBT rules, the NRWT rules, the RWT rules, the ESCT rules, the RSCT rules, and for the purposes of subpart FO (Amalgamation of companies): (ac) includes a listed limited partnership: (ad) includes a foreign corporate limited partnership: (b) includes a unit trust: (c) includes a group investment fund that is not a designated group investment fund, but only to the extent to which the fund results from investments made into it that are— (i) not from a designated source, as defined in section HR 3(5) (Definitions for section HR 2 : group investment funds); and (ii) not made before 23 June 1983, including an amount treated as invested at that date under the definition of pre-1983 investment in section HR 3(8) : (d) includes an airport operator: (e) includes a statutory producer board: (f) includes a society registered under the Incorporated Societies Act 1908 : (g) includes a society registered under the Industrial and Provident Societies Act 1908 : (h) includes a friendly society: (i) includes a building society: (j) is further defined in section EX 30(7) (Direct income interests in FIFs) for the purposes of that section company dividend statement means a statement required by section 67 of the Tax Administration Act 1994 to be completed and retained by a company for a dividend comparative value method means the method of calculating FIF income or FIF loss in section EX 51 (Comparative value method) compensation [Repealed] completed , for a film, means the completion of the film to— (a) the stage of production at which the film has been completely edited, shot by shot, to its final length; or (b) a production stage equivalent to that described in paragraph (a) complying fund calculation period [Repealed] complying fund rules means, for a superannuation fund and an employee's superannuation accumulation, rules that— (a) meet all the requirements set out in schedule 28 (Requirements for complying fund rules); and (b) do not detract from those requirements complying superannuation fund means a superannuation fund that is approved as a complying superannuation fund under section 35 of the Superannuation Schemes Act 1989 complying trust is defined in section HC 10 (Complying trusts) compulsory employer contribution has the same meaning as in the KiwiSaver Act 2006 conduct is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section conduit company is a company that meets the requirements of section FF 2 (When interest apportionment rule applies) consideration — (aa) includes the amount owing under a stapled debt security when the security ceases to be a share, in section CD 43 (Available subscribed capital (ASC) amount): (a) is defined in section EE 45 (Consideration for purposes of section EE 44 ) for the purposes of section EE 44 (Application of sections EE 48 to EE 52 ): (b) means an amount determined under the financial arrangements rules in— (i) the financial arrangements rules: (ii) section EX 21(11) (Attributable CFC amount and net attributable CFC income or loss: calculation rules): (iii) sections FO 12 to FO 15 (which relate to the treatment of financial arrangements on amalgamation): (iv) sections FO 18 to FO 20 (which relate to companies that are parties to financial arrangements): (v) section HC 31(4) (When existing trusts come into tax base) consolidated BETA group [Repealed] consolidated FDP group is defined in section OP 51(1) (FDP accounts of consolidated FDP groups) consolidated group means, at any time, a consolidated group formed under section FM 35 (Forming consolidated group) as it is constituted at that time consolidated imputation group means— (a) an imputation group: (b) a resident imputation subgroup: (c) a consolidated group, no member of which is a member of an imputation group consolidation rules means the provisions listed in section FM 2(2) (Consolidation rules) contaminant means a contaminant as defined in section 2(1) of the Resource Management Act 1991 continental shelf is defined in the Continental Shelf Act 1964 continuity period — (a) is defined in section IA 5(6) (Restrictions on companies’ loss balances carried forward) for the purposes of that section: (b) is defined in section LP 4(3) (Continuity rules for carrying credits forward) for the purposes of that section continuity provisions means— (a) section GB 3 (Arrangements for carrying forward loss balances: companies); and (b) section GB 4 (Arrangements for grouping tax losses: companies); and (c) sections IA 3 and IA 4 (which relate to the use of tax losses); and (d) section IA 5 (Restrictions on companies’ loss balances carried forward); and (e) section IC 1 (Company A making tax loss available to company B); and (f) section LP 3(4) (Use of remaining credits); and (g) section OB 41 (ICA debit for loss of shareholder continuity); and (h) section OC 24 (FDPA debit for loss of shareholder continuity); and (i) [Repealed] (j) section OK 15 (MACA debit for loss of shareholder continuity) contract activity or service , for a non-resident contractor, means— (a) performing any work in New Zealand: (b) rendering a service of any kind in New Zealand: (c) providing the use of, or right to use, in New Zealand, any personal property or services of a person other than the non-resident contractor contract of employment is defined in section DC 3B(3) (Payments to working owners) for the purposes of that section and the definition of working owner contract of service is defined in section DC 4(5) (Payments to working partners) for the purposes of that section contract payment , for a non-resident contractor, means any payment other than— (a) a royalty; or (b) a payment made to the non-resident contractor by or on behalf of a person who is not associated with the contractor to reimburse costs incurred by the contractor; or (c) a payment referred to in schedule 4, part E (Rates of tax for schedular payments) contribution , in the FBT rules, means a contribution made— (a) directly; or (b) indirectly by reimbursement through another person control [Repealed] control interest , for a foreign company, is defined in sections EX 2 (Four categories for calculating control interests) and EX 7 (Indirect control interests) control interest category means 1 of the categories of control interest listed in section EX 2(2) (Four categories for calculating control interests) controlled foreign company is defined in section EX 1 (Meaning of controlled foreign company) controlled petroleum mining company means a company that is a petroleum miner if— (a) 90% or more in value of its outstanding shares are held, directly or indirectly, by or for 5 or fewer persons; and (b) the market value of a petroleum permit, including an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) attributable to the permit, held by the company is at least 75% of the value of its assets minus its liabilities, as shown in the company’s audited financial statement or accounts prepared under generally accepted accounting practice controlled petroleum mining entity means— (a) a controlled petroleum mining company; or (b) a controlled petroleum mining holding company; or (c) a controlled petroleum mining trust; or (d) a controlled petroleum mining holding trust controlled petroleum mining holding company means a company if— (a) 90% or more in value of its outstanding shares are held, directly or indirectly, by or for 5 or fewer persons; and (b) the total market value of the following shares and trust interests held by the company is at least 75% of the value of its assets minus its liabilities, as set out in the company’s audited financial statement or accounts prepared according to generally accepted accounting practice: (i) shares in petroleum mining companies: (ii) shares in petroleum mining holding companies: (iii) trust interests in petroleum miners that are trusts: (iv) trust interests in petroleum mining holding trusts controlled petroleum mining holding trust means a trust that is a petroleum miner if— (a) 90% or more in value of the trust is owned, directly or indirectly, by or for 5 or fewer persons; and (b) the total market value of the following shares and trust interests held by the trust is at least 75% of the value of its assets minus its liabilities, as set out in the trust’s accounts prepared according to generally accepted accounting practice: (i) trust interests in petroleum miners that are trusts: (ii) trust interests in other petroleum mining holding trusts: (iii) shares in petroleum miners that are companies: (iv) shares in petroleum mining holding companies controlled petroleum mining trust means a trust that is a petroleum miner if— (a) 90% or more in value of the trust is owned, directly or indirectly, by or for 5 or fewer persons; and (b) the market value of a petroleum permit, including an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) attributable to the permit, held by the trust is at least 75% of the value of its assets minus its liabilities, as shown in the trust’s accounts prepared under generally accepted accounting practice controlling shareholder is defined in section HD 15(9) (Asset stripping of companies) for the purposes of that section convert , for a New Zealand emissions unit, means convert as defined in section 4(1) of the Climate Change Response Act 2002 convertible credit means a credit that a person is allowed under Part L (Tax credits and other credits)— (a) for an imputation credit; or (b) for FDP, if the person is not entitled to a refund of the credit under Part R (General collection rules) convertible note means a document or a combination of documents that— (a) is issued or given by a company; and (b) creates or relates to money lent to the company, whether or not secured; and (c) provides, whether exclusively or not,— (i) for the holder to have a right to subscribe for shares or stock in the capital of the company or in the capital of another company; or (ii) for the amount or any part of the amount, with or without interest and whether at par or otherwise, to be converted into or repaid by the issue of shares in the company, whether the conversion or repayment by the issue of shares is mandatory or is at the option of the company or of the holder co-operative company does not include a statutory producer board copyright in a sound recording means the copyright in the version of the recording of which copies have been sold or offered for sale to the public core acquisition price is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules corpus is defined in section HC 4 (Corpus of trust) for the purposes of the trust rules corresponding income year , for a tax year, means an income year that ends in the period starting on 1 October in the tax year and ending on 30 September immediately after the tax year cost ,— (a) in subpart EB (Valuation of trading stock (including dealer’s livestock)), for trading stock, means costs incurred in the ordinary course of business to bring trading stock to its present location and condition, including purchase costs and costs of production, calculated under sections EB 6 to EB 8 (which relate to costs for standard valuations), EB 15 to EB 18 (which relate to costs for low-turnover traders), and EB 22 (Valuing closing stock consistently for low-turnover traders): (b) is defined in section RD 40(3) (Goods) for the purposes of that section: (c) in sections RD 42 and RD 43 (which relate to goods provided with staff discount), for a registered person who may claim input tax for the cost of the goods, means the GST-inclusive cost of the goods to the person cost method means a method of calculating FIF income or FIF loss under section EX 56 (Cost method) cost of timber , in sections DP 11 , EJ 1 , EW 2 , EZ 44 , FB 6 , and FB 7 (which relate to the disposal of timber),— (a) means the amount of expenditure incurred by a person in relation to timber— (i) before harvest, for a disposal of harvested timber: (ii) before the disposal of the timber or the relevant right, for a disposal of standing timber or a disposal of a right to take timber, or another right referred to in section DP 11(4) (Cost of timber); and (b) includes, for section DP 11 ,— (i) expenditure on planning, planting, and growing the timber: (ii) expenditure incurred in relation to the rights listed in section DP 11(4) ; and (c) excludes— (i) expenditure for which a deduction is allowed under a provision of this Act other than section DP 11 : (ii) expenditure to which section DB 46 (Avoiding, remedying, or mitigating effects of discharge of contaminant) applies: (iii) an amount allowed as a deduction under section DQ 4 (Environmental restoration accounts scheme) cost price ,— (a) in subpart EC (Valuation of livestock), does not include any amount of input tax in relation to the supply of livestock or trading stock to a person; and (b) in section FZ 2 (Effect of specified lease on lessor and lessee),

and in the definition of specified lease , and for a personal property lease asset, means the amount of expenditure of a capital nature that is incurred, in acquiring and installing the asset,— (i) by the lessor; or (ii) if the lessor under a lease acquires the asset as lessee under any other lease, by the person who is the lessor in the other lease; and (c) as a qualification on paragraph (b), if, in carrying on a business in the income year in which the asset is acquired, the lessor acquires, manufactures, or assembles as trading stock, and distributes or sells, an asset of the same kind as the asset, the cost price for the asset is an amount equal to the normal price for which, at the start of the lease period, the lessor would have sold an asset of the same kind as the asset to the lessee; and (d) as another qualification on paragraph (b), if the lessor has used the asset in deriving income before the lease is entered into, the cost price of the asset is equal to the capital expenditure incurred by the lessor in acquiring the asset, reduced by the total of the amounts of depreciation loss for which the lessor has been allowed deductions for the asset; and (e) as another qualification on paragraph (b), if, for an asset and a lease entered into on or after 29 October 1983, an amount cannot be determined under any of paragraphs (b) to (d), the cost price for the asset is an amount equal to the market price of the asset at the start of the term of the lease or, if there is no such market price or there are 2 or more, is an amount equal to the amount that, in the circumstances of the case, is reasonable, having regard to the nature of the asset and to the tenor of this definition council-controlled organisation — (a) means— (i) an organisation that is a council-controlled trading organisation as defined in section 6 of the Local Government Act 2002, and is not a company: (ii) a company that is a council-controlled organisation, under paragraph (a)(i) of the definition of council-controlled organisation in section 6(1) of the Local Government Act 2002: (iii) an organisation that is a council-controlled organisation, under paragraph (b) of the definition of council-controlled organisation in section 6(1) of the Local Government Act 2002, and that has, in an organisation of a kind described in subparagraph (i) or (ii), control of at least 50% of the votes at any meeting of the members or the controlling body of the organisation, or the right to appoint at least 50% of the directors, managers, or trustees of the organisation (however the positions are described): (iv) an organisation that would be a council-controlled organisation of a kind described in paragraph (a) or (b) or (c) if it did not have an exemption granted under section 6(4)(i) of the Local Government Act 2002: (v) the New Zealand Local Government Association Incorporated: (vi) a company or organisation, as defined in section 6(2) of the Local Government Act 2002, that is subject to the control, directly or indirectly, of the New Zealand Local Government Association Incorporated: (vii) New Zealand Local Government Insurance Corporation and any subsidiaries it has: (viii) Watercare Services Limited and any subsidiaries it has: but (b) does not include Auckland Transport (as established by section 38 of the Local Government (Auckland Council) Act 2009) or Auckland Regional Holdings (as established by section 18 of the Local Government (Auckland) Amendment Act 2004 or the New Zealand Local Government Funding Agency Limited counted associate is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section cover review period is defined in section EY 30 (Transitional adjustments: life risk) credit account continuity provisions means— (a) section OB 41 (ICA debit for loss of shareholder continuity); and (b) section OC 24 (FDPA debit for loss of shareholder continuity) (c) [Repealed] credit card repayment insurance is defined in section EY 30 (Transitional adjustments: life risk) credit of tax has the same meaning as tax credit credit transfer notice means a credit transfer notice issued under section 30C of the Tax Administration Act 1994 creditable membership , for a person,— (a) means membership of a KiwiSaver scheme or a complying superannuation fund; and (b) includes the following periods: (i) the period beginning on the first day of a month in which a KiwiSaver contribution for the person is first deducted or a contribution for the person is first received by the Commissioner and ending on the day on which securities are first allotted by the scheme for the person: (ib) the period beginning on the day which the Commissioner nominates when requested by the person, in circumstances where, due to matters outside the control of the person, the first deduction of KiwiSaver contributions was delayed, and ending on the day on which securities are first allotted by the KiwiSaver scheme for the person: (ii) the days in the month in which securities are first allotted by the scheme or fund for the person: (iii) for the period beginning on 1 July 2007 and ending on the day on which securities are first allotted by the scheme for the person, and for a person who contributes to the scheme before 1 November 2007, the days in the month on which the scheme receives a valid application for membership from the person and the days remaining in the period creditor workout , in relation to a financial arrangement, means–– (a) a compromise, as that term is defined in section 227 of the Companies Act 1993, in writing that, for the parties to the financial arrangement, is binding under Part 14 , 15 , or 15A of that Act, or is otherwise legally binding, to the extent to which the compromise does not cancel all of a debt: (b) a suspension in part of the repayment of any deposit, the payment of any debt, or the discharge of any obligation, under section 44 of the Corporations (Investigation and Management) Act 1989 Crown Research Institute is defined in section 2 of the Crown Research Institutes Act 1992 CTR [Repealed] CTR account [Repealed] CTR additional dividend [Repealed] CTR company [Repealed] CTR credit [Repealed] CTR debit [Repealed] CTR group member [Repealed] CTR holding company [Repealed] CTR ratio [Repealed] CTRA [Repealed] current accounting year [Repealed] current value is defined in section HR 3(4) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) date of transfer , in subpart FB (Transfers of relationship property),

and in the definitions of year of transfer , for property transferred under a relationship agreement, means the date on which the property was transferred date the deposit ends — (a) is defined in section EH 36 (Other definitions) for the purposes of the main income equalisation scheme: (b) is defined in section EH 62 (Other definitions) for the purposes of the adverse event income equalisation scheme: (c) is defined in section EH 79 (Other definitions) for the purposes of the thinning operations income equalisation scheme day is defined in section RD 30(2) (Private use of motor vehicle: 24-hour period) for the purposes of section RD 29 (Private use of motor vehicle: formulas) de facto partner means a person who is party to a de facto relationship debenture includes debenture stock debenture holder includes the owner of debenture stock debt security is defined in section FA 2B(4) (Stapled debt securities) deductible foreign equity distribution means a distribution by a foreign company to a company, in relation to a share in the foreign company,— (a) for which a deduction is allowed in the calculation of the income tax imposed by a country or territory other than New Zealand on the income of the foreign company or on the income of a company in the same group as the foreign company: (b) sourced directly or indirectly out of an amount paid to the foreign company in relation to a financial arrangement or share by another company if— (i) the foreign company is not liable for income tax imposed by a country or territory other than New Zealand on the amount paid to the foreign company; and (ii) the other company is allowed a deduction, in the calculation of the income tax imposed by a country or territory other than New Zealand on the income of the other company, for the amount paid to the foreign company deductible output tax , in sections DB 2 (Goods and services tax) and EE 54 (Cost: GST) the sum of the following amounts, as applicable: (a) an amount of output tax charged in relation to a supply of goods and services that the Goods and Services Tax Act 1985 treats a registered person as making under— (i) section 5(23) of that Act: (ii) section 5B of that Act when they have no deduction for any input tax on the acquisition of the goods or services: (iii) the old apportionment rules referred to in section 21H of that Act: (iv) section 21I(1) to (3) of that Act; and (b) an amount that is the result of an apportionment of input tax made in relation to the supply under section 20(3C) to (3I) of that Act to the extent to which the person does not have a deduction from output tax for the full amount of input tax: (c) an amount of output tax accounted for in relation to the supply under section 20(3J) of that Act: (d) an amount of output tax that is the result of adjustment made in relation to the supply under sections 21 to 21H of that Act deduction , for a person, means a deduction of the person under section BD 2 (Deductions) deemed rate of return method means the method of calculating FIF income or FIF loss in section EX 55 (Deemed rate of return method) deferred military pay is defined in section CW 24(2) (Deferred military pay for active service) for the purposes of that section defined benefit fund means a superannuation scheme, registered under the Superannuation Schemes Act 1989, that must comply with section 15(1)(a) of that Act dependent child , for a child and a person,— (a) means a child— (i) whose care is primarily the responsibility of the person; and (ii) who is maintained as a member of that person's family; and (iii) who is financially dependent on that person: (b) does not include a child in relation to whom— (i) a payment is made under section 363 of the Children, Young Persons, and Their Families Act 1989: (ii) a benefit is being paid under section 28 or 29 of the Social Security Act 1964: (c) despite paragraph (b)(i), includes a child or a young person, as defined in section 2(1) of the Children, Young Persons, and Their Families Act 1989,— (i) of whom the person is a parent within the meaning of that Act; and (ii) to whom section 361 of that Act applies; and (iii) who, under section 362 of that Act, is placed in the charge of the person deposit — (a) is defined in section EH 36 (Other definitions) for the purposes of the main income equalisation scheme: (b) is defined in section EH 62 (Other definitions) for the purposes of the adverse event income equalisation scheme: (c) is defined in section EH 79 (Other definitions) for the purposes of the thinning operations income equalisation scheme depreciable intangible property is defined in section EE 62 (Meaning of depreciable intangible property) depreciable property is defined in sections EE 6 (What is depreciable property?) and EE 7 (What is not depreciable property?) depreciation loss — (a) means a loss that a person has in the circumstances set out in section EE 1(2) (What this subpart does); and (b) includes a deduction for depreciation that a person was allowed under an earlier Act depreciation method is defined in section EE 12 (Depreciation methods) depreciation percentage means a percentage set by the Commissioner under section EC 33 (Determining depreciation percentages) depreciation recovery income — (a) means income that a person has in the circumstances set out in section EE 1(3) (What this subpart does); and (b) includes income that a person had under the corresponding provision of an earlier Act derivative instrument means a derivative as defined in NZIAS 39 derived from New Zealand [Repealed] designated group investment fund is defined in section HR 3(6) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) designated source investments is defined in section HR 3(7) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) designated sources is defined in section HR 3(5) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) development is defined in section DB 35 (Some definitions) for the purposes of that section and section DB 34 (Research or development) development investments is defined in section LZ 5 (Some definitions) for the purposes of sections LZ 2 to LZ 4 (which relate to credits for certain development projects) diminished value , for an income year, means the value established by subtracting from the amount of expenditure described in sections DO 4 and DO 5 , DO 12 , or DP 3 (which relate to certain businesses on land) the following amounts: (a) the total income derived under section CB 28(8) (Environmental restoration accounts) in relation to the expenditure; and (b) the total amount allowed as a deduction for the expenditure to any person— (i) in an earlier income year under this Act or an earlier Act: (ii) in the income year under this Act, except an amount allowed in the income year under section DB 46 , DO 5 , DO 6 , DO 12 , or DP 3 diminishing value equivalent is defined in section EC 34(4) (General rule) for the purposes of that section diminishing value method , for depreciation, is defined in section EE 67 (Other definitions) diminishing value rate is defined in section EE 67 (Other definitions) direct control interest is defined in section EX 5 (Direct control interests) direct income interest — (a) is defined in section EX 9 (Direct income interests) except for the FIF rules: (b) is defined in section EX 30 (Direct income interests in FIFs) for the FIF rules direct market value circumstance means a market value circumstance for a company other than a market value circumstance described in paragraph (g) of the definition of market value circumstance direct market value interest means a market value interest of a person in a company other than a market value interest of the person in the company to the extent to which it is treated as arising only under section YC 4(5) (Look-through rule for corporate shareholders) direct voting interest means a voting interest of a person in a company other than a voting interest of the person in the company to the extent to which it is treated as arising only under section YC 4(2) (Look-through rule for corporate shareholders) director — (a) means— (i) a person occupying the position of director, whatever title is used: (ii) a person in accordance with whose directions or instructions the persons occupying the position of directors of a company are accustomed to act: (iii) a person treated as being a director by any other provision of this Act: (iv) in the case of an entity that does not have directors and that is treated as, or assumed to be, a company by a provision of this Act, any trustee, manager, or other person who acts in relation to the entity in the same way as a director would act, or in a similar way to that in which a director would act, were the entity a company incorporated in New Zealand under the Companies Act 1993 : (b) is defined in section HD 15(9) (Asset stripping of companies) for the purposes of that section disabled workshop payment is defined in section CW 33(2) (Allowances and benefits) for the purposes of that section discontinuance profit means the amount calculated by a life insurer following the steps in section EY 36 (Discontinuance profit for income year) discontinuance profit formula means the formula in section EY 37 (Discontinuance profit formula (existing policies)) or the formula in section EY 38 (Discontinuance profit formula (new policies)) discount payment date is defined in section EZ 30(3) (Base premium for 1998–99 premium year under Accident Insurance Act 1998) for the purposes of that section dispose ,— (a) in sections CB 6 to CB 16 , CB 18 , CB 19 , CB 21 , and CB 22 (which relate to the disposal of land), for land, includes— (i) compulsory acquisition under any Act by the Crown, a local authority, or a public authority: (ii) if there is a mortgage secured on the land, a disposal by or for the mortgagee as a result of the mortgagor’s defaulting under the mortgage: (b) in sections CB 24 (Disposal of timber or right to take timber), CB 25 (Disposal of land with standing timber), DP 10 (Cost of acquiring timber or right to take timber: other cases), DP 11 (Cost of timber), and GC 2 (Disposals of timber rights or standing timber), includes— (i) to grant a licence or easement: (ii) to grant a right to take timber: (iii) to create a right to take timber: (iv) to create a forestry right, as defined in the Forestry Rights Registration Act 1983 , other than a right in favour of the proprietor: (c) in sections CB 29 (Disposal of minerals) and DB 30 (Cost of non-specified mineral), includes— (i) to grant a licence or easement: (ii) to grant a right to take minerals from land: (d) is defined in section CE 2 (Value and timing of benefits under share purchase agreements) for the purposes of that section: (e) in sections CT 1 , DT 2 to DT 4 , DT 8 to DT 11 , DT 13 , DT 19 , DZ 6 , EJ 15 , EJ 16 , EJ 17 , EZ 3 , and GB 20 (which relate to petroleum mining),— (i) means to sell or transfer an asset, voluntarily or involuntarily; and (ii) includes to lose or destroy an asset: (f) for depreciable property, includes destroy, withdraw, or let lapse, but does not include the following: (i) for a patent application, conclude the patent application because a patent is granted in relation to the patent application: (ii) for a geothermal well, have the well stop being available for use because section EE 6(4) (What is depreciable property) no longer applies: (g) in subpart FC (Distribution, transmission, and gifts of property) means a disposal of property in the manner provided for in that subpart: (h) for a partner,— (i) includes surrendering or extinguishing some or all of their partner’s interests: (ii) does not include when their partner’s interests may be treated as disposed of by operation of law because another partner disposes of that partner’s interests, unless section HG 4 (Disposal upon final dissolution) applies disposition of property in the trust rules, and in the definition of superannuation contribution , but not for a unit trust,— (a) means an assignment, conveyance, delivery, payment, settlement, transfer, or other alienation of property, whether at law or in equity; and (b) without limiting the generality of paragraph (a), includes— (i) the issue of shares in a company: (ii) the creation of a trust: (iii) the grant or creation of a charge, lease, licence, mortgage, power, servitude, or other estate, interest, or right, in or over property: (iv) the abandonment, discharge, forfeiture, release, or surrender of a contract, debt, or thing in action, or of an estate, interest, power, or right in or over property; and for this purpose a debt, or any other estate, interest, or right, is treated as having been released or surrendered when it becomes irrecoverable or unenforceable by action or for any reason ceases to exist: (v) the exercise of a general power of appointment in favour of a person other than the holder of the power; and (c) includes a disposition as defined in paragraph (a) or (b) by will or intestacy; and (d) does not include a disclaimer of an interest under a disposition made during life or by will; and (e) does not include a disclaimer of an interest under an intestacy distinctive work clothing is defined in section CX 30(2) (Distinctive work clothing) for the purposes of that section distribution is defined in section HC 14 (Distributions from trusts) for the purposes of the trust rules district health board [Repealed] dividend — (a) is defined in sections CD 3 to CD 20 (which relate to income from equity) for the purposes of this Act, except for the definition of investment society dividend : (b) in the RWT rules, does not include a dividend of the kind listed in section RE 2(5) (Resident passive income) and modified by section RE 2(6), as applicable: (c) in the NRWT rules,— (i) includes an FDP credit attached to the dividend; and (ii) includes an amount paid to a shareholder that is a company and a person associated with the company paying the amount, if the amount is excluded from dividend treatment generally only as a result of sections CD 26(2)(b) (Capital distributions on liquidation or emigration) and CD 44 ; and (iii) does not include the amount of any imputation credit attached to the dividend: (d) in subpart LP (Tax credits for supplementary dividends),— (i) includes an amount paid to a shareholder that is a company and a person associated with the company paying the amount, if the amount is excluded from dividend treatment generally only as a result of sections CD 26(2)(b) and CD 44 ; and (ii) does not include any non-cash dividend; and (iii) does not include any dividend derived by a life insurer from a company treated as resident in New Zealand because of the Commissioner granting an application under section EY 49 (Non-resident life insurer becoming resident): (e) in sections FM 30 , GB 38 , OP 58 , and OP 64 to OP 68 (which relate to consolidated groups), subpart OE (Branch equivalent tax accounts (BETA)), subpart OJ (Policyholder credit accounts (PCA)), in the FDP rules and the imputation rules, and in the definitions of benchmark dividend , combined imputation and FDP ratio , company dividend statement , excess credit amount , FDP credit , FDP ratio , foreign dividend , imputation credit , imputation ratio , pay , and shareholder dividend statement , does not include any amount treated as a dividend under section CB 34(5) (Amounts derived by members from mutual associations), GB 23 (Excessive remuneration to relatives), or GB 25 (Close company remuneration to shareholders, directors, or relatives): (f) in sections FM 30 , GB 38 , OP 58 , and OP 64 to OP 68 (which relate to consolidated groups), subpart OE (Branch equivalent tax accounts (BETA)), subpart OJ (Policyholder credit accounts (PCA)), in the FDP rules and the imputation rules, and in the definitions of benchmark dividend , combined imputation and FDP ratio , company dividend statement , excess credit amount , FDP credit , FDP ratio , imputation credit , imputation ratio , pay , and shareholder dividend statement , does not include an amount treated as a dividend under section GB 1(3) (Arrangements involving dividend stripping) dividend treated as interest means a dividend that is paid in relation to a share issued by a company that is at the time of payment— (a) a company not resident in New Zealand; or (b) a company whose constitution prohibits all of its income or property from being distributed to a proprietor, member, or shareholder of the company; or (c) a company all the income of which is exempt income other than under section CW 9 (Dividend derived by company from overseas) or CW 10 (Dividend within New Zealand wholly-owned group); or (d) a company that, in New Zealand, is engaged solely in the business of life insurance referred to in section EY 8(2)(c) (Meaning of life insurance) and is not a company that maintains an FDP account because of an election made under section OC 1 (General rules for companies with FDP accounts) donee organisation means an entity described in section LD 3(2) (Meaning of charitable or other public benefit gift) or listed in schedule 32 (Recipients of charitable or other public benefit gifts) double tax agreement is defined in section BH 1 (Double tax agreements) dwelling –– (a) means any place used predominantly as a place of residence or abode, including any appurtenances belonging to or enjoyed with the place; but (b) does not include any of the following: (i) a hospital: (ii) a hotel, motel, inn, hostel, or boardinghouse: (iii) a serviced apartment for which paid services in addition to the supply of accommodation are provided to a resident, and in relation to which a resident does not have quiet enjoyment, as that term is used in section 38 of the Residential Tenancies Act 1986: (iv) a convalescent home, nursing home, or hospice: (v) a rest home or retirement village, except to the extent that, in relation to a relevant place, it is, or can reasonably be foreseen to be, occupied as a person's principal place of residence for independent living: (vi) a camping ground early balance date has the meaning given in section YE 1(6) (References to balance dates and years) early life regime application day means, for a life insurer that chooses to apply the new life insurance rules, as provided in the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 , for an income year that includes 1 July 2010, the first day of that income year early-payment discount is defined in section RC 40 (Some definitions) for the purposes of sections RC 37 to RC 39 (which relate to discounts of income tax) economic rate is defined in section EE 67 (Other definitions) education grant is defined in section CF 1(2) (Benefits, pensions, compensation, and government grants) for the purposes of that section effective interest is defined in section HA 43 (Meaning of effective interest) effective look-through interest is defined in section HB 1(5) (Look-through companies are transparent) election commencement year , for an interest holder and an elective attributing CFC, or elective attributing FIF, of the interest holder for an accounting period, means the first year for which the election under section EX 73 (Election that CFC not non-attributing active CFC or FIF not non-attributing active FIF) for the accounting period was effective election day worker means a person to whom all the following apply: (a) the person is engaged as a Deputy Returning Officer, poll clerk, interpreter, or usher, or for any other purpose, for— (i) an election or poll held under the provisions of the Electoral Act 1993 or the Local Electoral Act 2001 or the Local Restoration Polls Act 1990 ; or (ii) an election or poll to which any of the provisions of the Electoral Act 1993 or the Local Electoral Act 2001 or the Local Restoration Polls Act 1990 applies; or (iii) an election or poll held simultaneously with and in the same premises as an election or poll referred to in subparagraph (i) or (ii); and (b) the person is paid by the authority controlling the election or poll; and (c) the person’s payment is exclusively for work done or services rendered immediately before, on, or immediately after the day on which the election or poll is held election expiry date is defined in section HC 30(5) (Treatment of foreign trusts when settlor becomes resident) for the purposes of that section elective attributing CFC , for an interest holder and an accounting period, means a CFC for which the interest holder has made an election under section EX 73 (Election that CFC not non-attributing active CFC or FIF not non-attributing active FIF) that is effective for the accounting period elective attributing FIF for an interest holder and an accounting period, means a FIF for which the interest holder uses the attributable FIF income method and has made an election under section EX 73 (Election that CFC not non-attributing active CFC or FIF not non-attributing active FIF) that is effective for the accounting period electronic format means the format and the electronic means by which a return or particulars that are filed electronically are provided emergency call is defined in section CX 34 (Meaning of emergency call) emergency event means an event that was declared by the Governor-General to be an emergency event by Order in Council under section 183ABA of the Tax Administration Act 1994 emigrating company is defined in section FL 1(1) (What this subpart does) emissions unit means a unit as defined in section 4(1) of the Climate Change Response Act 2002 emissions unit shortfall year , for a person means an income year that— (a) is an emissions unit shortfall year for the person under section ED 1B(9)(a) (Valuation of emissions units issued for zero price); and (b) has not ceased to be an emissions unit shortfall year for the person under section ED 1B(10)(c) employee — (a) means a person who receives or is entitled to receive a PAYE income payment: (ab) for the purposes of the FBT rules, includes a shareholder-employee who has chosen under section RD 3(3) to treat amounts paid to them in the income year in their capacity as employee as income other than from a PAYE income payment: (b) in sections CW 17 , CW 17B , CW 17C , and CW 18 (which relate to expenditure, reimbursement, and allowances of employees) includes a person to whom section RD 3(2) to (4) (PAYE income payments) applies: (c) in the FBT rules, and in the definition of shareholder-employee (paragraph (b)), does not include a person if the only PAYE income payment received or receivable is— (i) a payment referred to in section RD 5(1)(b)(iii) , (3), (3B), (6)(b) and (c) and (7) (Salary or wages): (ii) a schedular payment referred to in schedule 4 , parts A and I (Rates of tax for schedular payments) for which the person is liable for income tax under section BB 1 (Imposition of income tax): (d) is defined in section DC 15 (Some definitions) for the purposes of sections DC 12 to DC 14 (which relate to share purchase schemes): (db) does not include an owner of a look-through company or a person who has a look-through interest for a look-through company, unless the owner or person is a working owner: (e) for an employer, means an employee of the employer employee share loan is defined in section CX 35 (Meaning of employee share loan) employee’s superannuation accumulation means the total superannuation contributions, together with any return on them, to which the complying fund rules apply, and are— (a) employer's superannuation cash contributions: (b) the amount of a tax credit under section MK 3 (Payment of tax credits) that is treated as a Crown contribution for an employee under section MK 5 (Crown contributions for members): (c) withheld from the employee’s salary or wages employer — (a) means a person who pays or is liable to pay a PAYE income payment: (b) includes,— (i) for an unincorporated body of persons other than a partnership, the manager or other principal officer: (ii) for a partnership, each partner: (iib) a look-through company: (iii) for the estate of a deceased person, a trust, a company in liquidation, an assigned estate, or for any other property vested or controlled in a fiduciary capacity, each person in whom the property has become vested or to whom control of the property has passed: (iv) the Crown: (c) in the FBT rules, does not include a person if the only PAYE income payment that they pay or are liable to pay is— (i) a payment referred to in section RD 5(1)(b)(iii), (3), (3B), (6)(b) and (c), and (7) (Salary or wages): (ii) a schedular payment referred to in schedule 4 , parts A and I (Rates of tax for schedular payments): (d) is defined in section RD 45(6) (Unclassified benefits) for the purposes of that section: (e) for an employee, means the employer of the employee employer contribution has the same meaning as in the KiwiSaver Act 2006 employer monthly schedule means a form that an employer must provide to the Commissioner in manual format or in electronic format, or that a PAYE intermediary must provide to the Commissioner in electronic format, showing— (a) the name and tax file number of the employer; and (b) the name of every person who was an employee of the employer at any time during the period to which the employer monthly schedule relates; and (c) if supplied to the employer, the tax file number of each employee to whom paragraph (b) refers; and (d) the tax code of each employee to whom a PAYE income payment that is not an extra pay is made; and (e) for each employee in the month to which the schedule relates,— (i) the amount of gross earnings: (ii) the total amount of tax withheld: (iii) the total amount of tax credits under section LD 4 (Tax credits for payroll donations): (iv) the amount of earnings not liable to the earner premium; and (f) if applicable, particulars of child support deductions made, and salary or wage deductions made under the Student Loan Scheme Act 2011 ; and (g) for each employee in the month to which the schedule relates, if applicable, the amount of total KiwiSaver contribution deductions made under Part 3, subpart 1 of the KiwiSaver Act 2006; and (h) for each employee in the month to which the schedule relates, if applicable, the amount of employer's superannuation cash contributions, less any ESCT payable under the ESCT rules; and (i) in the month in which an employee starts, the date on which they started to be an employee of the employer; and (j) in the month in which an employee ceases, the date on which they ceased to be an employee of the employer; and (k) the identity of each employee who received an extra pay at a rate less than the rate set out in schedule 2, part B , table 1, row 3 (Basic tax rates for PAYE income payments); and (l) other particulars required by the Commissioner for a class of employer employer-sourced superannuation savings means— (a) employer's superannuation cash contributions under section RA 5(1)(c) (Tax obligations for employment-related taxes) made on or after 1 April 2000 other than— (i) those that are treated as salary and wages under section RD 68 (Choosing to have amount treated as salary or wages); or (ii) those on which ESCT has been paid at the rate set out in schedule 1, part A, clause 10(a) of the Income Tax Act 2004 before that clause was replaced by a new clause 10(a) on 1 April 2007; and (b) any return on those employer’s superannuation contributions; and (c) reserves, that is, employer's superannuation cash contributions under section RA 5(1)(c) made on or after 1 April 2000 that do not vest in a member of the superannuation fund and any return on those employer's superannuation cash contributions, as follows: (i) for a superannuation fund with 10 or more unassociated members, reserves that have been allocated to a member of the superannuation fund, other than those allocated to an account of the member’s contributions for smoothing investment returns; or (ii) for all other superannuation funds, reserves employer sponsored group policy [Repealed] employer's superannuation cash contribution is defined in section RD 65(1) (Employer's superannuation cash contributions) employer’s superannuation contribution means a superannuation contribution made by an employer for the benefit of 1 or more of their employees employing company is defined in section DC 15 (Some definitions) for the purposes of sections DC 12 to DC 14 (which relate to share purchase schemes) employment has a meaning corresponding to the meaning of employee , and— (a) includes the activities performed by the Governor-General, a member of Parliament, or a judicial officer that give rise to an entitlement to receive a PAYE income payment for the activities: (b) is defined in section ME 2(1) (Meaning of employment for this subpart) for the purposes of subpart ME (Minimum family tax credit) and the definition of full-time earner employment income means an amount that is income under section CE 1 (Amounts derived in connection with employment), and includes salary or wages or other income to which section RD 3(2) to (4) (PAYE income payments) applies employment limitation is defined in section DA 2(4) (General limitations) employment-related loan means a loan that is a fringe benefit end date is defined in section RA 15(3) (Payment dates for interim and other tax payments) for the purposes of that section engaged in full-time work [Repealed] entering owner –– (a) means a person who acquires an owner's interests for a look-through company: (b) includes a person who already has owner's interests for a look-through company when they acquire another owner's interests entering partner — (a) means a person who acquires a partner’s interests in a partnership: (b) includes a person who is already a partner in the partnership when they acquire another partner’s interests entitlement period is defined in section MC 11(1) (Relationship periods and entitlement periods) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) environmental restoration account is defined in section EK 23(3) (Other definitions) for the purposes of subpart EK (Environmental restoration accounts) equity instrument is defined in section EW 15I(3) (Mandatory use of yield to maturity method for some arrangements) for the purposes of that section ESCT — (a) means employer's superannuation contribution tax; and (b) relates to an employer's superannuation cash contribution; and (c) refers to an amount payable as income tax under the ESCT rules ESCT rate threshold amount , for an employer's superannuation cash contribution, means— (a) for an employee employed by an employer for the whole of a tax year immediately before the tax year in which the employer’s superannuation contribution is paid, the total amount of— (i) salary or wages derived by the employee in the previous tax year; and (ii) the gross amount of employer’s superannuation contributions before ESCT is withheld that the employer paid on behalf of the employee in the previous tax year; or (b) if paragraph (a) does not apply, the total amount of— (i) salary or wages that the employer estimates will be derived by the employee in the tax year in which the contribution is paid; and (ii) the gross amount of employer’s superannuation contributions before ESCT is withheld that the employer estimates that they will pay on behalf of the employee in the tax year in which the contribution is paid ESCT rules means the provisions listed in section RD 64 (ESCT rules and their application) established activity is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section estate , for land,— (a) means an estate in the land, whether legal or equitable, and whether vested or contingent, in possession, reversion, or remainder; and (b) includes a right, whether direct or through a trustee or otherwise, to— (i) the possession of the land: (ii) the receipt of the rents or profits from the land: (iii) the proceeds of the disposal of the land; and (c) does not include a mortgage estimated residual market value ,— (a) for an item of depreciable property, is defined in section EE 67 (Other definitions): (b) for high-priced livestock, means its market value at the end of its estimated useful life, estimated reasonably as at the date of acquisition and based upon an assumption of normal and reasonable maintenance over its estimated useful life estimated useful life ,— (a) for an item of depreciable property, is defined in section EE 63 (Meaning of estimated useful life): (b) for high-priced livestock, means the period over which the livestock might reasonably be expected to be useful in deriving income or carrying on a business in New Zealand, taking into account— (i) the passage of time, likely wear and tear, exhaustion, and obsolescence; and (ii) an assumption of normal and reasonable maintenance: (c) for a listed horticultural plant, means the period of time over which the listed horticultural plant might reasonably be expected to be useful to a person in deriving income or in carrying on a business in New Zealand, with the expectation based on an assumption of normal and reasonable maintenance: (d) for a type of pasture, means the period of time over which the pasture might reasonably be expected to be useful to a person in deriving income or carrying on a farming or agricultural business on land in New Zealand ETS unit [Repealed] excepted financial arrangement — (a) is defined in section EW 5 (What is an excepted financial arrangement?) for the purposes of this Act except the old financial arrangements rules; and (b) is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules excess credit amount means an amount calculated under section OC 29(5) (FDP credits and imputation credits attached to dividends) for a dividend with a combined imputation and FDP ratio excess debt entity is defined in section FE 4 (Some definitions) for the purposes of subpart FE (Interest apportionment on thin capitalisation) excess debt outbound company is defined in section FE 4 (Some definitions) for the purposes of subpart FE (Interest apportionment) excess expenditure — (a) is defined in section CZ 8(2) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section: (b) is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section excess tax payment , for a company at a time, and for the purposes of Part O (Memorandum accounts), means the amount at the time by which a payment made by or on behalf of the company to the Commissioner for income tax or provisional tax is more than the liability at the time of the company to pay income tax and provisional tax exchange variation is defined in section CZ 3(5) (Exchange variations on 8 August 1975) for the purposes of that section excluded ancillary tax means— (a) imputation penalty tax: (b) FDP penalty tax: (c) qualifying company election tax: (d) [Repealed] (e) withdrawal tax excluded depreciable property is defined in section EE 64 (Meaning of excluded depreciable property) excluded fixed rate security means a fixed rate share issued by a company or a debenture issued by a company, if it is a substituting debenture or stapled debt security and not a profit-related debenture, when the holder of the share or debenture does not have, because of it, any right to vote or participate in any shareholder decision-making, except to the extent of any such right that— (a) arises only in circumstances in which the position of the holder of the share or debenture may be altered to the holder’s detriment; and (b) is granted to the holder of the share or debenture for the purpose of assisting the holder to prevent the alteration; and (c) at the time of the issue of the share or debenture, is not expected to arise excluded income is defined in section BD 1(3) (Income, exempt income, excluded income, non-residents’ foreign-sourced income, and assessable income) excluded option means, for a company, an option to acquire or dispose of a share in the company if— (a) the directors of the company did not know and could not reasonably be expected to know that the option had been granted; or (b) neither the grantor of the option nor any person associated with the grantor of the option at the time the option is granted holds a share in the company over which the option is granted at the time the option is granted, whether directly or indirectly, but this paragraph does not apply in a case in which the grantor of the option is the company; or (c) the option is granted on arm’s length terms, without the grant having a purpose or effect of defeating the intent and application of any provision of this Act whose application is dependent on the measurement of voting and market value interests, and the holder of the option does not have, because of it, any right to vote or participate in any shareholder decision-making, except to the extent of any such right that— (i) arises only in circumstances in which the position of the holder of the option in relation to it may be altered to the holder’s detriment; and (ii) is granted to the holder of the option for the purpose of assisting the holder to prevent the alteration; and (iii) at the time of the issue of the option, is not expected to arise; or (d) the price payable to acquire the share on the exercise of the option is equal to or not materially different from the market value of the share at the date of exercise, and the holder of the option does not have, because of it, any right to vote or participate in any shareholder decision-making, except to the extent of any such right that— (i) arises only in circumstances in which the position of the holder of the option in relation to it may be altered to the holder’s detriment; and (ii) is granted to the holder of the option for the purpose of assisting the holder to prevent the alteration; and (iii) at the time of the issue of the option, is not expected to arise; or (e) the share is an excluded fixed rate security, subject to section YC 20 (Credit account continuity provisions: excluded fixed rate securities) in the case of the credit amount continuity provisions; or (f) the option— (i) relates to a pre-1991 budget security; and (ii) was itself granted before 8.00 pm New Zealand Standard Time on 30 July 1991 (the specified time ), or was granted under a binding contract entered into before the specified time no term of which is altered at any time after the specified time; and (iii) is not an option any term of which is altered at any time after the specified time (whether under a provision for roll-over or extension or under an option held at the specified time by the option holder or the grantor of the option, or both, or any other person, or otherwise), except when the term is altered under a binding contract entered into before the specified time no term of which is altered at any time after the specified time excluded preference share is defined in section YC 18B (Corporate reorganisations not affecting economic ownership) for the purposes of that section exempt income is defined in section BD 1(2) (Income, exempt income, excluded income, non-residents’ foreign-sourced income, and assessable income) exempt income limitation is defined in section DA 2(3) (General limitations) exempt interest means interest that is— (a) payable for a debt entered into under generally accepted commercial practice for the purchase of goods or services, if the purchase is made in the ordinary course of the purchaser’s taxable activity; or (b) payable under a hire purchase agreement, the definition of which applies, for this purpose, as if it did not contain paragraph (g); or (c) exempt income under section CW 8 (Money lent to government of New Zealand) or CW 64 (Exemption under other Acts); or (d) payable under a specified lease or a finance lease; or (e) payable for bonus bonds or Post Office bonus bonds (as each of those terms is defined in section 2 of the Post Office Bank Act 1987); or (f) payable on an overpaid levy under section 173 of the Accident Compensation Act 2001; or (g) payable by the Commissioner under section 84 of the KiwiSaver Act 2006 exemption certificate means a certificate provided by the Commissioner under section 24M of the Tax Administration Act 1994 existing business is defined in section EY 28 (Shareholder base other profit: profit participation policies that are existing business) for the purposes of that section and section EY 29 (Shareholder base other profit: profit participation policies that are new business) existing farmer is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section existing privilege is defined in section 106 of the Crown Minerals Act 1991, and includes mining privilege and mining licence under the Mining Act 1971 and prospecting licence or mining licence under the Petroleum Act 1937 exit level , for a multi-rate PIE, means the relationship of the entity’s tax liability to the value of the investor’s interest described in section HM 62 (Exit levels for investors) exit period , for an investor in a multi-rate PIE, means a period set out in section HM 63 (Exit periods) expected life risk proportion is defined in section EY 25 (Premium smoothing reserving amount: non-participation policies not annuities) for the purposes of that section expenditure — (a) is defined in section DD 2(7) (Limitation rule) for the purposes of that section: (b) is defined in section DW 1(2) (Airport operators) for the purposes of that section expenditure on account of an employee is defined in section CE 5 (Meaning of expenditure on account of an employee) exploration and development activities is defined in section CW 57(2) (Non-resident company involved in exploration and development activities) for the purposes of that section exploration permit is defined in section 2 of the Crown Minerals Act 1991 exploratory material means anything acquired with exploratory well expenditure or prospecting expenditure exploratory well means a well in a permit area, drilled for the purpose of— (a) locating petroleum; or (b) confirming the existence, non-existence, quantity, or composition of petroleum; or (c) ascertaining whether petroleum is recoverable in commercial quantities exploratory well expenditure — (a) means expenditure incurred by a petroleum miner in planning, drilling, testing, completing, and abandoning an exploratory well; and (b) does not include residual expenditure extended return date is defined in section IC 9(3) (Date for payment and notice to Commissioner) for the purposes of Part I (Treatment of tax losses) extra pay is defined in section RD 7 (Extra pay) fair dividend rate method means the method of calculating FIF income or FIF loss under sections EX 52 (Fair dividend rate method: usual method) and EX 53 (Fair dividend rate method for unit-valuing funds and others by choice) fair value method means a method under section EW 15D (IFRS financial reporting method) of calculating income or expenditure for an income year that takes into account movements in fair value as determined under IFRSs family assistance credit [Repealed] family credit abatement is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) family plus [Repealed] family scheme is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) family scheme income is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) family support [Repealed] family tax credit is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) farmer is defined in section EH 3(1)(a) (Persons to whom main income equalisation scheme applies) for the purposes of the main income equalisation scheme farm-in expenditure means expenditure that a farm-in party under a farm-out arrangement agrees that they will incur farm-out arrangement — (a) means an arrangement between a petroleum miner (the farm-out party ) and a person (the farm-in party ) under which the farm-in party agrees that they will incur expenditure in doing work or paying for work done in or for the permit area of the farm-out party’s petroleum permit, after the arrangement is made, and, in return, they— (i) acquire an interest in the farm-out party’s petroleum permit; or (ii) receive a right or option to acquire an interest in the farm-out party’s petroleum permit; or (iii) become entitled in another way to acquire an interest in the farm-out party’s petroleum permit; or (iv) become entitled to a direct or indirect interest in petroleum from the permit area of the farm-out party’s petroleum permit; or (v) become entitled to a direct or indirect interest in the profits, however measured, from petroleum from the permit area of the farm-out party’s petroleum permit; or (vi) become entitled to a direct or indirect right to reimbursement from petroleum from the permit area of the farm-out party’s petroleum permit; or (vii) become entitled to a direct or indirect right to reimbursement from the profits, however measured, from petroleum from the permit area of the farm-out party’s petroleum permit; or (viii) become entitled to a rental, royalty, or other consideration of whatever nature calculated by reference to petroleum from the permit area of the farm-out party’s petroleum permit; or (ix) become entitled to a rental, royalty, or other consideration of whatever nature calculated by reference to the profits, however measured, from petroleum from the permit area of the farm-out party’s petroleum permit: (b) is defined in section CZ 8(2) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section: (c) is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section FBT has the same meaning as fringe benefit tax FBT rules means the provisions listed in section RD 25 (FBT rules and their application), and fringe benefit tax rules has the same meaning FDP means foreign dividend payment and refers to an amount payable under the FDP rules to the Commissioner in relation to a foreign dividend FDP account means a memorandum account referred to in section OA 2(1)(b) (Memorandum accounts) FDP credit is a credit referred to in section OA 5(3) (Credits) FDP debit is a debit referred to in section OA 6(3) (Debits) FDP penalty tax means tax payable under section 140C of the Tax Administration Act 1994 FDP ratio means the ratio set out in section OC 27 (FDP credits attached to dividends) FDP reference period is defined in section OC 35(2) (Meaning of FDP reference period) for the purposes of sections OC 23 , and OC 36 to OC 39 (which relate to FDP credits and debits) FDP rules means— (a) section GB 41 (FDPA arrangements for carrying amounts forward): (b) sections LF 1 , LF 5 , and LF 8 to LF 10 (which relate to tax credits for FDP credits): (c) subpart OC (Foreign dividend payment accounts (FDPA)): (d) YA 2(5) to (7) (Meaning of income tax varied) FDPA means foreign dividend payment account FDPA company means a company that chooses under sections OC 1(1) and OC 3 (which relate to companies with FDP accounts) to maintain an FDP account feature film means a film that— (a) is produced mainly for exhibition in a cinema; and (b) is exhibited in 35mm gauge; and (c) has a continuous running time of no less than 75 minutes fee is defined in section RD 41(4) (Services) for the purposes of that section FIF means a foreign investment fund as defined in section EX 28 (Meaning of FIF) FIF income is defined in section CQ 5 (When FIF income arises) FIF loss is defined in section DN 6 (When FIF loss arises) FIF net loss , for a person and for an income year in which the person has a FIF loss, means the part of the FIF loss for which the person is denied a deduction because of section DN 8 (Ring-fencing cap on deduction: attributable FIF income method), but must instead deal with under Part I (Treatment of tax losses) FIF rules means sections EX 28 to EX 72 (which relate to foreign investment funds) fifteen percent capital reduction is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section fifteen percent interest reduction is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section filing taxpayer means a person, other than— (a) a person who is a non-filing taxpayer for the applicable tax year: (b) a person that is an unincorporated body of persons, if section 42 of the Tax Administration Act 1994 applies to require the members of the body to file separate returns of income for the applicable tax year film , except in section CC 9 (Royalties),— (a) means a recording on any medium from which a moving image may by any means be produced; and (b) includes a part of any such recording film income means income of a person under section CC 10 (Films) film production expenditure — (a) means— (i) an expenditure or loss incurred in producing a film: (ii) an amount of depreciation loss on property used in producing the film: (iii) an amount of depreciation loss from disposing of depreciable property used in producing the film allowed under section EE 48 (Effect of disposal or event); and (b) does not include an expenditure incurred— (i) in acquiring an asset for which a deduction for an amount of depreciation loss is allowed: (ii) in acquiring a film right after the film is completed: (iii) directly in marketing or selling a film film reimbursement scheme is defined in section DS 4 (Meaning of film reimbursement scheme) film right means a right or interest, including a future or contingent right or interest, of any of the following kinds: (a) copyright in a film; or (b) a licence relating to the copyright in a film; or (c) an equitable right in the copyright in a film; or (d) an equitable right in a licence relating to the copyright in a film; or (e) any other right existing in or attaching to a film; or (f) a right to income, or a share of income, from the rental, sale, use, or other exploitation of a film final instalment , in relation to provisional tax, means the last instalment of provisional tax due in a transitional year finance lease means a lease of a personal property lease asset entered into by a person on or after 20 May 1999 that— (a) when the person enters the lease, involves or is part of an arrangement that involves— (i) the transfer of the ownership of the asset to the lessee or an associate of the lessee during or at the end of the term of the lease: (ii) the lessee or an associate of the lessee having the option of acquiring the asset for an amount that is likely to be substantially lower than the asset’s market value on the date of acquisition: (iii) a right of an associate of the lessee to acquire the asset, or a right of the lessor to require an associate of the lessee to acquire the asset, during the term of the lease under an arrangement that does not entitle the associate to receive all of the personal property lease payments that may fall due after the acquisition: (b) when the person enters the lease or from a later time, involves a term of the lease that is more than 75% of the asset’s estimated useful life as defined in section EE 63 (Meaning of estimated useful life): (c) the person enters on or after 20 June 2007 and is, or is part of, an arrangement that, when the person enters the lease or when a change in the terms of the arrangement changes the allocation or size of the risks and rewards incidental to ownership of the lease asset,— (i) involves the use of the asset outside New Zealand for all or most of the term of the lease; and (ii) involves income of any person who is not the lessor, arising from the use of the asset by any person, that is exempt income, or excluded income, or non-residents' foreign sourced income; and (iii) is a finance lease under NZIAS 17 for the lessor, or for a company that is in the same group of companies as the lessor and derives assessable income from the arrangement, or is an arrangement under which persons who do not include the lessor bear substantially all the risks and rewards incidental to ownership of the lease asset, determined as at the time the person enters the lease and taking into account later changes to the arrangement finance-related deduction means a deduction of a company that is part of a consolidated group, calculated as if the company were not part of the group and determined under section FM 3 (Liability of consolidated groups and group companies) for an amount, other than an amount that arises only from movement in currency exchange rates, of— (a) interest incurred: (b) expenditure under the financial arrangements rules or the old financial arrangements rules financial arrangement — (a) is defined in section EW 3 (What is a financial arrangement?) for the purposes of this Act except the old financial arrangements rules; and (b) is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules financial arrangements rules is defined in section EW 1(2) (What this subpart does) financial asset has the same meaning as in NZIAS 32 financial assistance is defined in section HC 36(5) (Trusts and minor beneficiary rule) for the purposes of that section financial institution means a registered bank or an entity subject to the Deposit Takers (Credit Ratings) Regulations 2009 that must use IFRSs to prepare financial statements and to which section 15 of the Financial Reporting Act 1993 applies financial institution special purpose vehicle means a company or a trustee of a trust that, ignoring section HR 9 ,–– (a) derives no exempt income; and (b) has all of its financial arrangements that are its assets treated as a financial institution's financial arrangements for financial reporting purposes, but ignoring any current account balance that is incidental to the company's or trustees' sole purpose described in paragraph (e); and (c) receives only funds that— (i) relate to financial arrangements described in paragraph (b): (ii) are incidental to the company's or trustees's sole purpose described in paragraph (e); and (d) either–– (i) operates to guarantee liabilities of the financial institution or of a company, incorporated in and resident in New Zealand, that is a member of a wholly-owned group of companies which includes the financial institution; or (ii) operates in relation to the company's or trustees' issue of residential mortgage backed securities; and (e) has interests in financial arrangements only for the sole purpose of carrying out the company's or trustees' operations described in paragraph (d)(i) or (ii); and (f) has financial statements that are prepared using IFRSs and are audited financial risk is defined in section EY 12 (Meaning of life reinsurance) financial statements is defined in section 8 of the Financial Reporting Act 1993, but the references in the definition to an entity and to a reporting entity are to be read as references to a person financial value is defined in section FE 20(1) (Financial value and regulatory value) for the purposes of sections FE 7 , FE 19 , and FE 21 to FE 23 (which relate to a New Zealand banking group’s equity threshold) financially independent means— (a) in full employment— (i) under a contract of service or apprenticeship that requires a person to work, whether on time or piece rates, no less than an average of 30 hours each week; or (ii) as the self-employment of a person in a business, manufacture, profession, trade, or undertaking carried on for pecuniary profit for not less than an average of 30 hours each week; or (iii) for any number of hours that is regarded as full-time employment for the purpose of an agreement, award, or contract relating to the employment; or (b) in receipt of a basic grant or an independent circumstances grant under the Student Allowances Regulations 1998 (SR 1998/277) or any regulations in substitution for those regulations; or (c) in receipt of payments under a Government-assisted scheme that the chief executive of the administering department considers analogous to a benefit payable under Part 1 of the Social Security Act 1964; or (d) in receipt of a benefit, as defined in section 3 of the Social Security Act 1964 first business day , in relation to provisional tax, means— (a) the first day in an income year on which a person with a provisional tax liability derives income or incurs expenditure as a result of carrying on a taxable activity, if the person is not a natural person; and (b) the day following the last day in an income year on which a person with a provisional tax liability derived income from employment, if the person is a natural person first payment period means the period starting on the 1st day of a month and ending with the 15th day of the month first publication is defined in section EI 3(6) (Assigning or granting copyright) for the purposes of that section first tracking date [Repealed] fisher is defined in section EH 3(1)(b) (Persons to whom main income equalisation scheme applies) fishing boat is defined in section EJ 2(6) (Spreading forward of deductions for repairs to fishing boats) for the purposes of that section fishing business — (a) is defined in section EH 36 (Other definitions) for the purposes of this Act except the provision to which paragraph (b) refers: (b) is defined in section EJ 2(6) (Spreading forward of deductions for repairs to fishing boats) for the purposes of that section fishing quota emissions unit means an emissions unit— (a) transferred, under an allocation plan made under section 74 of the Climate Change Response Act 2002, to a person as an owner of individual transferable quota as defined in section 2 of the Fisheries Act 1996; and (b) held continuously by the person since the issue fixed establishment — (a) means a fixed place of business in which substantial business is carried on by a person; and (b) includes— (i) a branch, factory, shop, or workshop in which, in each case, substantial business is carried on; and (ii) a mine, oil well, quarry, or other place of natural resources subject to exploitation; and (iii) an agricultural, forestry, or pastoral property; and (c) does not include— (i) the use of facilities solely for the purpose of the delivery, display, or storage of goods or merchandise belonging to a business; or (ii) the maintenance of a fixed place of business solely for the purpose of purchasing goods or merchandise or for collecting information or for advertising for business fixed life intangible property is defined in section EE 67 (Other definitions) fixed principal financial arrangement — (a) means a financial arrangement other than a variable principal debt instrument: (b) is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules fixed-rate foreign equity means an interest (the equity ) in the capital of a foreign company held by a company (the holder ) in relation to which the foreign company makes distributions— (a) at a rate that is a specific fixed percentage of the amount subscribed for the issue of the equity; or (b) at a rate that— (i) is a percentage of the amount subscribed for the issue of the equity; and (ii) has a fixed relationship to economic, commodity, industrial, or financial indices, to banking rates of interest, or to general commercial rates of interest; or (c) at a rate that would be given by paragraph (a) or (b) but for variations due to— (i) a fixed relationship to a rate of income tax: (ii) compensation to the holder for default by the foreign company: (iii) compensation to the holder for expenditure or loss related to the holding of the equity and suffered by the holder or by a person associated with the holder; or (d) equivalent to the payment of interest for money lent, having regard to— (i) whether or not the equity is redeemable: (ii) any security provided to the holder, including put or call options over the equity or an amount payable determined by reference to the amount of distributions payable: (iii) the variability or lack of variability of the distributions payable fixed-rate share ,— (a) in sections CD 22 (Returns of capital: off-market share cancellations), CX 55(4) (Proceeds from disposal of investment shares), GC 8, and GC 14 (which relate to transfer pricing arrangements between associated persons),

and in the definitions of excluded fixed rate security and pre-1991 budget security , means a share issued by a company if the only dividend payable on the share, disregarding any dividend payable on the issue of the share, and any imputation credits or FDP credits attached to any dividend, is payable at a rate that— (i) is described in paragraph (b), (c), or (d); and (ii) is not set with a purpose and does not have an effect of defeating the intent and application of any provision of this Act whose application is dependent on the measurement of voting and market value interests: (b) for the purposes of paragraph (a)(i), the rate is a specific fixed percentage of the amount subscribed for the issue of the share: (c) for the purposes of paragraph (a)(i), the rate is a percentage of the amount subscribed for the issue of the share that is determined by a fixed relationship to commodity, economic, financial, or industrial indices, or to banking rates or general commercial rates of interest: (d) for the purposes of paragraph (a)(i), the rate is a percentage that could be of a kind referred to in paragraph (b) or (c) but for any variation in the rate of dividend that may occur only— (i) by a fixed relationship to a rate of income tax; or (ii) as may be necessary to compensate the shareholder for a default on the part of the paying company or expenditure or loss suffered by the shareholder, or a person associated with the shareholder, through holding the share; or (iii) by a combination of the factors in subparagraphs (i) and (ii): (e) [Repealed] (f) in section FA 2B (Stapled debt securities), and the definitions of proportional-stapling company and stapled debt security , means— (i) a share described in paragraph (a): (ii) a share that would be a share described in paragraph (a) but for a dividend or a variation in the rate of dividend that may occur when the share is converted into another share (the other share ) if the gain is attributable solely to a cause set out in paragraph (g): (iii) a share for which the dividend payable is the equivalent of the payment of interest for money lent, having regard to the factors set out in paragraph (h): (g) for the purposes of paragraph (f)(ii), the causes are— (i) a change in value of the other share occurs in a period that starts no more than 30 days before the share is converted and ends when the share is converted, and the period was a term or condition of the share when the share was first issued: (ii) a term or condition of the share that existed when the share was first issued, and the term or condition sets the gain at a fixed percentage equal to 5% or a lesser percentage of the amount subscribed for the share: (h) for the purposes of paragraph (f)(iii), the factors are— (i) whether or not the share is redeemable: (ii) any security provided to the shareholder, including put or call options over the share or any amount payable determined by reference to the amount of dividend payable: (iii) the variability or lack of variability of the dividend payable: (i) in section EX 46(10)(a) and subpart FE (Interest apportionment on thin capitalisation), means a share meeting the requirements of paragraph (f)(i) and (iii) flat-owning company is defined in section CD 31(2) (Flat-owning companies) for the purposes of that section, section HA 6 (Corporate requirements), and the definition of look-through company FMA means the Financial Markets Authority established under Part 2 of the Financial Markets Authority Act 2011 foreign attributed income means a company’s income for the income year that is— (a) attributed CFC income: (b) FIF income calculated under the attributed FIF income method foreign attributed loss offsets [Repealed] foreign company means a company that— (a) is not resident in New Zealand; or (b) is treated under a double tax agreement as not being resident in New Zealand foreign corporate limited partnership means an entity or group of persons that— (a) meets the definition of overseas limited partnership in section 4 of the Limited Partnerships Act 2008; and (b) is treated as a separate legal entity under the laws (other than taxation laws) of the country, territory, or jurisdiction where it is established foreign country is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section foreign dividend [Repealed] foreign dividend company [Repealed] foreign dividend company net earnings [Repealed] foreign exempt entity is defined in section CW 12(4) (Proceeds of share disposal by qualifying foreign equity investor) for the purposes of that section foreign exempt partnership is defined in section CW 12(4) (Proceeds of share disposal by qualifying foreign equity investor) for the purposes of that section foreign exempt person is defined in section CW 12(4) (Proceeds of share disposal by qualifying foreign equity investor) for the purposes of that section foreign expenditure is defined in section EG 1(10) (Election to use balance date used in foreign country) for the purposes of that section foreign group [Repealed] foreign income tax is defined in section LJ 3 (Meaning of foreign income tax) for the purposes of Part L (Tax credits and other credits) foreign investment fund is defined in section EX 28 (Meaning of FIF) foreign investment PIE means a multi-rate PIE that— (a) meets the requirements of sections HM 55C to HM 55H (which relate to the particular requirements for and treatment of foreign investment PIEs); and (b) chooses under section HM 71B (Choosing to become a foreign investment PIE) to become a foreign investment zero-rate PIE or a foreign investment variable-rate PIE foreign investment variable-rate PIE means a foreign investment PIE that— (a) meets the requirements of section HM 19C (Modified rules for foreign investment variable-rate PIEs); and (b) chooses under section HM 71B (Choosing to become a foreign investment PIE) to become a foreign investment variable-rate PIE foreign investment vehicle means an entity that— (a) has become a foreign investment vehicle under section HL 5(1) (Foreign investment vehicles); and (b) has not ceased to be a foreign investment vehicle under section HL 5(2) foreign investment zero-rate PIE means a foreign investment PIE that— (a) meets the requirements of section HM 19B (Modified rules for foreign investment zero-rate PIEs); and (b) chooses under section HM 71B (Choosing to become a foreign investment PIE) to become a foreign investment zero-rate PIE foreign non-dividend income means income that— (a) does not have a source in New Zealand; and (b) is not a dividend; and (c) is not FIF income calculated under the fair dividend rate method foreign PIE equivalent is defined in section HM 3 (Foreign PIE equivalents) foreign public official is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section foreign source income is defined in section EG 1(10) (Election to use balance date used in foreign country) for the purposes of that section foreign-sourced amount means an amount of income that is not treated as having a source in New Zealand under sections YD 4 (Classes of income treated as having New Zealand source) and YZ 1 (Source rule for interest) foreign superannuation scheme means a superannuation scheme constituted outside New Zealand foreign tax , in subpart LJ (Tax credits for foreign income tax), means tax, other than New Zealand tax, that is the subject of a double tax agreement foreign trust is defined in section HC 11 (Foreign trusts) foreign withholding tax means a tax, other than a New Zealand tax, that— (a) is withheld from an amount of income; and (b) is of substantially the same nature as NRWT forest land emissions unit means a pre-1990 forest land emissions unit, a post-1989 forest land emissions unit, or a forest sink emissions unit forest sink emissions unit means an emissions unit issued to a person in relation to a forest sink covenant under section 67Y of the Forests Act 1949 entered by the person forester is defined in section EH 3(1)(c) (Persons to whom main income equalisation scheme applies) forest land unit [Repealed] forestry assets is defined in section FC 6 (Forestry assets transferred to close relatives) for the purpose of that section forestry business includes forestry activities carried on by a person for the purpose of deriving income in relation to an emissions unit forestry company means a company that is incorporated, under an agreement between the Crown, the Maori owners, and a holding company of the company, for the purposes of— (a) buying land partly from the Crown, partly from the Maori owners, and partly from a holding company of the company; and (b) carrying on a forestry business on the land formation loss , for a PIE, means an amount of tax loss or a loss balance arising from a period before the entity became a PIE as described in sections HM 66 to HM 70 (which relate to the treatment of formation losses) forward contract ,— (a) in the financial arrangements rules, means— (i) an agreement that is a conditional or an unconditional agreement to acquire or dispose of property, or obtain or supply services, if the agreement can be settled without the property being delivered or the services being performed: (ii) an agreement that is a conditional or an unconditional agreement to acquire or dispose of foreign exchange or a financial arrangement: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) friendly society means a society or credit union or association of credit unions registered or treated as registered under the Friendly Societies and Credit Unions Act 1982 fringe benefit is defined in section CX 2 (Meaning of fringe benefit) fringe benefit tax means fringe benefit tax payable under section RD 26 (Liability for FBT), and FBT has the same meaning fringe benefit tax rules means the provisions listed in section RD 25 (FBT rules and their application) and FBT rules has the same meaning full reinsurance is defined in section EY 12(2) (Meaning of life reinsurance) full-time earner is defined in section MA 7 (Meaning of full-time earner for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) fully credited is defined in section CD 43(26) (Available subscribed capital (ASC) amount) for the purposes of that section fully credited for conduit tax relief [Repealed] fully imputed ,— (a) for the purposes of sections CB 26 , EX 20B , RF 8 , and RF 10 (which relate to distributions by PIEs and certain dividends), means the amount calculated under section RF 9(2) (When dividends fully imputed or fully credited): (b) for the purposes of sections CW 15 , HA 14 , HA 16 , and HA 19 (which relate to dividends paid by qualifying companies), means the amount calculated under section HA 15(2) (Fully imputed distributions) fund provider , for a person and a KiwiSaver scheme or a complying superannuation fund of which they are a member, means the trustees of the scheme or fund further FDP means an amount that a company may be liable to pay under sections OC 30 to OC 34 (which relate to further FDP payable by companies) further income tax means an amount of tax by way of further income tax that a company may be liable to pay under— (a) sections OB 65 to OB 70 (which relate to further tax payable by a company for a closing debit balance, or when the company stops being an ICA company): (b) sections OK 21 or OK 22 (which relate to further tax payable by a Maori authority for a closing debit balance, or when it stops being a Maori authority) futures contract means a forward contract traded on a recognised futures exchange gaming-machine gambling means class 4 gambling, as defined in section 30 of the Gambling Act 2003, that utilises or involves a gaming machine gaming-machine operator’s licence means a class 4 operator’s licence as defined in section 4 of the Gambling Act 2003 gaming-machine venue licence means a class 4 venue licence as defined in section 4 of the Gambling Act 2003 general insurance means insurance that is not life insurance general insurance contract [Repealed] general limitation means a rule described in any of section DA 2(1) to (6) (General limitations) general partner — (a) means a general partner of a limited partnership: (b) includes a general partner of an overseas limited partnership as defined in section 4 of the Limited Partnerships Act 2008 general permission is defined in section DA 1(1) (General permission) general power of appointment — (a) includes a power or authority that— (i) is conferred by will or conferred by a settlement during life or created in any other manner; and (ii) is exercisable orally or by instrument made during life or by will or by any other means; and (iii) enables its holder, or would enable its holder if they were of full capacity, to obtain or appoint or dispose of any property, or to charge any sum or money on any property, as the holder thinks fit for their own benefit; and (b) does not include a power or authority— (i) exercisable by a person in a fiduciary capacity under a disposition not made by them; or (ii) exercisable as a mortgagee generally accepted accounting practice is defined in section 3 of the Financial Reporting Act 1993 geothermal energy proving period means, for a person’s geothermal well that is not used to exploit geothermal energy, a period— (a) starting with the completion or acquisition of the well; and (b) other than the case of the person disposing of the well to another person, ending when the well for the foreseeable future is not intended, and cannot reasonably be expected, to be used or available for use in— (i) deriving assessable income: (ii) carrying on a business for the purposes of deriving assessable income geothermal well means a bore or well solely for the purpose of investigating or exploiting geothermal energy in New Zealand gifting settlor is defined in section EX 46(12) (Limits on choice of calculation methods) goods , in sections CX 1 (Goods and services tax), DB 2 (Goods and services tax), and EA 3 (Prepayments),

and in the definition of services , is defined in section 2 of the Goods and Services Tax Act 1985 government screen production payment [Repealed] government stock is defined in section DZ 11(3) (Film reimbursement scheme on or before 30 June 2001) for the purposes of that section Government Superannuation Fund means the fund established under the Government Superannuation Fund Act 1956 grandparented consolidated company , for a company that is part of a consolidated group and for an income year (the current income year ), means a company that before 17 May 2006 chose to form or join the consolidated group, when— (a) the current income year is the 2005–06 or 2006–07 income year: (b) the company carries on a business, and the total amount of the company’s finance-related deductions allocated to the income year before the current income year (the previous income year ) is— (i) zero, because no deductions are allocated to the previous income year; or (ii) less than 50% of the company’s total deductions allocated to the previous income year, calculated as if the company were not part of the group and determined under section FM 3 (Liability of consolidated groups and group companies) grandparented structure means, for a person, any item on the following list, if the person acquired the item, or entered into a binding contract for the purchase or construction of the item, on or before 30 July 2009: (a) barns, including barns (drying): (b) carparks (buildings): (c) chemical works: (d) fertiliser works: (e) powder drying buildings: (f) site huts grandparenting income year is defined in section HA 5(5) (Elections to become qualifying company) grandparenting start day is defined in section EY 30 (Transitional adjustments: life risk) grant-related suspensory loan means a loan— (a) that— (i) is made by a public authority; and (ii) is not a loan of the kind described in section CF 2(1) (Remission of specified suspensory loans); and (iii) includes the term that the liability of the borrower may be wholly or partly remitted; or (b) that is made by the Rural Banking and Finance Corporation of New Zealand as an irrigation suspensory loan and designated as such; or (c) that is made by the Rural Banking and Finance Corporation of New Zealand as a West Coast drainage suspensory loan and designated as such grey list means the list of countries in schedule 24, part A (International tax rules: grey list countries) grey list company means a company that is resident under section YD 3 (Country of residence of foreign companies) in a grey list country if either— (a) the company is liable in the country to income tax on the company's income because the company— (i) is domiciled in the country: (ii) is resident in the country: (iii) is incorporated in the country: (iv) has its place of management in the country: (b) the company is organised under the laws of the country and the country— (i) imposes on persons holding income interests in the company the liability for income tax on the company's income; and (ii) under the laws of the country, is the source of 80% or more of the income of the company grey list dividend [Repealed] gross , for an amount, means without any deduction from the amount gross gambling proceeds means gross proceeds, as defined in regulation 3(1) of the Gambling (Class 4 New Proceeds) Regulations 2004, plus prizes group funding debt means the amount calculated under section FE 23 (Banking group’s funding debt) group investment fund means a group investment fund established under the— (a) Public Trust Act 2001 ; or (b) Trustee Companies Act 1967 ; or (c) Public Trust Office Act 1957 group life master policy is defined in section EY 30 (Transitional adjustments: life risk) group of companies is defined in section IC 3 (Common ownership: group of companies) group of persons includes 1 person GST means goods and services tax under the Goods and Services Tax Act 1985 GST charged means GST charged under section 8(1) of the Goods and Services Tax Act 1985 GST payable in sections CX 1 (Goods and services tax), DB 2 (Goods and services tax), and DB 3(3) (Determining tax liabilities), has the same meaning as tax payable in section 2 of the Goods and Services Tax Act 1985, but does not include interest payable under Part 7 of the Tax Administration Act 1994 GST ratio is defined in section RC 8(2) (GST ratio method) guaranteed residual value means an amount to which both the following apply: (a) it is equal to the value of a personal property lease asset as agreed in the lease by the lessor and the lessee; and (b) its receipt by the lessor, on the expiry of the term of the lease, is assured or guaranteed by the lessee guarantor is defined in— (a) section HB 11(12) (Limitation on deductions by persons with interests in look-through companies) for the purposes of that section: (b) section HG 11(12) (Limitation on deductions by partners in limited partnerships) for the purposes of that section guardian is defined in section HC 36(5) (Trusts and minor beneficiary rule) for the purposes of that section herd livestock means a type of specified livestock that a person— (a) chooses to value under the herd scheme; and (b) values for an income year under sections EC 14 to EC 21 (which relate to the herd scheme) herd scheme — (a) means the livestock valuation method described in sections EC 14 to EC 21 (which relate to the herd scheme); and (b) includes the livestock valuation method set out in— (i) sections EC 14 to EC 21 of the Income Tax Act 2004 ; and (ii) sections EL 5 and EL 6 of the Income Tax Act 1994; and (iii) section 86A of the Income Tax Act 1976 as in force before its repeal by section 21 of the Income Tax Amendment Act (No 2) 1993; and (iv) section 86D of the Income Tax Act 1976 herd value means, for an animal that is herd livestock and for an income year, the national average market value of the livestock declared for the income year herd value ratio means— (a) the ratio calculated or recalculated under section EC 17 (Herd value ratio) or EC 18 (Inaccurate herd value ratio) for herd livestock other than livestock on the Chatham Islands: (b) the adjustment set by the Commissioner under section EC 19 (Chatham Islands adjustment to herd value) for herd livestock on the Chatham Islands higher credit value — (a) is defined in section GB 35(4) (Imputation arrangements to obtain tax advantage) for the purposes of that section: (b) is defined in section GB 42(4) (Maori authority credit arrangements to obtain tax advantage) for the purposes of that section high-priced livestock means an animal of a type set out in schedule 17 , column 1 (Types and classes of livestock) to which both the following apply: (a) a person buys it for a purchase price that is at least— (i) $500; and (ii) 5 times the national average market value, in the income year of purchase or in the previous income year, whichever is greater, for the class in schedule 17 , column 2 in which the livestock is able to be classified at the end of the income year of purchase; and (b) at the time the person buys it,— (i) it is capable of being used for breeding; or (ii) it is expected to be capable of being used for breeding when it reaches maturity hire purchase agreement — (a) means— (i) an agreement under which goods are let or hired with an option to purchase, however the agreement describes the payments, under which the person who agrees to purchase the goods is given possession of them before the total amount payable has been paid: (ii) an agreement for the purchase of goods by instalment payments, however the agreement describes the payments, under which the person who agrees to purchase the goods is given possession of them before the total amount payable has been paid; and (b) includes an agreement to sell goods at retail under which— (i) the buyer grants security over the goods to the seller for some or all of the purchase price; and (ii) the property in the goods passes to the buyer subject to the security, in which case the agreement is a hire purchase agreement made at the time the sale is made; and (c) includes a sale and loan arrangement under which— (i) a person lends money on the security of goods that have been bought or are to be bought at retail if some or all of the purchase price is paid out of the proceeds of the loan; and (ii) the loan is made by the seller or by a third party, arranged by the seller, who is engaged in the business of lending money or who habitually lends money in the course of the third party’s business, in which case the arrangement is a hire purchase agreement made at the time the loan is made; and (d) does not include an agreement under which property in the goods passes absolutely to the person who agrees to purchase them at the time of the agreement or on or at any time before delivery of the goods, unless the agreement is of a kind described in paragraph (a) or (b); and (e) does not include an agreement made otherwise than at retail; and (f) does not include an agreement to the extent to which the property that is the subject of the agreement is livestock or bloodstock hire purchase asset means the personal property that is the subject of a hire purchase agreement hire purchase payment means a payment made under a hire purchase agreement holder is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules holding company ,— (a) for a forestry company, means a company associated with the forestry company: (b) for a mining company, is defined in section CU 29 (Other definitions) home [Repealed] home ownership requirements means home ownership requirements as defined in the Home Ownership Savings Act 1974 home vendor mortgage is defined in section LZ 8 (Meaning of home vendor mortgage) for the purposes of sections LZ 6 and LZ 7 (which relate to credits for interest on home vendor mortgages) honorarium is defined in section CW 62B (Voluntary activities) for the purposes of that section household member [Repealed] housekeeper [Repealed] housekeeping payments [Repealed] ICA means imputation credit account ICA company means a company referred to in section OB 1(1) (General rules for companies with imputation credit accounts) identical goods , for the purposes of the FBT rules, for any goods, means other goods that are the same in terms of physical characteristics, quality, and reputation, except for minor differences in appearance that do not affect the value of the goods identical share means a share that confers the same rights and imposes the same obligations on a holder as an original share IFRS means a New Zealand Equivalent to International Financial Reporting Standard, approved or issued under the Financial Reporting Act 1993, and as amended from time to time or an equivalent standard issued in its place IFRS 4 means the IFRS, numbered NZ IFRS 4, that relates to insurance contracts IFRSE means an International Financial Reporting Standard approved by the International Accounting Standards Board, as amended from time to time impaired credit adjustment is defined in section EW 15D(3) (IFRS financial reporting method) for the purposes of that section. implementation date is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules improvement , for an item of depreciable property, is defined in section EE 67 (Other definitions) improvements , in sections CB 7 (Disposal: land acquired for purposes of business relating to land) and CB 11 (Disposal within 10 years of improvement: building business), means improvements to land that— (a) are not minor; and (b) are made— (i) by a person erecting a building or otherwise; or (ii) by an associated person erecting a building or otherwise imputation additional tax means an amount of tax arising under section OB 71 (Imputation additional tax on leaving wholly-owned group) or OB 72 (Imputation additional tax on joining wholly-owned group) imputation credit — (a) means a credit referred to in section OA 5(2) (Credits): (b) is further defined in section CD 16(4) (Certain dividends not increased by tax credits) for the purposes of that section: (c) is further defined in section CD 17(4) (Credit transfer notice) for the purposes of that section imputation credit account means the account referred to in section OA 2(1)(a) (Memorandum accounts) imputation debit means a debit referred to in section OA 6(2) (Debits) imputation group means, at a time, an imputation group formed under section FN 7 (Forming imputation groups) imputation penalty tax means tax payable under section 140B of the Tax Administration Act 1994 imputation ratio means the ratio set out in section OB 60(3) (Imputation credits attached to dividends) imputation rules means the provisions listed in section FN 2 (Imputation rules) income , for a person, means income of the person under section BD 1(1) (Income, exempt income, excluded income, non-residents’ foreign-sourced income, and assessable income) income derived from New Zealand [Repealed] income from employment — (a) means salary or wages or an extra pay: (b) in sections DA 2(4) (General limitations) and DE 1 (What this subpart does), excludes payments referred to in section RD 5(1)(b)(iii) (Salary or wages) to the extent to which those payments are made to 1 of the following: (i) a self-employed person, as defined in section 2 of that Act, under the Accident Compensation Act 1982; or (ii) an earner in relation to compensation for loss of earnings other than as an employee, as defined under regulations made under section 167 of that Act, under the Accident Rehabilitation and Compensation Insurance Act 1992; or (iii) a self-employed person, as defined in section 13 of that Act, under the Accident Insurance Act 1998, for compensation paid under schedule 1, part 2, clause 7 of that Act; or (iv) a self-employed person, as defined in section 6 of the Act, under the Accident Compensation Act 2001 , for compensation paid under schedule 1, part 2, clause 32 of that Act: (c) in sections DA 2(4) and DE 1 , includes salary, wages, or other income to which section RD 3(2) to (4) (PAYE income payments) applies: (d) in section DA 2(4) , includes excluded income derived by a person from employment income from forestry is defined in section EH 34 (Meaning of income from forestry) income from mining is defined in section CU 21 (Meaning of income from mining) income from personal exertion is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section income interest ,— (a) for a foreign company, is defined in sections EX 8 to EX 13 (which relate to the calculation of a person’s income interest): (b) in subparts FE (Interest apportionment on thin capitalisation) and OE (Branch equivalent tax accounts (BETA)),

and in the FDP rules and the imputation rules, means an income interest of 10% or greater under the rules in sections EX 14 to EX 17 (which relate to the 10% threshold and variations in the income interest level) income statement means a statement issued by the Commissioner to a natural person that contains the information required by section 80E of the Tax Administration Act 1994 income tax means income tax imposed under section BB 1 (Imposition of income tax) except to the extent to which it has a different meaning under section YA 2 (Meaning of income tax varied) income tax liability — (a) means, for a person,— (i) an income tax liability for the person and a tax year calculated under subpart BC (Calculating and satisfying income tax liabilities), if subparagraph (ii) does not apply; or (ii) income tax for the person and a tax year calculated under subpart HM (Portfolio investment entities), if the person is a multi-rate PIE; and (b) in sections EF 5 (Use of money interest payable by person) and EF 6 (Different tax years), includes circumstances in which a person has no tax to pay or is entitled to a refund of tax income year means,— (a) for a person who has elected, under section 38 of the Tax Administration Act 1994 and with the Commissioner’s consent, to have a period not ending on 31 March, the elected period (which may be less than a year in some cases): (b) for any other person, the tax year income-tested benefit means any of the following benefits paid or payable under the Social Security Act 1964 : (a) domestic purposes benefit: (b) emergency benefit: (c) [Repealed] (d) invalids’ benefit: (e) sickness benefit: (f) unemployment benefit: (g) widows’ benefit: (h) young parent payment: (i) youth payment increase in savings is defined in section LZ 12 (Meaning of increase in savings) for the purposes of sections LZ 9 to LZ 11 (which relate to credits for savings in special accounts) independent living means occupancy of a place under an arrangement that–– (a) does not have a level of compulsory care: (b) has a level of compulsory care that is merely incidental to the occupancy indirect income interest is defined in section EX 10 (Indirect income interests) industry research co-operative [Repealed] initial period is defined in section FZ 3(4) (Income of lessor under specified lease) for the purposes of that section initial provisional tax liability , means— (a) for a person who is not a natural person, or a person who is a natural person and a trustee of a trust, a provisional tax liability for a tax year in which the person starts to derive income from a taxable activity, when they did not derive income from a taxable activity in any of the 4 previous tax years; and (b) for a person who is a natural person and not a trustee of a trust, a provisional tax liability for a tax year when— (i) they did not have residual income tax of more than $2,500 in any of the 4 previous tax years; and (ii) they have residual income tax of $50,000 or more in the tax year; and (iii) in the tax year, they stopped deriving income from employment and then started to derive income from a taxable activity initial treatment is defined in section CU 29 (Other definitions) Inland Revenue Acts means the Acts listed in the schedule of the Tax Administration Act 1994 input tax — (a) is defined in section 3A of the Goods and Services Tax Act 1985; and (b) includes, for a supply, GST levied on goods entered for home consumption under the Customs and Excise Act 1996 instalment , in sections FZ 2 to FZ 4 (which relate to specified leases),

and in the definitions of instalment period and outstanding balance , means an amount payable by a lessee, under a lease, by way of— (a) repayment of some or all of a loan that a lessor is treated as having advanced under section FZ 2(2) (Effect of specified lease on lessor and lessee); or (b) payment of interest; or (c) both instalment date means a date for payment of provisional tax for a tax year that is the day and month specified for a person with a provisional tax liability in schedule 3, part A (Payment of provisional tax and terminal tax) instalment period is defined in section FZ 3(4) (Income of lessor under specified lease) for the purposes of that section institution [Repealed] insurance ,— (a) in section CR 3 (Income of non-resident general insurer) means insurance of a kind described in section CR 3(3) : (b) in section YD 8 (Apportionment of premiums derived by non-resident general insurers) means insurance of a kind described in section YD 8(4)(a) insurance contract includes a cover note and a renewal of an insurance contract insured person , in sections CR 3 , HD 16 , and YD 8 (which relate to non-resident general insurers),— (a) in relation to general insurance as described in sections CR 3(3)(a) and YD 8(4)(a) , means a person who is liable to pay a premium to an insurer for the insurance and is entitled by the payment of the premium to make a claim against the insurer: (b) in relation to a guarantee against risk as described in sections CR 3(3)(b) and (c) and YD 8(4)(b) and (c) , means a person who is liable to pay a premium to an insurer for the guarantee, whether or not the payment of the premium entitles the person to make a claim against the insurer insurer — (a) means a person who assumes liability under a contract of insurance: (b) in sections CR 3 , DW 3 , HD 16 , HD 17 , and YD 8 (which relate to non-resident general insurers),— (i) in relation to general insurance as described in sections CR 3(3)(a) and YD 8(4)(a) , means a person who provides the insurance and to whom an insured person is liable to pay a premium: (ii) in relation to a guarantee against risk as described in sections CR 3(3)(b) and (c) and YD 8(4)(b) and (c) , means a person who provides the guarantee and to whom an insured person is liable to pay a premium interest ,— (a) for a person’s income,— (i) means a payment made to the person by another person for money lent to any person, whether or not the payment is periodical and however it is described or calculated; and (ii) does not include a redemption payment; and (iii) does not include a repayment of money lent: (b) for the RWT rules and the NRWT rules, includes a redemption payment: (c) in sections DB 6 (Interest: not capital expenditure), DB 7 (Interest: most companies need no nexus with income), and DB 8 (Interest: money borrowed to acquire shares in group companies),— (i) includes expenditure incurred under the financial arrangements rules or the old financial arrangements rules; and (ii) does not include interest to which section DB 1(1)(e) (Taxes, other than GST, and penalties) applies: (d) for land, has the same meaning as estate interest instalment date means an instalment date— (a) on which an instalment of provisional tax is due and payable under section RC 9 (Provisional tax payable in instalments); and (b) after which, except in a case to which section 120KC(1) of the Tax Administration Act 1994 applies, an instalment amount that is overpaid or underpaid attracts use of money interest, a late payment penalty, or a shortfall penalty, as applicable interested shareholder is defined in section HD 15(9) (Asset stripping of companies) for the purposes of that section intermediary means a person described in section RP 2 or RP 17 (which relate to PAYE intermediaries and tax pooling intermediaries) for the purposes of subpart RP (Intermediaries) internal software development is defined in section LH 17 (Some definitions) for the purposes of subpart LH (Tax credits for expenditure on research and development) internal software development controller is defined in section LH 17 (Some definitions) for the purposes of subpart LH (Tax credits for expenditure on research and development) internal software development group is defined in section LH 17 (Some definitions) for the purposes of subpart LH (Tax credits for expenditure on research and development) international aircraft is defined in section EE 67 (Other definitions) international organisation is defined in section CW 22(3) (Amounts derived by overseas experts and trainees in New Zealand by government arrangement) for the purposes of that section international tax rules means— (a) the following provisions: (i) section CD 21 (Attributed repatriations from controlled foreign companies): (ii) sections CD 45 to CD 52 (which relate to CFC attributed repatriation calculation rules): (iii) subpart CQ (Attributed income from foreign equity): (iv) section CZ 10 (Transitional relief for calculation of attributed repatriation dividends: 2 July 1992): (v) subpart DN (Attributed losses from foreign equity): (vi) subpart EX (Controlled foreign company and foreign investment fund rules): (vii) section FM 6(4) (Some general rules for treatment of consolidated groups): (viii) sections GB 7 to GB 16 (which relate to avoidance arrangements): (ix) section GC 4 (Disposals and acquisitions of FIF attributing interests): (x) subpart IQ (Attributed controlled foreign company net losses and foreign investment fund net losses): (xi) sections LK 1 to LK 7 (which relate to foreign tax credits and CFCs): (xii) [Repealed] (xiii) section YA 2 (Meaning of income tax varied): (xiv) [Repealed] (xv) [Repealed] (xvi) section YD 3 (Country of residence of foreign companies); and (b) section 61 of the Tax Administration Act 1994 investment activity is defined in section MB 3 (When person carries on 1 or more businesses or investment activities) for the purpose of that section investment society dividend means— (a) a dividend declared by a friendly society; or (b) a dividend declared by a registered society as defined in section 2 of the Industrial and Provident Societies Act 1908; or (c) for a building society,— (i) a dividend declared by the society; or (ii) some tangible or intangible benefit that a member or a shareholder receives for disposing to the society of a share in the society; the benefit may or may not be relief from an obligation and may or may not be convertible into money investor means,— (a) for a group investment fund, a person who is entitled, by reason of the terms of the trust under which the group investment fund is established, to the income from the money, investments, and other property of the group investment fund: (b) for a portfolio investment entity, is defined in section HM 4 (Who is an investor?) (c) [Repealed] investor class , for a portfolio investment entity, is defined in section HM 5 (What is an investor class?) investor interest , for an investor in a portfolio investment entity, means an interest in the entity that gives the holder an entitlement to a distribution of proceeds from the entity’s investments in-work payment [Repealed] in-work tax credit is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) issue ,— (a) for a financial arrangement, means the act of creating the financial arrangement: (b) is defined in section YZ 1 (Source rule for interest) for the purposes of that section issuer is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules joint venture agreement , for an airport operator,— (a) means an agreement made between an airport authority and the Crown acting by and through the Minister of Transport under section 94 of the Civil Aviation Act 1990; and (b) includes any other agreement of a similar nature made between the Crown and an airport authority, whether or not the airport authority was, at the time the agreement was made, an airport authority, and whether or not the agreement was made before the commencement of the Civil Aviation Act 1990 jurisdictional attributed income is defined in section IQ 2B(9) (Effect of attributed CFC net loss and some FIF net loss from before first affected year) for the purposes of that section and section LK 5B (Credits from tax year before first affected year) jurisdictional BE income is defined in section IQ 2B(9) (Effect of attributed CFC net loss and some FIF net loss from before first affected year) for the purposes of that section and section LK 5B (Credits from tax year before first affected year) jurisdictional income ratio is defined in section IQ 2B(9) (Effect of attributed CFC net loss and some FIF net loss from before first affected year) for the purposes of that section and section LK 5B (Credits from tax year before first affected year) KiwiSaver calculation period [Repealed] KiwiSaver contributions means a contribution required to be deducted under Part 3, subpart 1 of the KiwiSaver Act 2006 KiwiSaver scheme means a KiwiSaver scheme, as defined in section 4 of the KiwiSaver Act 2006 Kyoto unit [Repealed] land — (a) includes any estate or interest in land: (b) includes an option to acquire land or an estate or interest in land: (c) does not include a mortgage: (d) is defined in section CB 19(3) (Business exclusion from sections CB 6 to CB 11 ) for the purposes of that section: (e) is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section: (f) in the definitions of permit area , petroleum mining asset , prospecting expenditure , and residual expenditure ,— (i) means all land within the territorial limits of New Zealand; and (ii) includes land below the territorial sea of New Zealand or any other waters within the territorial limits of New Zealand; and (iii) includes the continental shelf; and (iv) includes the seabed and subsoil below any sea that is beyond the territorial sea of New Zealand but that, by New Zealand legislation and under international law, has been or may be designated as an area in which the rights of New Zealand relating to natural resources may be exercised land investment company means a company that, in a tax year,— (a) is not a portfolio investment entity; and (b) on 80% or more of the days in the corresponding income year on which the company has property with a market value of $100,000 or more, owns property that— (i) consists of interests in land or shares in a land investment company that does not own, directly or indirectly, shares in the company; and (ii) has a market value of 90% or more of the market value of all the property of the company; and (c) meets the requirements of section HM 12 (Income types) land loss is defined in section HM 65(3) (Use of land losses of investor classes) for the purposes of that section land provisions means the following provisions: (a) sections CB 7 to CB 11 (which relate to certain land transactions), except CB 8 (Disposal: land used for landfill, if notice of election): (b) section CB 15 (Transactions between associated persons): (c) sections FB 3 to FB 5 (which relate to the transfer of land on a settlement of relationship property) LAQC [Repealed] large budget film grant means a payment that— (a) is in the nature of a large budget screen production grant or post-production digital and visual effects grant; and (b) is made in relation to a film or television production; and (c) is authorised by the New Zealand Film Commission in relation to a company that— (i) is resident in New Zealand: (ii) has a permanent establishment in New Zealand large budget screen production grant [Repealed] late balance date has the meaning given in section YE 1(7) (References to balance dates and years) lease — (a) means a disposition that creates a leasehold estate: (b) in sections DZ 9 (Premium paid on land leased before 1 April 1993) and EZ 8 (Premium paid on land leased before 1 April 1993),— (i) means a disposition by which a leasehold estate is created; and (ii) includes a licence: (c) for the purposes of subpart EE (Depreciation), includes a licence to occupy: (d) in sections EJ 10 (Personal property lease payments), EX 21(30) and (31) (Attributable CFC amount and net attributable CFC income or loss: calculation rules), FA 6 to FA 11 (which relate to finance leases), FZ 2 to FZ 4 (which relate to specified leases) and in the definitions of cost price (paragraphs (b) to (e)), finance lease , guaranteed residual value , initial period , instalment , lessee (paragraph (b)), lessor (paragraph (b)), operating lease , outstanding balance , personal property lease asset , specified lease , and term of the lease ,— (i) means an agreement under which a lessor transfers to a lessee for the term of the lease a personal property lease asset or the right to possess a personal property lease asset in consideration for a personal property lease payment; and (ii) includes a sublease; and (iii) includes a licence to use intangible property; and (iv) includes a hire or bailment; and (v) includes a lease that is 2 or more consecutive or successive leases treated as 1 lease because the same personal property lease asset had been leased to the same lessee or an associated person of the lessee under the consecutive or successive leases and the Commissioner, having regard to the tenor of this paragraph, regards the consecutive or successive leases as 1 lease; and (vi) does not include a hire purchase agreement, the definition of which applies, for this purpose, as if it did not contain paragraph (f); and (vii) does not include an assignment of a hire purchase agreement, the definition of which applies, for this purpose, as if it did not contain paragraph (f): (e) is defined in section GC 5(5) (Leases for inadequate rent) for the purposes of that section: (f) in the financial arrangements rules, means— (i) a lease as described in paragraph (d): (ii) an arrangement that would be a lease as described in paragraph (d) if the arrangement did not relate to real property, livestock, or bloodstock leasehold estate includes any estate, however created, other than a freehold estate legal defeasance means a defeasance in which the release of a party to a financial arrangement or an excepted financial arrangement from the primary obligation of the financial arrangement or the excepted financial arrangement is— (a) acknowledged formally by the creditor; or (b) acknowledged formally by a duly appointed trustee or agent of the creditor; or (c) established by legal judgment legal expenses is defined in section DB 62 (Deduction for legal expenses) for the purposes of that section legal life is defined in section EE 67 (Other definitions) less than 10% holder is defined in section YC 15(3) (Directors’ knowledge of failure to meet requirements of continuity provision) for the purposes of that section lessee ,— (a) for a lease as described in paragraph (c) of the definition of lease , includes the holder of a licence to occupy: (b) for a lease as described in paragraph (d) of the definition of lease ,— (i) means a person who leases a personal property lease asset from a lessor; and (ii) includes a trustee or assignee of the person: (c) for a hire purchase agreement, means the person who obtains the use of, or the right to use, the hire purchase asset under the agreement lessor ,— (a) for a lease as described in paragraph (c) of the definition of lease , includes the grantor of a licence to occupy: (b) for a lease as described in paragraph (d) of the definition of lease ,— (i) means a person who assembles, manufactures, purchases, or otherwise acquires a personal property lease asset and leases it to a lessee; and (ii) includes a trustee or assignee of the person: (c) for a hire purchase agreement,— (i) means the person who grants to the lessee the use of, or the right to use, a hire purchase asset under the agreement; and (ii) includes an assignee of the person in relation to the hire purchase agreement levy , for a statutory producer board, means a sum payable by a member of the board under a power of the board to require or request the member to pay an amount of levy licence-specific assets is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section life financial reinsurance is defined in section EY 12 (Meaning of life reinsurance) life fund PIE means a separate identifiable fund forming part of a life insurer that— (a) meets the requirements of section HM 7 (Requirements); and (b) chooses to become a PIE under section HM 71 (Choosing to become PIE); and (c) has not chosen to cancel PIE status under section HM 29 (Choosing to cancel status); and (d) holds investment subject to life insurance policies under which benefits are directly linked to the value of the investments held in the fund life insurance is defined in sections EY 8 (Meaning of life insurance) and EY 14 (Life insurance and life reinsurance: how sections relate) Life Insurance Fund means a Life Insurance Fund as defined in section 15 of the Life Insurance Act 1908 and, for a life insurer, means the life insurer’s Life Insurance Fund life insurance policy — (a) is defined in sections EY 9 (Meaning of life insurance policy) and EY 14 (Life insurance and life reinsurance: how sections relate); and (b) when referred to in relation to a life insurer, means a life insurance policy under which the life insurer is the insurer life insurance rules [Repealed] life insured means— (a) a human being on whose death or survival the payment of a benefit under a life insurance policy is contingent, including the payment of an annuity whose term is contingent on human life; and (b) a human being to whom an annuity whose term is not contingent on human life is payable under a life insurance policy life insurer — (a) is defined in sections EY 10 (Meaning of life insurer) and EY 14 (Life insurance and life reinsurance: how sections relate): (b) is defined in section CX 11(3) (Employment-related loans: loans by life insurers) for the purposes of that section: (c) in section YC 17 (Demutualisation of insurers),

and in the FBT rules, means a person carrying on a business of providing life insurance life reinsurance is defined in sections EY 12 (Meaning of life reinsurance) and EY 14 (Life insurance and life reinsurance: how sections relate) life reinsurance policy — (a) is defined in sections EY 13 (Meaning of life reinsurance policy) and EY 14 (Life insurance and life reinsurance: how sections relate); and (b) when referred to in relation to a life reinsurer, means a life reinsurance policy under which the life reinsurer is the reinsurer life reinsurer is defined in sections EY 12(4) (Meaning of life reinsurance) and EY 14 (Life insurance and life reinsurance: how sections relate) life risk means an actuarially determined risk contingent on human life life risk component –– (a) means–– (i) for a premium paid under a life insurance policy, the amount of the premium that gives rise to income derived by the life insurer for providing services, including the bearing of life risk: (ii) for a claim payable under a life insurance policy, the amount of the claim that gives rise to deductions for the life insurer for providing services, including the bearing of life risk: (b) does not include an amount that is a savings component limitation rule is defined in section DD 1(3) (Entertainment expenditure generally) limited attribution company is a company that is— (a) a building society: (b) a co-operative company registered under Part 2 or 3 of the Co-operative Companies Act 1996: (c) a listed company: (d) a widely-held company: (e) a foreign company that is not a closely-held company limited non-transaction shares is defined in section CD 34B (Distributions to members of co-operative companies) limited partner means a limited partner of a limited partnership or an overseas limited partnership as defined in section 4 of the Limited Partnerships Act 2008 limited partnership — (a) means a limited partnership registered under the Limited Partnerships Act 2008 ; and (b) includes an overseas limited partnership as defined in section 4 of that Act; and (c) despite paragraph (a) or (b), does not include a listed limited partnership or a foreign corporate limited partnership limited partnership deduction is defined in section HG 11(12) (Limitations on deductions by partners in limited partnerships) for the purposes of that section limited partnership net deduction [Repealed] limited-recourse amount is defined in section GB 48(2) (Defined terms for sections GB 45 and GB 46 ) for the purposes of sections GB 45 and GB 46 (which relate to arrangements involving money not at risk) limited-recourse loan is defined in section GB 48(3) (Defined terms for sections GB 45 and GB 46 ) for the purposes of sections GB 45 and GB 46 (which relate to arrangements involving money not at risk) lines trust means a trustee of a trust that— (a) has had shares allocated or transferred to or vested in it, being shares in— (i) an energy company as defined in section 2(1) of the Energy Companies Act 1992 under an approved establishment plan under that Act: (ii) a company under section 76 of the Energy Companies Act 1992: (iii) a company to which have been transferred assets and liabilities of the Crown under section 16 of the Southland Electricity Act 1993; and (b) continues to hold shares described in paragraph (a) liquidation , for a company,— (a) includes— (i) removal of the company from the register of companies under the Companies Act 1993 ; and (ii) termination of the company’s existence under any other procedure of New Zealand or foreign law; and (b) includes, in references in this Act to anything occurring on liquidation, anything occurring— (i) during the period that starts with a step that is legally necessary to achieve liquidation, including the appointment of a liquidator or a request of the kind referred to in section 318(1)(d) of the Companies Act 1993; and (ii) for the purpose of enabling liquidation listed company means, at any time, a company any shares in which are at that time quoted on an official list of a recognised exchange listed horticultural plant , in sections DO 5 to DO 9 (which relate to deductions relating to horticultural plants),— (a) means a horticultural plant, tree, vine, bush, cane, or similar plant that is cultivated on land, that is of a type that is listed in a determination made by the Commissioner under section 91AAB of the Tax Administration Act 1994: (b) does not include— (i) a tree planted mainly for the purposes of timber production: (ii) a tree or other similar plant planted mainly for the purposes of ornamentation: (iii) a vine planted mainly for the purposes of producing grapes for wine production listed limited partnership means an entity or group of persons that is listed on a recognised exchange, and that entity or group of persons— (a) is a limited partnership registered under the Limited Partnerships Act 2008 ; or (b) meets the definition of overseas limited partnership in section 4 of that Act listed PAYE intermediary means a person which the Commissioner may list as an intermediary under section 15G of the Tax Administration Act 1994 listed PIE means a company that— (a) is listed on a recognised exchange in New Zealand or meets the requirements of section HM 18 (Requirements for listed PIEs: unlisted companies); and (b) meets the requirements of section HM 7 (Requirements); and (c) chooses to become a PIE under section HM 71 (Choosing to become PIE); and (d) has not chosen to cancel PIE status under section HM 29 (Choosing to cancel status); and (e) is not a life fund PIE; and (f) has not chosen under section HM 2(3) (What is a portfolio investment entity?) to become a multi-rate PIE listed research provider [Repealed] livestock on the Chatham Islands means livestock that are on hand on the Chatham Islands at the end of an income year living alone payment means a living alone payment under— (a) section 74U of the War Pensions Act 1954; or (b) section 18A of the Social Welfare (Transitional Provisions) Act 1990; or (c) section 13 of the New Zealand Superannuation and Retirement Income Act 2001 loan ,— (a) has the same meaning as money lent : (b) in sections CD 27 (Property made available intra-group) and CD 39 (Calculation of amount of dividend when property made available) and in the FBT rules, includes any amount that a person advances or gives as principal under a financial arrangement, but not an excepted financial arrangement: (c) for a holding company and a mining company, is defined in section CU 29 (Other definitions): (d) is defined in section CZ 3(5) (Exchange variations on 8 August 1975) for the purposes of that section local authority — (a) means a local authority as defined in the Local Government Act 2002 : (b) includes— (i) the administering body, as defined in the Reserves Act 1977 , of any reserve classified under the Act as a recreation reserve or a scenic reserve: (ii) an airport authority, other than an airport company, as defined in the Airport Authorities Act 1966 : (iii) the Aotea Centre Board of Management established by the Auckland Aotea Centre Empowering Act 1985 : (iv) the council of the Auckland Institute and Museum constituted under the Charitable Trusts Act 1957 : (v) the Canterbury Museum Trust Board continued in existence by section 5(1) of the Canterbury Museum Trust Board Act 1993: (vi) the Otago Museum Trust Board continued in existence by section 5(1) of the Otago Museum Trust Board Act 1996: (vii) Auckland Transport (as established by section 38 of the Local Government (Auckland Council) Act 2009): (viii) other than for the purposes of section CW 39(4) (Local authorities), Auckland Regional Holdings as established by section 18 of the Local Government (Auckland) Amendment Act 2004: (ix) the New Zealand Local Government Funding Agency Limited while it is a council-controlled organisation within the meaning of section 6(1) of the Local Government Act 2002 (x) the Auckland Council Independent Maori Statutory Board established by section 81 of the Local Government (Auckland Council) Act 2009 logbook term is defined in section DE 8 (Logbook term) long-term bailment is defined in section EC 27 (Some definitions) for the purposes of subpart EC (Valuation of livestock) look-through company means an entity–– (a) that is described in paragraph (a) of the definition of company ; and (b) that, treating the entity as a company for the purposes of this definition, is resident in New Zealand under section YD 2 (Residence of companies); and (c) that is not treated under, or for the purposes of, a double tax agreement as not resident in New Zealand; and (d) for which there are 5 or fewer look-through counted owners, treating look-through counted owners who are relatives, ignoring any later death or dissolution of marriage, union, or relationship, as 1 person; and (e) for which all owners have only look-through interests; and (f) that is not a flat-owning company; and (g) for which an election under section HB 13 (Valid elections) has been received by the Commissioner look-through company deduction is defined in section HB 11(12) (Limitation on deductions by persons with interests in look-through companies) look-through counted owner means, for an entity, a person who–– (a) is a natural person that–– (i) is not a trustee; and (ii) has a look-through interest for the entity: (b) is a natural person who has derived, as beneficiary income of a trust, income that arose from a direct or indirect beneficial interest in a look-through interest for the entity for the current income year or 1 of the last 3 income years: (c) is a trustee of a trust that–– (i) has a look-through interest for the entity or that has a direct or indirect beneficial interest in a look-through interest for the entity, treating co-trustees as 1 person; and (ii) has not distributed, as beneficiary income, all income that arose from a direct or indirect beneficial interest in a look-through interest for the entity for the current income year and all of the last 3 income years: (d) is a natural person that has a voting interest or a market value interest in relation to a company that has derived, as beneficiary income from a trust, income that arose from a direct or indirect beneficial interest in a look-through interest for the entity for the current income year or 1 of the last 3 income years look-through interest means a person's shares in an entity, or in a look-through company ( LTC ) treating the look-through company as a company for the purposes of this definition, if— (a) every other shareholder in the entity or LTC has the same rights, proportionally, as the person to vote or participate in any decision-making concerning— (i) the distributions to be made by the entity or LTC; and (ii) the entity's or LTC's constitution; and (iii) varying the capital of the entity or LTC; and (iv) appointing or electing directors of the entity or LTC; and (b) every other shareholder has the same rights, proportionally, as the person in relation to when the entity or LTC distributes its profits or its assets if the entity or LTC acquires, redeems, or cancels its shares, or reduces or returns its share capital, whether on liquidation or not; and (c) the entity or LTC has only shareholders that are natural persons, or corporate trustees loss — (a) includes an amount of depreciation loss, except when any of paragraphs (b) to (d) applies: (b) means an attributed CFC loss when used in the expression “ attributed CFC income or loss ” : (c) means a net attributable FIF loss when used in the expression “ net attributable FIF income or loss ” : (d) means a FIF loss when used in the expression “ FIF income or loss ” loss-attributing qualifying company [Repealed] loss balance , for a tax year,— (a) means the sum of all tax loss components— (i) arising in the tax year and included in the tax loss for the tax year under section IA 2(3) and (4) (Tax losses), to the extent not used under section IA 3(1) to (3) or IA 4(1)(a) (which relate to the first use and to particular losses): (ii) arising in an earlier tax year and carried forward under section IA 3(4) to the tax year, to the extent not used under section IA 3(1) to (3) or IA 4(1)(a) : (b) does not include a tax loss component included in a company's loss balance at the end of the tax year if the requirements of section IA 5 (Restrictions on companies' loss balances carried forward), as modified by sections IZ 4 to IZ 6 (which relate to tax losses for tax years before 1992), have not been met loss period is defined in section IQ 7(4) (When group membership lacking in loss period) for the purposes of that section low-turnover trader is defined in section EB 13(2) (Low-turnover valuation) for the purposes of subpart EB (Valuation of trading stock (including dealer’s livestock)) lump sum payment is defined in section EI 3(6) (Assigning or granting copyright) for the purposes of that section MACA means Maori authority credit account main deposit is defined in section EH 36 (Other definitions) main income equalisation account is defined in section EH 36 (Other definitions) main income equalisation scheme means the scheme referred to in section EH 1(2)(a) (Income equalisation schemes) main maximum deposit is defined in section EH 35 (Meaning of main maximum deposit) major shareholder , for a close company, means any person who— (a) owns, or has the right to acquire, at least 10% of the ordinary shares of the company: (b) has the power to control, directly or indirectly, at least 10% of the ordinary shares of the company: (c) owns, or has the right to acquire, at least 10% of the voting and market value interests in the company: (d) has the power to control, directly or indirectly, at least 10% of the voting and market value interests in the company: (e) has, in any other way, 10% or more of the control of the company Maori authority means a person who has made an election under section HF 11 (Choosing to become Maori authority) Maori authority credit , for a distribution by a Maori authority, means— (a) a credit referred to in section OA 5(8) (Credits): (b) the amount treated as attached to the distribution under section RE 24 (When amount of tax treated as Maori authority credit) Maori authority credit account means the account referred to in section OA 2(1)(g) (Memorandum accounts) Maori authority credit account return means a return that must be filed under section 70B of the Tax Administration Act 1994 Maori authority credit ratio means the ratio set out in section OK 19 (Maori authority credits attached to distributions) Maori authority debit means a debit referred to in section OA 6(8) (Debits) Maori authority rules means the provisions listed in section HF 1(2) (Maori authorities and the Maori authority rules) Maori incorporation is defined in section 4 of the Maori Land Act 1993 Maori investment company means a company that is incorporated for the purpose of acquiring shares or debentures issued by a forestry company for unpaid purchase money for Maori land bought by the forestry company from the Maori owners Maori land means Maori freehold land as defined in the Maori Land Act 1993 Maori owners — (a) means the persons who have a beneficial interest in Maori land bought by a forestry company; and (b) includes every trustee for a Maori owner, the Maori Trustee, and every Maori incorporation that has a beneficial interest in the land market interest is defined in section RD 35(5) (Employment-related loans: value using market interest rates) for the purposes of that section market value ,— (a) for a share or option quoted on the official list of a recognised exchange, at the time, means an amount equal to the middle market quotation at the time for a share or option having the same terms as the share or option to be valued, unless the quotation is not a fair reflection of the market value, having regard at the time to the matters referred to in paragraph (e) of the definition of recognised exchange : (b) for a share or option not quoted on the official list of a recognised exchange at the time, means the amount that a willing purchaser would pay to acquire the share or option in an arm’s length acquisition at the time and that is determined using a method that— (i) conforms with commercially acceptable practice; and (ii) may, in appropriate cases, have regard to the present value at the time of the company’s anticipated income or cash flows and the realisable value at the time of the company’s assets; and (iii) results in a valuation that is fair and reasonable: (c) in subpart EB (Valuation of trading stock (including dealer’s livestock)), does not include any GST that would be charged on the disposal by a person of their trading stock if the disposal would be a taxable supply: (d) is defined in section EX 70 (Market value of life policy and superannuation entitlements) for certain purposes of sections EX 28 to EX 72 (which relate to the FIF rules): (e) is defined in section RD 27(3) (Determining fringe benefit values) for the purposes of that section: (f) is defined in section RD 40(3) (Goods) for the purposes of that section market value circumstance , for a company at any time,— (a) means an occasion or situation in which, at the time, the company has on issue a debenture— (i) that is not an excluded fixed rate security or pre- 1991 budget security; and (ii) to which section FA 2 (Recharacterisation of certain debentures) or FA 2B (Stapled debt securities) applies: (b) also means an occasion or situation in which, at the time,— (i) the company has on issue a share that is not an excluded fixed rate security or a pre-1991 budget security; and (ii) the payment of a dividend is guaranteed or secured to the holder by some person other than the company; and (iii) the directors of the company know or could reasonably be expected to know at the time that the payment of a dividend is so guaranteed or secured: (c) also means an occasion or situation in which, at the time, an option exists that— (i) is not an excluded option; and (ii) is to acquire a share in the company; and (iii) is granted by the company or a person other than the company: (d) also means an occasion or situation in which, at the time, an option exists that— (i) is not an excluded option; and (ii) is to require a person to acquire a share in the company: (e) also means an occasion or situation in which, at the time, an arrangement or a series of related or connected arrangements exists that— (i) relates to shares or options over shares in the company issued by the company or any other person; and (ii) has a purpose or effect of defeating the intent and application of any provision of this Act whose application is dependent on the measurement of voting and market value interests: (f) does not exist under any of paragraphs (a) to (e) if, at the time, no share in the company has a value higher than zero, except for an excluded fixed rate security or a pre-1991 budget security, and no option over a share in the company has a value higher than zero, except for an excluded option: (g) also means an occasion or situation in which, at the time,— (i) under any of paragraphs (a) to (e), a direct market value circumstance exists for another company (the shareholder company ); and (ii) the shareholder company is associated with the company; and (iii) under section YC 4 (Look-through rule for corporate shareholders), any fraction of any market value interest held, or treated under section YC 4 as held, by the shareholder company in the company is treated as held by any other person market value interest — (a) means, for a person and a company and a time, the percentage market value interest that the person is treated as holding in the company at the time under sections YC 2 to YC 20 (which relate to the measurement of company ownership): (b) is further defined in section HA 44 (Measuring effective interests) for the purposes of subpart HA (Qualifying companies (QC) and loss-attributing qualifying companies (LAQC)) and the definition of effective interest master fund means— (a) a group investment fund that derives category A income; or (b) a public unit trust maturity ,— (a) in the financial arrangements rules, means,— (i) for an agreement for the sale and purchase of property or services or an option, the date on which the agreement or option ends: (ii) for any other financial arrangement, the date on which the last payment contingent on the financial arrangement is made: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) maximum account balance is defined in section EK 23 (Other definitions) for the purposes of subpart EK (Environmental restoration accounts) maximum deficit debit is defined in section OC 36 (Meaning of maximum deficit debit) for the purposes of section OC 23 (FDPA breach of FDP ratio by PCA company) maximum payment is defined in section EK 22 (Meaning of maximum payment) for the purposes of subpart EK (Environmental restoration accounts) maximum permitted ratio , for an imputation credit, an FDP credit, or a Maori authority credit, means a ratio calculated under section OA 18 (Calculation of maximum permitted ratios) maximum pooling value is defined in section EE 65 (Meaning of maximum pooling value) measurement period , for an income year of a reporting bank, means 1 of the measurement periods for the income year described in section FE 8 (Measurement dates) for the purposes of subpart FE (Interest apportionment on thin capitalisation) member ,— (a) in sections CD 33(1) (Payments corresponding to notional distributions of producer boards and co-operative companies) and OB 73 to OB 75 (which relate to imputation credit accounts of statutory producer boards),

and in the definitions of levy and produce transactions , for a statutory producer board and for an income year, means a person who— (i) is resident in New Zealand; and (ii) carries on in the year a farming or agricultural or other business in relation to which the board has special statutory functions; and (iii) is liable to pay a levy to the board for the year or enters into produce transactions with the board during the year: (b) [Repealed] (c) in subpart HE (Mutual associations) in relation to a statutory producer board and to an income year, means a person who— (i) is liable for the year to pay a levy to the statutory producer board; or (ii) during the year, supplies produce or goods to the statutory producer board, in terms of the body’s primary statutory functions: (d) is defined in section RE 30(10) (When unincorporated bodies hold certificates) for the purposes of that section: (e) in the Maori authority rules, means a person, or group of persons, who is— (i) a shareholder of a Maori authority that is a company: (ii) a beneficiary of a Maori authority that is the trustees of a trust member credit contribution , for a person, means the total of the following amounts: (a) an amount of a superannuation contribution to the person's KiwiSaver scheme or complying superannuation fund that is subject to the KiwiSaver scheme rules or complying fund rules, as applicable, other than— (i) an employer's superannuation cash contribution made for the person: (ii) a contribution withdrawn under a mortgage diversion facility provided for in regulations made under section 229 of the KiwiSaver Act 2006: (iib) Crown contribution (as that term is defined in the KiwiSaver Act 2006 ) for the person: (iii) an amount accounted for under paragraph (b): (b) an amount received and held for the person by the Commissioner that is an amount to which section 73 , 74 , or 75 of the KiwiSaver Act 2006 applies, other than— (i) an employer's superannuation cash contribution made for the person: (ii) an amount received and held by the Commissioner but not paid to the provider of the person's KiwiSaver scheme in the relevant member credit year unless the amount has not been paid because of the person's death or because of a refund under section 113 of the KiwiSaver Act 2006 member’s contribution , in relation to a superannuation fund,— (a) means a member’s contribution to the fund; and (b) includes any return on the contribution memorandum account means an account listed in section OA 2(1) (Memorandum accounts) mineral — (a) means all minerals and metals; and (b) includes clay, coal, gravel, kauri gum, precious stones, sand, and stone minibus means a motor vehicle, designed wholly or mainly for the carriage of persons, the interior of which contains— (a) 3 seats, each of which— (i) is designed for the seating of 2 or more adult persons; and (ii) is permanently fixed to the motor vehicle; and (iii) is neither collapsible nor capable of being folded down; or (b) more than 3 seats, of which not less than 3 are each— (i) designed for the seating of 2 or more adult persons; and (ii) permanently affixed to the motor vehicle; and (iii) neither collapsible nor capable of being folded down minimum family tax credit is defined in section MA8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) minimum market value interest — (a) is defined in section IA 5(6) (Restrictions on companies’ loss balances carried forward) for the purposes of Part I (Treatment of tax losses): (b) is defined in section LP 4(3) (Continuity rules for carrying credits forward) for the purposes of that section minimum voting interest — (a) is defined in section IA 5(6) (Restrictions on companies’ loss balances carried forward) for the purposes of Part I (Treatment of tax losses): (b) is defined in section LP 4(3) (Continuity rules for carrying credits forward) for the purposes of that section mining company is defined in section CU 22 (Meaning of mining company) mining development expenditure is defined in section CU 23 (Meaning of mining development expenditure) mining exploration expenditure is defined in section CU 24 (Meaning of mining exploration expenditure) mining holding company is defined in section CU 29 (Other definitions) mining operations is defined in section CU 25 (Meaning of mining operations) mining or prospecting right is defined in section CU 29 (Other definitions) mining outgoing excess is defined in section DU 7(4) (Limit on deduction) mining permit is defined in section 2 of the Crown Minerals Act 1991 and includes an existing privilege under paragraphs (a) and (b) of the definition of existing privilege in section 106 of that Act mining permit area means an area, and may include more than 1 area, of— (a) a mining permit; or (b) an existing privilege referred to in paragraphs (a) and (b) of the definition of existing privilege in section 106 of the Crown Minerals Act 1991 mining prospecting information is defined in section CU 29 (Other definitions) mining purposes is defined in section CU 29 (Other definitions) mining share is defined in section CU 29 (Other definitions) mining venture is defined in section CU 26 (Meaning of mining venture) Minister means the Minister of Finance minor is defined in section HC 35(3) (Beneficiary income of minors) for the purposes of that section and sections HC 36 , HC 37 , LE 4 , and LF 2 (which relate to beneficiary minors) mixed-ownership enterprise means an entity specified in schedule 36, part B (Government enterprises) money ,— (a) in section GB 48 (Defined terms for sections GB 45 and GB 46 ), in the financial arrangements rules, and in the definition of security payment , includes— (i) money’s worth, whether or not convertible into money: (ii) the right to money, including the deferral or cancellation of some or all of an obligation to pay money: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) money lent means— (a) an amount of money that a person lends in some way, including by depositing it in an account, whether or not the lending is secured or evidenced in writing: (b) an amount of credit that a person gives, including by not enforcing a debt, whether or not the giving is secured or evidenced in writing: (c) an amount of money that a person lends, or credit that a person gives, under an obligation or arrangement, whether or not secured or evidenced in writing: (d) an amount of money that goes from a person ( person A ) to another person ( person B ) in consideration for person B’s promise to pay person A an amount of money and that is less than the amount that person B promises to pay person A. For the purposes of this paragraph,— (i) money goes from person A when it is paid to person B: (ii) person B’s promise is not required to be secured or evidenced in writing: (iii) person B includes any other person with whom person B is an associated person monthly instalment plan is defined in section EZ 30(3) (Base premium for 1998–99 premium year under the Accident Insurance Act 1998) for the purposes of that section mortality profit [Repealed] mortality profit formula [Repealed] mortgage means a mortgage, charge, or other security, whether legal or equitable motor vehicle ,— (a) in subpart DE (Motor vehicle expenditure), means a motor vehicle that— (i) is a road vehicle, whenever or however used; and (ii) is not a trailer; and (iii) is of the kind ordinarily used for the carriage of persons or the transport or delivery of goods or animals: (b) in the FBT rules, and in the definition of car ,— (i) is defined in section 2(1) of the Land Transport Act 1998; and (ii) does not include a vehicle the gross laden weight of which is more than 3500 kilograms multi-rate PIE means a company, superannuation fund, or group investment fund that— (a) meets the requirements of section HM 7 (Requirements); and (b) chooses to become a PIE under section HM 71 (Choosing to become PIE); and (c) has not chosen to cancel PIE status under section HM 29 (Choosing to cancel status); and (d) is not a benefit fund PIE; and (e) [Repealed] mutual transaction means a transaction of the kind described in section HE 2 (Classes of mutual transaction) entered into between an association and its members, or with members and other persons who are not members national average market value , for a class of livestock and for an income year, means the national average market value determined under section EC 15 (Determining national average market values) for livestock of the class for the income year national standard cost scheme means the livestock valuation method specified in section EC 22 (National standard cost scheme) natural person is defined in section FE 4 (Some definitions) for the purposes of subpart FE (Interest apportionment on thin capitalisation) natural resource includes— (a) land: (b) water: (c) air: (d) soil or subsoil below land, water, or air: (e) a mineral: (f) a geographic or geological feature: (g) a part of the electromagnetic spectrum: (h) a form of energy: (i) a living organism, whether naturally or artificially generated: (j) an ecosystem: (k) a right to or interest in an item referred to in any of the preceding paragraphs net attributable CFC income , for a foreign company and for an accounting period, means the amount calculated for the accounting period under section EX 20C(1)(a) (Net attributable CFC income or loss) net attributable CFC loss , for a foreign company and for an accounting period, means the amount calculated for the accounting period under section EX 20C(1)(b) (Net attributable CFC income or loss) net attributable FIF income , for a FIF and for an accounting period, means an amount of zero or more calculated for the accounting period under section EX 50(3) (Attributable FIF income method) net attributable FIF loss , for a FIF and for an accounting period, means an amount of less than zero calculated for the accounting period under section EX 50(3) (Attributable FIF income method) net family scheme income is defined in section ME 3 (Meaning of net family scheme income) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) net gambling proceeds means net proceeds as defined in section 4 of the Gambling Act 2003 net income means net income for a tax year calculated under section BC 4 (Net income and net loss) net loss means a net loss for a tax year calculated under section BC 4 (Net income and net loss) and reduced by the amount extinguished by the Commissioner under section 177C(5) of the Tax Administration Act 1994 net mining loss is defined in section IS 1(3) (General treatment of mining companies' net losses) for the purposes of subpart IS (Mining companies' and petroleum miners' tax losses) new asset is defined in section EZ 24 (Meaning of new asset) new business is defined in section EY 29 (Shareholder base other profit: profit participation policies that are new business) for the purposes of that section new company tax rate person ,–– (a) means a person who uses a 28% basic tax rate for the 2011–12 income year or later income years: (b) includes, for the purposes of subpart OZ (Terminating provisions), a multi-rate PIE: (c) does not include, for the purposes of subpart RZ (Terminating provisions), a multi-rate PIE new personal tax rate person means a person whose basic rate of income tax is calculated under schedule 1 , part A, clause 1 for the 2010–11 income year or a later income year new reporting standard is defined in section DB 35 (Some definitions) for the purposes of section DB 34 (Research or development) new start grant means a grant of money that is— (a) designated by the Minister of Agriculture as a new start grant; and (b) paid by the Government of New Zealand to a person new tax rate person [Repealed] New Zealand includes— (a) the continental shelf: (b) the water and the air space above any part of the continental shelf that is beyond New Zealand’s territorial sea, as defined in section 3 of the Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977, if and to the extent to which— (i) any exploration or exploitation in relation to the part, or any natural resource of the part, is or may be undertaken; and (ii) the exploration or exploitation, or any related matter, involves, or would involve any activity on, in, or in relation to the water or air space New Zealand banking group , for a registered bank, means the New Zealand banking group referred to in sections FE 36 and FE 36B (which identify the members of a New Zealand banking group) for the purposes of subpart FE (Interest apportionment on thin capitalisation) New Zealand business , in relation to a life insurer not resident in New Zealand, means the part of the business of the life insurer that consists of life insurance policies or life reinsurance policies offered or entered into in New Zealand New Zealand emissions unit means a New Zealand unit as defined in section 4(1) of the Climate Change Response Act 2002 New Zealand net equity , for a New Zealand banking group is the amount referred to in section FE 21 (Banking group’s New Zealand net equity) for the purposes of subpart FE (Interest apportionment on thin capitalisation) New Zealand-new asset is defined in section EZ 25 (Meaning of New Zealand-new asset) New Zealand partnership means a partnership that— (a) is a limited partnership registered under the Limited Partnerships Act 2008 ; or (b) has 50% or more of its partners’ interests in capital, by value, held by New Zealand residents; or (c) has its centre of management in New Zealand ignoring section HG 2 New Zealand repatriation amount is defined in section CD 46 (New Zealand repatriation amount) New Zealand resident — (a) means a person resident in New Zealand under— (i) section EY 49 (Non-resident life insurer becoming resident): (ii) sections YD 1 to YD 3 (which relate to residence): (b) is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) New Zealand superannuation — (a) means New Zealand superannuation payable under Part 1 of the New Zealand Superannuation and Retirement Income Act 2001; and (b) includes— (i) a living alone payment payable to a New Zealand superannuitant under section 13 of the New Zealand Superannuation and Retirement Income Act 2001; and (ii) an amount payable under section 70(3)(b) of the Social Security Act 1964; and (iii) national superannuation payable, before 1 April 1994, under Part 1 of the Social Welfare (Transitional Provisions) Act 1990; and (c) does not include— (i) portable New Zealand superannuation; or (ii) a supplement or benefit paid or payable under any of sections 61DB , 61DC , 61DD , 61DE , 61EA , 61G , and 69C of the Social Security Act 1964 New Zealand superannuitant , for a tax year,— (a) means a person who receives New Zealand superannuation in the tax year; and (b) does not include a person who receives New Zealand superannuation at a rate specified in— (i) schedule 1, clause 2 of the New Zealand Superannuation and Retirement Income Act 2001; or (ii) schedule 1, clause 2 of the Social Welfare (Transitional Provisions) Act 1990 New Zealand tax means income tax imposed by this Act or any earlier Act New Zealand unit [Repealed] Niue International Trust Fund means the trust governed by the Deed concerning the Niue International Trust Fund dated 25 October 2006 and signed by Her Majesty the Queen in right of New Zealand and the Governments of Niue and Australia nominated company ,— (a) for a consolidated group, means the company described in section FM 34 (Nominated companies) for the time being nominated as agent of the group under section FM 35 (Forming consolidated group): (b) for an imputation group, means the company described in section FN 6 (Nominated companies) for the time being nominated as agent of the group under section FN 7 (Forming imputation groups) nominee , in sections RE 7 and RE 8 (which relate to resident passive income paid to trustees and nominees) means a person described in section YB 21(2) (Transparency of nominees) non-attributing active CFC is defined in section EX 21B (Non-attributing active CFCs) non-attributing Australian CFC is defined in section EX 22 (Non-attributing Australian CFCs) non-cash dividend means a dividend to the extent to which it does not consist of— (a) an unconditional payment in money; or (b) an unconditional credit in money to the balance of a shareholder’s current or other form of account with the company non-complying trust is defined in section HC 12 (Non-complying trusts) non-concessionary rate of interest , for an employment-related loan made on or before 31 March 1985, means the rate of interest declared by regulations to be the non-concessionary rate of interest for the period of 12 consecutive months, ending on 31 March, in which the loan was made non-contingent fee means a fee that— (a) is for services provided for a person becoming a party to a financial arrangement; and (b) is payable whether or not the financial arrangement proceeds non-creditable dividend [Repealed] non-discretionary trust is defined in section HC 16(8) (Ordering rule for distributions from non-complying and foreign trusts) for the purposes of that section non-executive director is defined in section CD 20(4) (Benefits of shareholder-employees or directors) non-filing taxpayer means— (a) a person to whom section 33A(1) of the Tax Administration Act 1994 applies and to whom 1 of the following applies: (i) they do not receive an income statement for a tax year; or (ii) the Commissioner is not required to send them an income statement for a tax year; or (iii) the Commissioner is prohibited from sending them an income statement for a tax year; or (b) a person whose only income having a source in New Zealand is schedular payments derived in the person's capacity as a non-resident entertainer and who chooses not to file a return for the relevant tax year; or (c) a person who, in the relevant tax year, derives only non-resident passive income to which section RB 3 (Schedular income tax liability for filing taxpayers for non-resident passive income) applies non-integral fee means a fee or transaction cost that, for the purposes of financial reporting under IFRSs, is not an integral part of the effective interest rate of a financial arrangement non-Kyoto greenhouse gas unit means a unit that is— (a) issued by reference to the sequestration, reduction, or avoidance of emission, of human-induced greenhouse gases; and (b) verified to an internationally recognised standard; and (c) not an emissions unit non-listed horticultural plant , in section DO 4 (Improvements to farm land) and schedule 20 , part A, item 8 (Expenditure on farming, horticultural, aquacultural, and forestry improvements)— (a) means— (i) a horticultural plant, tree, vine, bush, cane, or similar plant that is cultivated on land, that is not a listed horticultural plant: (ii) a tree or other similar plant planted mainly for the purposes of ornamentation: (b) does not include a tree planted mainly for the purposes of timber production non-participating redeemable share is defined in section CD 22(9) (Returns of capital: off-market share cancellations) non-refundable tax credit means— (a) a tax credit under subpart LC (Tax credits for natural persons): (ab) a tax credit under section LD 4 (Tax credits for payroll donations): (b) a tax credit under subpart LJ (Tax credits for foreign income tax): (c) a tax credit under subpart LK (Tax credits relating to attributed controlled foreign company income): (d) [Repealed] (e) a tax credit under subpart LR (Tax credits for policyholder income): (f) an amount in a person’s branch equivalent tax account or policyholder credit account that the person chooses, under Part O (Memorandum accounts), to credit in payment of income tax: (g) a tax credit under sections LS 3(3) and (4) and LS 4(3) and (4) (which relate to multi-rate PIEs and certain of their investors) and under section LS 1 (Tax credits for multi-rate PIEs) to the extent to which it arises under section HM 51 (Use of foreign tax credits by PIEs) non-resident means a person who is not a New Zealand resident non-resident aircraft operator is defined in section CW 56(3) (Non-resident aircraft operators) for the purposes of that section non-resident company means a company that is not a New Zealand resident non-resident contractor , in the PAYE rules, means a person who— (a) is not resident in New Zealand under subpart YD (Residence and source in New Zealand); and (b) undertakes under a contract, agreement, or arrangement (other than a contract of service or apprenticeship)— (i) to perform services of any kind in New Zealand: (ii) to supply the use, or right to use, in New Zealand any personal property or services of another person non-resident crew member is defined in section CW 21(2) (Amounts derived by visiting crew of pleasure craft) for the purposes of that section non-resident entertainer is defined in section CW 20(4) (Amounts derived by visiting entertainers including sportspersons) for the purposes of that section, and in the PAYE rules, means a person who— (a) is not resident in New Zealand under subpart YD (Residence and source in New Zealand); and (b) undertakes a Part F activity (c) [Repealed] non-resident investment company is defined in section LZ 5 (Some definitions) for the purposes of sections LZ 2 to LZ 4 (which relate to credits for certain development projects) non-resident mining operator is defined in section CU 29 (Other definitions) non-resident passive income is defined in section RF 2 (Non-resident passive income) non-resident person is defined in section CW 22(3) (Amounts derived by overseas experts and trainees in New Zealand by government arrangement) for the purposes of that section non-resident seasonal worker [Repealed] non-resident taxpayer is defined in section HD 26(2) (Agency in relation to non-residents generally) for the purposes of sections HD 27 and HD 28 (which relate to employers and certain payments) non-resident trader means a person who— (a) is in New Zealand; and (b) carries on business here without having a fixed and permanent place of business or home here non-residents’ foreign-sourced income is defined in section BD 1(4) (Income, exempt income, excluded income, non-residents’ foreign-sourced income, and assessable income) non-residents’ foreign-sourced income limitation is defined in section DA 2(6) (General limitations) non-specified livestock means livestock other than bloodstock, high-priced livestock, and specified livestock non-standard accounting year has the meaning given in section YE 1(5) (References to balance dates and years) non-standard balance date has the meaning given in section YE 1(5) (References to balance dates and years) non-standard income year has the meaning given in section YE 1(5) (References to balance dates and years) non-taxable bonus issue means a bonus issue that is not a taxable bonus issue normal retiring age is defined in section DC 15 (Some definitions) for the purposes of sections DC 12 to DC 14 (which relate to share purchase schemes) notice is defined in section 3(1) of the Tax Administration Act 1994 notice of entitlement means a notice issued under section 80KD(2) of the Tax Administration Act 1994 notice period is defined in section FM 38(6) (Notice requirements on forming or joining consolidated group) for the purposes of that section notified investor rate , for a multi-rate PIE and an investor, means an investor rate notified under section HM 60 (Notified investor rates) or a notified investor rate under section HM 58 (Transition of rate for certain investors) notified foreign investor means an investor in a foreign investment PIE who— (a) meets the requirements of sections HM 55D(3) and (4) (Requirements for investors in foreign investment PIEs); and (b) notifies the PIE under section HM 55D(2) that they wish to be treated as a notified foreign investor notify means to give notice notional offshore investment amount , for a reporting bank, is the amount referred to in section FE 22(2) (Notional offshore investment) for the purposes of section FE 21(14) (Banking group’s New Zealand net equity) notional sale price is defined in section FA 10(2) (Treatment when lease ends: lessor acquiring asset) for the purposes of that section novelty is defined in section LH 7(4) (Research and development activities and related terms) for the purposes of subpart LH (Tax credits for expenditure on research and development) NRWT means non-resident withholding tax and refers to an amount payable as income tax under the NRWT rules NRWT rules means the provisions listed in section RF 1 (NRWT rules and their application) NZIAS 2 means New Zealand Equivalent to International Accounting Standard 2, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 8 means New Zealand Equivalent to International Accounting Standard 8, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 17 means New Zealand Equivalent to International Accounting Standard 17, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 23 means New Zealand Equivalent to International Accounting Standard 23, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 28 means New Zealand Equivalent to International Accounting Standard 28 approved by the Accounting Standards Review Board and as amended from time to time, or an equivalent standard issued in its place NZIAS 31 means New Zealand Equivalent to International Accounting Standard 31 approved by the Accounting Standards Review Board and as amended from time to time, or an equivalent standard issued in its place NZIAS 32 means New Zealand Equivalent to International Accounting Standard 32, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 39 means New Zealand Equivalent to International Accounting Standard 39, approved or issued under the Financial Reporting Act 1993 and as amended from time to time, or an equivalent standard issued in its place NZIAS 41 is defined in section EB 6(3) (Cost) for the purposes of that section offered or entered into in New Zealand , for an insurance contract, a reinsurance contract, and a life insurance policy, means a contract or policy offered or entered into in New Zealand, whether or not— (a) the contract or policy is executed in New Zealand; or (b) the insurer under the contract or policy— (i) is resident in New Zealand; or (ii) has a fixed establishment in New Zealand; or (iii) has an agent in New Zealand offered or was offered or entered into , in sections EY 12 (Meaning of life reinsurance) and EY 48 (Non-resident life insurers with life insurance policies in New Zealand), has the same meaning as offered or entered into in New Zealand off-market cancellation means a share cancellation that is not an on-market cancellation offshore development [Repealed] offshore permit area is defined in section CW 57 (Non-resident company involved in exploration and development activities) for the purposes of that section old company tax rate means a 30% or 33% basic tax rate applying before the 2011–12 income year old financial arrangements rules means— (a) the following provisions: (i) sections EZ 33 to EZ 52 (which relate to the old financial arrangements rules): (ii) section FF 2 (Financial arrangements) of the Income Tax Act 2004, as that section was before the commencement of the Taxation (Accrual Rules and Other Remedial Matters) Act 1999 : (iii) sections RA 11 and RA 12 (which relate to adjustments to correct errors); and (b) the following provisions of the Tax Administration Act 1994 : (i) section 60 (as in force before the enactment of section 70 of the Taxation (Accrual Rules and Other Remedial Matters) Act 1999): (ii) section 90 old reporting standard is defined in section DB 35 (Some definitions) for the purposes of section DB 34 (Research or development) on-market cancellation means an acquisition by a company of a share in the company if— (a) the company acquires the share in a transaction occurring on a recognised exchange, through a broker or some other similar agent independent of the company; and (b) before the transaction, no arrangement existed between the shareholder and the company for the company to acquire the share; and (c) the acquisition is not a treasury stock acquisition to which section CD 25 (Treasury stock acquisitions) applies, but this paragraph does not limit the application of section CD 25(2) to (6); and (d) it includes an acquisition of the company’s shares on the recognised exchange that is undertaken by an associated person under an arrangement for the associate to acquire the shares in lieu of the company onshore development [Repealed] operating lease means, except in section EW 15I(1)(b)(iib) (Mandatory use of yield to maturity method for some arrangements), a lease that— (a) is not a finance lease; and (b) is entered into on or after 20 May 1999 operational allowance is defined in section CW 23(4) (Income for military or police service in operational area) for the purposes of that section operational area is defined in section CW 23(4) (Income for military or police service in operational area) for the purposes of that section option , in sections FB 10 (Continuity provisions: shares and options), GB 5 (Arrangements involving trust beneficiaries), and YC 2 , YC 3 , YC 5 , YC 8 , and YC 9 (which relate to the measurement of company ownership),

and in the definitions of excluded option, market value (paragraphs (a) and (b)), market value circumstance (paragraphs (c) to (f)), pre-1991 budget security, recognised exchange , and shareholder decision-making right , includes an agreement for sale at a time when beneficial ownership of the property sold has not completely passed to the purchaser ordering rule means the rule set out in section CD 23(1) (Ordering rule and slice rule) for calculating the amount of available subscribed capital per share original share means a share in a company that is described as the original share in the definition of returning share transfer other amortisation provision means a provision of this Act that has similar intent and application to sections EE 1 (What this subpart does), EZ 7 (Buying patent rights before 1 April 1993), and EZ 8 (Premium paid on land leased before 1 April 1993) output tax is defined in section 2 of the Goods and Services Tax Act 1985 outstanding balance ,— (a) in section FA 10 (Treatment when lease ends: lessor acquiring asset), includes principal, interest, and penalties that are owing by the lessee to the lessor on the date that the lease is terminated (b) is defined in section FZ 2(9) (Effect of specified lease on lessor and lessee) for the purposes of sections FZ 2 and FZ 3 (which relate to specified leases) outstanding claims reserve means–– (a) for an insurer who uses IFRS 4, the amount of the insurer's outstanding claims liability for general insurance contracts, excluding contracts having premiums to which section CR 3 (Income of non-resident general insurer) applies, as that liability is measured under Appendix D, paragraphs 5.1 to 5.2.12 of IFRS 4 for the insurer's financial statements less the amount of reinsurance and non-reinsurance recoveries receivable, as measured for the financial statements: (b) for a life insurer, the amount that would be the life insurer's outstanding claims reserve under section EY 24(3) and (4) (Outstanding claims reserving amount: non-participation policies not annuities) for general insurance contracts, excluding contracts having premiums to which section CR 3 applies, if section EY 24(3) and (4) were modified so as to apply to general insurance contracts and reinsurance contracts, instead of to life insurance policies and reinsurance contracts overseas eligible expenditure [Repealed] overseas pension is defined in section CW 28(2) (Pensions) for the purposes of that section overtime is defined in section CW 17C(4) (Payments for overtime meals and certain other allowances) for the purposes of that section own ,— (a) for land, means to have an estate or interest in the land, alone or jointly or in common with any other person: (b) for the ownership of depreciable property, is defined in sections EE 2 to EE 5 (which relate to depreciation) ownership interest is defined in section YC 18(6) (Reverse takeovers) for the purposes of that section , and in sections YC 18B and YC 19B (which relate to corporate reorganisations) owner's associate is defined in section HB 11(12) (Limitation on deductions by persons with interests in look-through companies) for the purposes of that section owner's interests means the relevant interests in rights and obligations and other property, status, and things that a person who has an effective look-through interest for a look-through company has as a result of applying section HB 1 (Look-through companies are transparent) or otherwise paid work [Repealed] parental entitlement period means the period of time described in section MD 11(1)(b)(i) (Entitlement to parental tax credit) parental tax credit is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) Part F activity is defined in schedule 4 , part F, clause 7 (Rates of tax for schedular payments) partial reinsurance is defined in section EY 12(3) (Meaning of life reinsurance) participating share is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section partner , in relation to a partnership,— (a) means a person who is a member of the partnership: (b) includes— (i) a limited partner of a limited partnership: (ii) a general partner of a limited partnership: (iii) a joint venturer or a co-owner, if they make the relevant choice to be treated as partnership partner’s associate is defined in section HG 11(12) (Limitation on deductions by partners in limited partnerships) for the purposes of that section partner’s interests means the relevant interests in rights and obligations and other property, status, and things that a partner has as a result of applying section HG 2 (Partnerships are transparent) partnership means— (a) a group of 2 or more persons who have, between themselves, the relationship described in section 4(1) of the Partnership Act 1908: (b) a joint venture, if the joint venturers all choose to be treated as a partnership for the purposes of this Act and the Tax Administration Act 1994 : (c) co-owners of property, other than persons who are co-owners only because they are shareholders of the same company, or settlors, trustees, or beneficiaries of the same trust, if the co-owners all choose to be treated as a partnership for the purposes of this Act and the Tax Administration Act 1994 : (d) a limited partnership partnership share means, for a particular right, obligation, or other property, status, or thing, the share that a partner has the partnership it patent right means the right to do or authorise anything that would, but for the right, be an infringement of a patent pay ,— (a) for an amount and a person, includes— (i) to distribute the amount to them: (ii) to credit them for the amount: (iii) to deal with the amount in their interest or on their behalf, in some other way: (b) for a dividend that is a bonus issue, means to issue shares or to give credit for the shares comprising the bonus issue: (bb) is defined in section LD 4(7) (Tax credits for payroll donations) for the purposes of that section and section LD 8(1) (Meaning and ranking of payroll donation) and for section 24Q of the Tax Administration Act 1994: (c) is defined in section RD 51(6) (Calculation of all-inclusive pay) for the purposes of that section pay period , for an employee receiving regular payments of salary or wages, means the period for which any such payment is payable PAYE means pay-as-you-earn and refers to an amount payable as income tax under the PAYE rules PAYE income payment is defined in section RD 3 (PAYE income payments) PAYE income payment form , for an employer, means a form authorised by the Commissioner that shows— (a) the period to which the form relates; and (b) the name of the employer; and (c) the tax file number of the employer; and (d) the total amounts of tax withheld and paid; and (e) the total amount of child support payments; and (f) the total amount of salary or wage deductions made under the Student Loan Scheme Act 2011 ; and (g) the total KiwiSaver contribution deductions made under the KiwiSaver Act 2006, Part 3, subpart 1 ; and (h) the amount of an employer's superannuation cash contribution and the amount of ESCT withheld and paid; and (i) the amount of an employer's superannuation cash contribution and the amount of tax withheld and paid, other than that described in paragraph (h); and (j) other similar information that the Commissioner may require PAYE intermediary , for an employer, means— (a) a person who— (i) is accredited as a PAYE intermediary by the Commissioner under section 15D or 15G of the Tax Administration Act 1994; and (ii) has entered an agreement with the employer, applying to employees of the employer, that has been approved by the Commissioner under section 15J of that Act; and (iii) has entered into agreements that have been approved by the Commissioner under section 15J of that Act with not less than 10 employers: (b) a person who— (i) no longer meets the requirements of paragraph (a); and (ii) has responsibilities under section RP 2(3) (PAYE intermediaries) PAYE rules means the provisions listed in section RD 2(1) (PAYE rules and their application) payer , in the RWT rules, means a person who makes a payment of resident passive income payment relating to incapacity for work is defined in section CW 34(2) (Compensation payments) for the purposes of that section payroll donation is defined in section LD 8 (Meaning and ranking of payroll donation) PCA means policyholder credit account PCA company means a company described in section OJ 1(1) (General rules for companies and other persons with policyholder credit accounts) PCA person means a person who chooses under section OJ 1(2) and OJ 12 (which relate to persons with policyholder credit accounts) to maintain a policyholder credit account penalties and interest is defined in section HD 15(9) (Asset stripping of companies) for the purposes of that section pension is defined in section CF 1(2) (Benefits, pensions, compensation, and government grants) for the purposes of that section period of restriction is defined in section DC 15(2) to (4) (Some definitions) for the purposes of sections DC 13 to DC 15 (which relate to share purchase schemes) permit is defined in section 2 of the Crown Minerals Act 1991 permit area means the area of land covered by a petroleum permit permit-specific asset is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section permitted withdrawal means a withdrawal permitted under the KiwiSaver scheme rules as defined in section 4 of the KiwiSaver Act 2006 or under the complying fund rules person — (a) is defined in section EH 3(2) (Persons to whom main income equalisation scheme applies) for the purposes of the main income equalisation scheme: (b) is defined in section EH 37(2) (Persons to whom adverse event income equalisation scheme applies) for the purposes of the adverse event income equalisation scheme: (c) is defined in section EH 63(2) (Persons to whom thinning operations income equalisation scheme applies) for the purposes of the thinning operations income equalisation scheme personal injury by accident [Repealed] personal property , in sections CB 4 (Personal property acquired for purpose of disposal) and CB 5 (Business of dealing in personal property) does not include land personal property lease asset — (a) means any personal property subject to a lease; and (b) does not include any livestock or bloodstock personal property lease payment means a payment made by a lessee to a lessor, in money or money’s worth, in relation to, or in consideration for, a personal property lease asset personal service rehabilitation payment , for a person, means an amount paid for the person's benefit— (a) under section 81(3) , 372 , or 374 of the Accident Compensation Act 2001; and (b) by the Accident Compensation Corporation or an employer that is an accredited employer as defined in section 181 of that Act; and (c) in providing to a person— (i) a key aspect of rehabilitation referred to in section 81(1)(b), (c), (e), or (g) (relating to attendant care, child care, home help, and training for independence) of that Act: (ii) a key aspect of rehabilitation referred to in section 81(1)(h) (relating to transport for independence) of that Act to the extent provided by paragraph (a)(i) of the definition of transport for independence in schedule 1, clause 12 of that Act: (iii) similar rehabilitation referred to in an earlier Act corresponding to that Act petroleum is defined in section 2 of the Crown Minerals Act 1991 petroleum development expenditure — (a) means expenditure incurred by a petroleum miner that— (i) directly concerns a permit area; and (ii) is for acquiring, constructing, or planning petroleum mining assets; and (b) does not include— (i) residual expenditure; or (ii) petroleum exploration expenditure; or (iii) other expenditure allowed as a deduction under any provision of this Act, other than a provision in subpart DT (Petroleum mining expenditure) or DZ (Terminating provisions), and allocated to the income year in which the expenditure is incurred petroleum exploration expenditure — (a) means— (i) exploratory well expenditure; and (ii) prospecting expenditure; and (iii) expenditure to acquire an existing privilege, a prospecting permit for petroleum, or an exploration permit for petroleum; and (b) does not include— (i) residual expenditure; or (ii) expenditure that is required by section DT 6 (Expenditure on petroleum mining assets) to be treated as petroleum development expenditure petroleum miner is defined in section CT 6 (Meaning of petroleum miner) petroleum mining asset is defined in section CT 7 (Meaning of petroleum mining asset) petroleum mining company means a company to which sections IZ 2 and IZ 3 (which relate to companies engaged in exploring for, searching for, or mining petroleum) apply petroleum mining development is defined in section EJ 20 (Meaning of petroleum mining development) for the purposes of sections EJ 12 and EJ 12B (which relate to petroleum development expenditure) petroleum mining development expenditure is defined in section DZ 3(4) (Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991) for the purposes of that section petroleum mining operations is defined in section CT 6B (Meaning of petroleum mining operations) petroleum mining permit is defined in section 2 of the Crown Minerals Act 1991 petroleum permit means— (a) a prospecting permit: (b) an exploration permit: (c) a mining permit to the extent to which it remains current petroleum-related depreciable property is defined in section EE 67 (Other definitions) PFSI forestry business means the forestry activities carried on by a person who, as landowner, is subject to obligations under a forest sink covenant referred to in section 67X of the Forests Act 1949 in relation to the land specified in the covenant PFSI forestry income , for a person, means the income from a PFSI forestry business— (a) relating to a forest sink covenant entered into by the person; and (b) derived by the person from— (i) receiving an emissions unit under the covenant; or (ii) entering into a transaction in relation to an emissions unit received under the covenant physical cost of production is defined in section DZ 11(3) (Film reimbursement scheme on or before 30 June 2001) for the purposes of that section PIE means a portfolio investment entity PIE rules means— (a) the following provisions: (i) section BC 7(4) (Income tax liability of person with schedular income): (ii) section CB 26 (Disposal of certain shares by portfolio investment entities): (iii) section CP 1 (Attributed income of investors in multi-rate PIEs): (iv) sections CX 55 to CX 57 (which relate to excluded income of investors in PIEs): (v) sections DB 53 to DB 54B (which relate to losses of certain investors in PIEs): (vb) section EX 20B(3)(o) (Attributable CFC amount): (vi) subpart HM (Portfolio investment entities): (vii) section IA 7(10) (Restrictions relating to ring-fenced tax losses): (viii) IC 3(2B) to (2D) (Common ownership: group of companies): (ix) subpart LS (Tax credits for multi-rate PIEs and investors): (x) section OB 9B (ICA attributed PIE income with imputation credit): (b) sections 28B , 28D , 31B , 31C , 33(1C) , 38(1B) , 57B , and 61(1C) of the Tax Administration Act 1994 plant does not include an item that is structural in relation to a building plant variety rights means proprietary rights granted for a plant variety under the Plant Variety Rights Act 1987 or similar rights given similar protection under the laws of a country or territory other than New Zealand planting is defined in section DO 8 (Meaning of planting and plot) for the purposes of sections DO 5 to DO 8 (which relate to horticultural plants) pleasure craft is defined in section CW 21(2) (Amounts derived by visiting crew of pleasure craft) for the purposes of that section plot is defined in section DO 8 (Meaning of planting and plot) for the purposes of sections DO 5 to DO 8 (which relate to horticultural plants) policy liabilities is defined in section EY 29(8) (Shareholder base other profit: profit participation policies that are new business) for the purposes of section EY 29 policyholder base means, for a life insurer, the base for policyholder base income and allowable deductions and to which income of a particular source or nature, and tax credits received are apportioned under section EY 4 (Apportionment of income of particular source or nature, and of tax credits) policyholder base allowable deductions means policyholder base allowable deductions described in section EY 2(2) (Policyholder base) policyholder base income means policyholder base income described in section EY 2(1) (Policyholder base) policyholder base income tax liability [Repealed] policyholder credit [Repealed] policyholder credit account [Repealed] policyholder debit [Repealed] policyholder FDP ratio [Repealed] policyholder income [Repealed] policyholder income formula [Repealed] policyholder net loss [Repealed] policyholder unvested liabilities means benefits that are allocated to policyholders of profit participation policies but are not vested in a specific policyholder pool is defined in section EE 67 (Other definitions) pool method is defined in section EE 67 (Other definitions) poolable property is defined in section EE 66 (Meaning of poolable property) portable New Zealand superannuation means New Zealand superannuation paid or payable overseas under— (a) section 26(2)(a) of the New Zealand Superannuation and Retirement Income Act 2001, or under section 26(2)(b) where the superannuitant is residing in a country to which section 26(1)(a) of that Act applies; or (b) section 31 of the New Zealand Superannuation and Retirement Income Act 2001; or (c) section 19 of the Social Welfare (Transitional Provisions) Act 1990 portable veteran’s pension means a veteran's pension paid or payable overseas under— (a) section 74J(2)(a) of the War Pensions Act 1954, or under section 74J(2)(b) where the pensioner is residing in a country to which section 74J(1)(a) of that Act applies; or (b) section 74O of the War Pensions Act 1954; or (c) section 19 of the Social Welfare (Transitional Provisions) Act 1990 portfolio allocation period [Repealed] portfolio calculation period [Repealed] portfolio class fraction [Repealed] portfolio class investment value [Repealed] portfolio class net income [Repealed] portfolio class net loss [Repealed] portfolio class taxable income [Repealed] portfolio class taxable loss [Repealed] portfolio defined benefit fund [Repealed] portfolio entity formation loss [Repealed] portfolio entity investment [Repealed] portfolio entity tax liability [Repealed] portfolio investment means an investment of an entity in an item of property of a type to which section HM 11 (Investment types) refers portfolio investment entity means— (a) a multi-rate PIE: (b) a listed PIE: (c) a benefit fund PIE: (d) a life fund PIE portfolio investment-linked life fund means a separate identifiable fund forming part of a life insurer, that— (a) holds investments subject to life insurance policies under which benefits are directly linked to the value of the investments held in the fund; and (b) has become a portfolio investment entity under section HL 13 (Becoming portfolio investment entity); and (c) has not ceased to be a portfolio investment entity under section HL 15 (Ceasing to be portfolio investment entity) portfolio investor allocated income [Repealed] portfolio investor allocated loss [Repealed] portfolio investor class [Repealed] portfolio investor exit period [Repealed] portfolio investor interest [Repealed] portfolio investor interest fraction [Repealed] portfolio investor proxy [Repealed] portfolio investor rate [Repealed] portfolio land company [Repealed] portfolio listed company [Repealed] portfolio tax rate entity [Repealed] possession includes a use that is in fact or effect substantially exclusive post-1989 forest land means post-1989 forest land as defined in section 4(1) of the Climate Change Response Act 2002 post-1989 forest land emissions unit , for a person, means an emissions unit transferred under section 64 of the Climate Change Response Act 2002 for growing trees on post-1989 forest land— (a) to the person and held continuously by the person from the transfer: (b) to another person (the recipient ), who at the time of the transfer is a party to a forestry rights agreement as defined in the Forestry Rights Registration Act 1983 with the person, and— (i) transferred by the recipient to the person, under a provision of the forestry rights agreement relating to the allocation of income or emissions units between the recipient and the person; and (ii) held continuously by the person from the transfer by the recipient post-1989 forest land unit [Repealed] post-treaty tax rate means the rate of tax, after taking into account the overriding effect of a relevant double tax agreement, if there is one, as provided by section BH 1 (Double tax agreements) pre-1983 investments is defined in section HR 3(8) (Definitions for section HR 2 : group investment funds) for the purposes of section HR 2 (Group investment funds) pre-1990 forest land means pre-1990 forest land as defined in section 4(1) of the Climate Change Response Act 2002 pre-1990 forest land emissions unit , for a person, means an emissions unit transferred under Part 4, subpart 2 of the Climate Change Response Act 2002 in relation to pre-1990 forest land— (a) to the person and held continuously by the person from the transfer: (b) to another person (the appointee ), as a person appointed under section 73 of that Act or as a person representing iwi that are claimants under a Treaty of Waitangi settlement, and— (i) transferred by the appointee to the person, as a person (the claimant ) who at the time of the transfer to the appointee is a claimant under a Treaty of Waitangi settlement involving the pre-1990 forest land or as an agent for the claimant; and (ii) held continuously by the person, as the agent or the claimant, from the transfer by the appointee: (c) to another person (the recipient ), who at the time of the transfer is a party to a forestry rights agreement as defined in the Forestry Rights Registration Act 1983 with the person, and— (i) transferred by the recipient to the person, under a provision of the forestry rights agreement relating to the allocation of income or emissions units between the recipient and the person; and (ii) held continuously by the person from the transfer by the recipient pre-1990 forest land unit [Repealed] pre-1991 budget security means a fixed-rate share, or a debenture to which section FA 2 (Recharacterisation of certain debentures) applies, that— (a) was itself issued by the company before 8.00 pm New Zealand Standard Time on 30 July 1991 (the specified time ), or was issued under a binding contract entered into before the specified time no term of which is altered at any time after the specified time; and (b) is not a share or debenture any term of which is altered at any time after the specified time, whether under a provision for roll-over or extension or under an option held at the specified time by the shareholder or debenture holder or the company or both or by any other person or otherwise, except when the term is altered under a binding contract entered into before the specified time no term of which is altered at any time after the specified time pre-imputation income year means an income year that started before the 1987–88 income year premium ,— (a) for life insurance,— (i) means any consideration, however described, payable under a life insurance policy to a life insurer; and (ii) does not include interest on an unpaid premium: (iii) does not include consideration received by a life insurer for the transfer of life insurance business: (b) in sections CR 3 , HD 16 , HD 17 , and YD 8 (which relate to non-resident general insurers), for general insurance or guarantee against risk, means an amount payable in relation to the contract of insurance or guarantee, as applicable, entered into by the insured person: (c) in section EZ 8 (Premium paid on land leased before 1 April 1993) and for the purposes of section DZ 9 (Premium paid on land leased before 1 April 1993),— (i) includes a payment in the nature of a fine, a payment for goodwill attaching to the land, and a payment in consideration of the grant, transfer, or renewal of the lease; and (ii) does not include rent premium loading [Repealed] premium loading formula [Repealed] premium payback amount means an amount of life risk component premium refunded in accordance with the terms and conditions of the relevant life insurance policy or the discretion of the life insurer prepaid expenditure means expenditure to which section EA 3 (Prepayments) applies prescribed means— (a) prescribed by regulations under this Act; or (b) prescribed by the Commissioner prescribed amount is defined in section DU 9(4) (Application of sections to resident mining operators) prescribed interest is defined in section RD 34(3) (Employment-related loans: value using prescribed interest rates) for the purposes of that section prescribed investor rate , for a multi-rate PIE and an investor, means an applicable tax rate set out in schedule 6 , table 1 (Prescribed rates: PIE investments and retirement scheme contributions), modified as necessary by section HM 56(2) (Prescribed investor rates: schedular rates) or HM 57B (Prescribed investor rates for new residents) prescribed period is defined in section CU 29 (Other definitions) prescribed proportion is defined in section CU 29 (Other definitions) prescribed rate of interest means the rate of interest declared by regulations made under section RA 21(3) (Regulations) to be the rate applying to employment-related loans present value (gross) means–– (a) a present value calculated using the risk-free rate of return as the discount rate, gross of tax; but (b) face value, if the whole discount period is less than a year present value (net) means–– (a) a present value calculated using the risk-free rate of return as the discount rate, net of tax; but (b) face value, if the whole discount period is less than a year price — (a) is defined in section RD 40(3) (Goods) for the purposes of that section: (b) is defined in section RD 41(4) (Services) for the purposes of that section: (c) in sections RD 42 and RD 43 (which relate to goods provided with staff discount), for a registered person who may claim input tax for goods provided to an employee, means the GST-inclusive price primary producer co-operative company is defined in section CZ 7(4) (Primary producer co-operative companies: 1987–88 income year) for the purposes of that section principal caregiver is defined in section MC 10 (Principal caregiver) for the purposes of the child tax credit, WFF tax credit, in-work tax credit, and parental tax credit private domestic worker means a person employed by any other person if— (a) the employer is the occupier, or 1 of the occupiers, of a dwellinghouse or other premises used exclusively for residential purposes; and (b) the employment is for the performance of work in or about the dwellinghouse or premises or the garden or grounds belonging to the dwellinghouse or premises; and (c) the employment is not for a business carried on by the employer or an occupation or calling of the employer; and (d) the employment is not regular full-time employment private limitation is defined in section DA 2(2) (General limitations) private or domestic agreement for the sale and purchase of property is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules private use is defined in section CX 36 (Meaning of private use) pro rata cancellation , for shares of the same class in a company, means the cancellation of— (a) all the shares in the class; or (b) part only of the shares in the class if the cancellation does not alter any person’s voting interest, or market value interest, if a market value circumstance exists at the time in relation to the company, in the company, determined as if no other class of shares existed; or (c) part only of the shares in the class if the cancellation results from an offer from the company to all shareholders in the class and the resulting cancellation would have met paragraph (b) if each shareholder who received the offer accepted it in full produce transactions ,— (a) in section CD 33 (Payments corresponding to notional distributions of producer boards and co-operative companies), subpart HE (Mutual associations), and sections OB 73 and OB 74 (which relate to imputation credit accounts of statutory producer boards),

and in the definition of member (paragraph (a)), means transactions that— (i) are between a statutory producer board and its members; and (ii) involve the acceptance by the board from its members, in terms of the board’s primary statutory functions, of produce that is trading stock or goods that are trading stock: (b) in sections CD 33 , OB 78 , and OB 79 (which relate to imputation credit accounts of co-operative companies),

and in the definition of shareholder (paragraph (c)), means transactions that— (i) are between a co-operative company and its shareholders; and (ii) involve the acceptance of produce that is trading stock or goods that are trading stock; and (iii) are purchases or other acquisitions of the produce or goods by the company from its shareholders, if a principal activity of the company involves the acceptance of such produce or goods from its shareholders: (c) in sections CD 33 , OB 78 , OB 79 , and OB 82 , and in the definition of shareholder (paragraph (c)), also means transactions that— (i) are between a co-operative company and its shareholders; and (ii) involve the supply of produce that is trading stock or goods that are trading stock; and (iii) are sales or other disposals of the produce or goods by the company to its shareholders, if a principal activity of the company involves the supply of such produce or goods to its shareholders producer board has the same meaning as statutory producer board profit is defined in section DB 28(6) (Amount from land affected by change and not already in income) for the purposes of that section profit distribution plan — (a) means a scheme comprising 1 or more steps undertaken by a company by which it— (i) notifies some or all of its shareholders that shares are to be issued on a particular date; and (ii) gives the notified shareholders an option to have some or all of the shares issued to them repurchased by the company: (b) does not include an issue of shares under a share purchase agreement or a share purchase scheme profit participation policy –– (a) means a class of life insurance policy having–– (i) a segregated or identifiable asset base; and (ii) policyholders who are entitled to a share of profits that is distributed to, or vested in, the policyholders from the asset base, and the policies provide for the entitlement; and (iii) a fixed formula, expressed in terms of a proportion of a policyholder's share of profits from the asset base, that calculates a transfer to the benefit of the life insurer's shareholders from the profits of the asset base, and that fixed formula is consistently applied: (b) includes a class of life insurance policy that substantially meets the requirements of paragraph (a) and that has a guarantee by the life insurer that capital invested will be returned or that a minimum return on capital will be paid, if— (i) the life insurer has irrevocably chosen that the class be treated as a profit participation policy; and (ii) the Commissioner receives a notice of the election before the start of the first income year to which it relates: (c) does not include a life insurance policy that covers life risk and is–– (i) life reinsurance: (ii) a multiple life policy, as defined in section EY 30(14) (Transitional adjustments: life risk): (iii) a workplace group policy, as defined in section EY 30(15) profit-related debenture is defined in section FA 2(4) (Recharacterisation of certain debentures) profit-sharing arrangement means an arrangement under which— (a) a person ( person A ) makes specified livestock available, without specifying a fee for doing so, to another person ( person B ) who carries on a business in which the livestock are used; and (b) any return or compensation that person A receives for making the livestock available depends on the profits of the business; and (c) person A participates in the profits and losses of the business; and (d) if a partnership between person A and person B arises, person A is bound by the requirements of the Partnership Act 1908 for third parties projected transactions shareholding is defined in section CD 34B (Distributions to members of co-operative companies) property ,— (a) in subpart EE (Depreciation), includes consents granted in or after the 1996–97 tax year under the Resource Management Act 1991 : (ab) in subpart FB (Transfers of relationship property), is defined in section FB 1(4) (What this subpart does): (ac) in subpart FC (Distribution, transmission, and gifts of property), is defined in section FC 1(2) (What this subpart does): (b) in the financial arrangements rules, and in the definitions of agreement for the sale and purchase , forward contract , right , short-term agreement for sale and purchase , short-term option , and specified option does not include a financial arrangement or foreign exchange: (c) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) proportional-stapling company means a company if— (a) each share in the company that is not a stapled debt security and not a fixed-rate share (a participating share ) is stapled to a stapled debt security; and (b) for each participating share in the company, the amount payable for the issue of its stapled debt security is the same proportion of the available subscribed capital calculated under the slice rule of the participating share as it is for each other participating share prospecting expenditure — (a) means expenditure to identify land likely to contain exploitable petroleum deposits or occurrences; and (b) includes prospecting for petroleum by electrical, geochemical, gravimetric, magnetic, radioactive, seismic, or other geological methods; and (c) does not include residual expenditure prospecting permit is defined in section 2 of the Crown Minerals Act 1991 protected family support [Repealed] protected family tax credit , for a person, means an amount of family scheme income derived in the way set out in section MD 14 (Person receiving protected family tax credit) protective right is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section provisional rate is defined in section EE 67 (Other definitions) provisional tax means an amount payable as provisional tax under the provisional tax rules provisional tax rules means the provisions listed in section RC 2 (Provisional tax rules and their application) PSR period is defined in section EY 23 (Reserving amounts for life insurers: non-participation policies) public authority — (a) means every department or instrument of the Executive Government of New Zealand; and (b) includes the Public Trust and the Maori Trustee; and (c) includes the Christmas Island Phosphate Commission, incorporated in Australia by the Christmas Island Agreement Act 1949 of the Parliament of Australia and continued under the Christmas Island Agreement Act 1958; and (d) is further defined in section CW 38(6) (Public authorities) for the purposes of that section; and (e) does not include a mixed-ownership enterprise public entertainer is defined in section CW 19(3) (Amounts derived during short-term visits) for the purposes of that section public official is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section public unit trust means— (a) a unit trust that offers securities to the public under the Securities Act 1978 and that has 100 or more unit holders, treating all associated persons as 1 person, who are— (i) unit trust managers who hold units in the ordinary course of their activities in relation to the unit trust; or (ii) persons with an interest of 25% or less in the unit trust, treating all associated persons as 1 person; or (iii) persons with an interest of 25% or more in the unit trust, treating all associated persons as 1 person, if their interest is 25% or more because of unusual or temporary circumstances, such as the recent establishment or forthcoming termination of the unit trust, and if the unit trust would meet the requirements of any of paragraphs (b), (c), (d), and (e); or (b) a unit trust whose unit holders are any 1 or more of the following: (i) a public unit trust as described in paragraph (a) or this paragraph: (ii) a group investment fund: (iii) a life insurance company: (iv) a superannuation fund: (v) a unit trust manager, trustee, or person nominated by the manager or the trustee who holds units in the ordinary course of management activities in relation to the unit trust: (vi) a person with an interest of 25% or less in the unit trust, treating all associated persons as 1 person, if the unit trust offers securities to the public under the Securities Act 1978 : (vii) a person with an interest of 25% or more in the unit trust, treating all associated persons as 1 person, if their interest is 25% or more because of unusual or temporary circumstances, such as the recent establishment or forthcoming termination of the unit trust, and if the unit trust would meet the requirements of any of paragraphs (a), (c), (d), and (e),

and if the unit trust offers securities to the public under the Securities Act 1978 ; or (c) a unit trust that has less than 100 unit holders if it could reasonably be regarded as a widely-held investment vehicle for direct investment by members of the public despite its number of unit holders or investors; or (d) a unit trust that has less than 100 unit holders if it has less than 100 unit holders or investors because of unusual or temporary circumstances, such as its recent establishment or forthcoming termination, and if it would otherwise meet the requirements of any of paragraphs (a), (b), (c), and (e); or (e) a unit trust that has less than 100 unit holders if it could reasonably be regarded as a vehicle mainly for investment by widely-held vehicles for direct investment that are 1 or more of the following: (i) unit trusts; or (ii) group investment funds; or (iii) life insurance companies; or (iv) superannuation funds QCP transitional process is defined in section HZ 4B(7) (Qualifying companies: transition into partnership) QCST transitional process is defined in section HZ 4D(4) (Qualifying companies: transition into sole traderships) qualifying asset is defined in section EZ 28 (Meaning of qualifying asset) qualifying capital value is defined in section EZ 26 (Meaning of qualifying capital value) qualifying company is defined in section HA 2 (Meaning of qualifying company) qualifying company election tax means the amount described in section HA 40 (Liability for qualifying company election tax) qualifying debenture means— (a) a debenture issued by a forestry company for unpaid purchase money for land bought by the forestry company from the Crown or the Maori owners or a holding company of the forestry company; or (b) a debenture issued by a forestry company for capitalised interest derived from a debenture described in paragraph (a); or (c) a debenture issued by a forestry company for money lent to the forestry company by a holding company for any of the following purposes: (i) financing expenditure by the forestry company on planting or maintaining trees; or (ii) meeting administrative overheads, rates, rent, insurance premiums, or other expenses of the same kind; or (iii) paying interest on money borrowed for the purposes of the forestry business and employed as capital in the business; or (d) a debenture issued by a forestry company for capitalised interest derived from a debenture described in paragraph (c); or (e) a debenture issued by a forestry company for capitalised interest derived from a debenture described in paragraph (b) or (d); or (f) a debenture issued by a Maori investment company to a shareholder of the company or a trustee for a shareholder qualifying event [Repealed] qualifying foreign equity investor is defined in section CW 12(4) (Proceeds of share disposal by qualifying foreign equity investor) for the purposes of that section qualifying improvement is defined in section EZ 27 (Meaning of qualifying improvement) qualifying resident foreign trustee is defined in section 3(1) of the Tax Administration Act 1994 qualifying share premium is defined in section CD 43(28) (Available subscribed capital (ASC) amount) for the purposes of that section quarantined amount means the amount described in section LK 1(3) (Tax credits relating to attributed CFC income) for the purposes of Part L (Tax credits and other credits) quarter means a period of 3 consecutive calendar months that ends with the last day of March, June, September, or December ratio instalment date means an instalment date of a person who uses a GST ratio for a tax year, and is an instalment date for a payment in relation to which no amount of use of money interest or penalties apply other than a late payment penalty or a shortfall penalty recognised exchange , at any time,— (a) means a recognised exchange market in New Zealand or anywhere else in the world that at the time has the features described in paragraphs (c) to (e); and (b) includes a recognised exchange market that at the time is approved for the purposes of this definition by the Commissioner, having had regard to the features described in paragraphs (c) to (e); and (c) for the purposes of paragraphs (a) and (b), the first feature is that the exchange market brings together buyers and sellers of shares or options over shares; and (d) for the purposes of paragraphs (a) and (b), the second feature is that the exchange market involves the listing of prices, whether by electronic media or other means, at which persons are willing to buy or sell shares or options; and (e) for the purposes of paragraphs (a) and (b), the third feature is that the exchange market provides a medium for the determination of arm’s length prices likely to prove fair and reasonable, having regard to— (i) the number of participants in the market or having access to the market; and (ii) the frequency of trading in the market; and (iii) the nature of trading in the market, including how prices are determined and transactions are effected; and (iv) the potential or demonstrated capacity of a person or persons significantly to influence the market; and (v) any significant barriers to entry to the market; and (vi) any discrimination on the basis of quantity bought and sold unless based on the risks involved, the transaction costs, or economies of scale recognised seasonal employment scheme means the recognised seasonal employer policy published by the Department of Labour under section 13A of the Immigration Act 1987 recourse property is defined in— (a) section HB 11(12) (Limitation on deductions by persons with interests in look-through companies) for the purposes of that section: (b) section HG 11(12) (Limitation on deductions by partners in limited partnerships) for the purposes of that section redemption payment means the amount by which a payment made on the redemption of a commercial bill by the person who issued it is more than the money lent to the person, issue , in this definition, having the meaning given to it by section 2 of the Bills of Exchange Act 1908 reduced deficit debit is defined in section OC 38 (Meaning of reduced deficit debit) for the purposes of section OC 23 (FDPA breach of FDP ratio by PCA company) redundancy payment [Repealed] refundable tax credit means— (a) a tax credit under subpart LB (Tax credits for payments, deductions, and family payments): (b) a tax credit under subpart LF (Tax credits for foreign dividend payment (FDP) credits), excluding section LF 8 (Credits for persons who are non-resident or who receive exempt income): (bb) a tax credit under subpart LH (Tax credits for expenditure on research and development): (c) a tax credit under subpart LO (Tax credits for Maori authority credits): (d) a tax credit under sections LS 2 , LS 3(2) , and LS 4(2) (which relate to multi-rate PIEs and certain of their investors): (e) a tax credit under section LS 1 (Tax credits for multi-rate PIEs) to the extent to which it arises under section HM 53 or HM 55 (which relate to the use of tax credits other than foreign tax credits) registered as a charitable entity [Repealed] registered bank means a registered bank as defined in section 2 of the Reserve Bank of New Zealand Act 1989 registered person is defined in section 2 of the Goods and Services Tax Act 1985 registered security is defined in section 86F of the Stamp and Cheque Duties Act 1971 regulatory value is defined in section FE 20(2) (Financial value and regulatory value) for the purposes of section FE 19 (Banking group’s equity threshold) reinsurance contract includes— (a) a cover note: (b) a renewal of a reinsurance contract reinsurance grandparenting start day is defined in section EZ 62 (Reinsurance transition: life financial reinsurance may be life reinsurance) reinvestment profit is defined in section CU 29 (Other definitions) related activity is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section related by employment is defined in section EY 11(14) (Superannuation schemes providing life insurance) for the purposes of that section related company is defined in section GC 5(5) (Leases for inadequate rent) for the purposes of that section related employer is defined in section RD 51(6) (Calculation of all-inclusive pay) for the purposes of that section related person is defined in section CZ 9B (Available capital distribution amount: 1988 to 2010) for the purposes of that section relationship agreement , for a person, means— (a) an agreement for the purpose of Part 6 of the Property (Relationships) Act 1976 that is made on or after 28 July 1983 by the person with another person: (b) an order under section 25 of the Property (Relationships) Act 1976 that is made by a court on or after 28 July 1983 in relation to the person and another person relationship period is defined in section MC 11(1) (Relationship periods and entitlement periods) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) relative ,— (a) for the purposes of only this Act, other than in section HC 36 (Trusts and minor beneficiary rule) and the definition of look-through company , means a person connected with another person by— (i) being within the second degree of blood relationship to the other: (ii) being in a marriage, civil union, or de facto relationship with the other: (iii) being in a marriage, civil union, or de facto relationship with a person who is within the second degree of blood relationship to the other: (iv) being adopted as a child of the other or as a child of a person who is within the first degree of relationship to the other: (v) being the trustee of a trust under which a relative has benefited or is eligible to benefit: (b) is defined in section HC 36(5) for the purposes of only that section: (bb) in the definition of look-through company , means a person connected with another person by any of the means described in paragraph (a)(i) to (iv): (c) for the purposes of the definition of relative in section 2 of the Securities Act 1978, means a person connected with another person by–– (i) being within the fourth degree of blood relationship to the other: (ii) being in a marriage, civil union, or de facto relationship with the other: (iii) being in a marriage, civil union, or de facto relationship with a person who is within the fourth degree of blood relationship to the other: (iv) being adopted as a child of the other or as a child of a person who is within the third degree of relationship to the other: (v) being the trustee of a trust under which a relative of the other person has benefited or is eligible to benefit relevant balance date is defined in section GB 45 (Arrangements involving money not at risk) for the purposes of that section relevant period is defined in section YC 13(3) (Corporate spin-outs) for the purposes of that section relinquishment ,— (a) for a petroleum permit, means the abandonment, expiry, forfeiture, revocation, or surrender of the permit otherwise than for a replacement permit; and (b) for an existing privilege applying to a mining licence under the Petroleum Act 1937, includes the expiry of the initial term without an extension of the initial term or an extension of a specified term remaining deduction — (a) is defined in section EJ 4(6) (Expenditure incurred in acquiring film rights in feature films) for the purposes of that section: (b) is defined in section EJ 5(4) (Expenditure incurred in acquiring film rights in films other than feature films) for the purposes of that section: (c) is defined in section EJ 8(5) (Film production expenditure for films other than New Zealand films) for the purposes of that section removal or restoration operations , for a petroleum miner, means removing petroleum mining assets of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset), or restoring the site of petroleum mining operations, because of the relinquishment of the petroleum permit relating to the assets or the operations rent is defined in section GC 5(5) (Leases for inadequate rent) for the purposes of that section repairs , in sections CC 2 (Non-compliance with covenant for repair) and DB 21 (Amounts paid for non-compliance with covenant for repair), includes painting and general maintenance replaced area fraction is defined in section DO 9 (Meaning of replaced area fraction and diminished value) for the purposes of sections DO 5 and DO 6 (which relate to horticultural plants) replacement ETS unit [Repealed] replacement forest land emissions unit means an emissions unit acquired by a person if— (a) the person has previously disposed of a post-1989 forest land emissions unit or forest sink emissions unit other than by— (i) surrender under the Climate Change Response Act 2002 : (ii) transfer to the Crown under a forest sink covenant under section 67Y of the Forests Act 1949; and (b) the person has not since the disposal acquired another emissions unit that replaces the post-1989 forest land emissions unit or forest sink emissions unit replacement payment , for a returning share transfer, means a payment to a person of an amount that is— (a) economically equivalent to a dividend or part of a dividend for an original share: (b) increased by an imputation credit attached to the payment replacement permit — (a) means a petroleum permit obtained in whole or part exchange for another petroleum permit over the same or part of the same area; and (b) includes a sequential series of replacement permits to the extent to which each permit in the series replaces the previous permit in the series replacement plant , in sections DO 6 , DO 7 , and DO 9 (which relate to horticultural plants) means a listed horticultural plant that replaces a listed horticultural plant, whether or not it is of the same type of listed horticultural plant reporting bank is defined in section FE 4 (Some definitions) for the purposes of subpart FE (Interest apportionment on thin capitalisation) reporting standard [Repealed] required interest [Repealed] research is defined in section DB 35 (Some definitions) for the purposes of that section and section DB 34 (Research or development) research and development activities is defined in section LH 7(1) (Research and development activities and related terms) for the purposes of subpart LH (Tax credits for expenditure on research and development) research and development project [Repealed] resident foreign trustee is defined in section 3(1) of the Tax Administration Act 1994 resident group member is defined in section IQ 2B(9) (Effect of attributed CFC net loss and some FIF net loss from before first affected year) for the purposes of that section and section LK 5B (Credits from tax year before first affected year) resident imputation subgroup has the meaning given in section FN 8(2) (Trans-Tasman imputation groups and resident imputation subgroups) resident in Australia , for a company, means being resident under section YD 2(1) (Residence of companies) if Australia were treated as being New Zealand for the purposes of that section resident in New Zealand and resident of New Zealand have the same meaning as New Zealand resident resident mining operator is defined in section CU 27 (Meaning of resident mining operator) resident passive income — (a) is defined in section RE 2(1) (Resident passive income); and (b) unless the context otherwise requires, includes RWT required to be withheld under the RWT rules residential mortgage backed security means a security that is backed by New Zealand-originated first mortgages on New Zealand residential property residential purposes is defined in section CB 18(3) (Residential exclusion from section CB 14 ) for the purposes of that section resident’s restricted amalgamation is defined in section FO 3(1) (Resident’s restricted amalgamations) for the purposes of the amalgamation rules residual expenditure means— (a) expenditure for which a person is allowed a deduction under section DB 33 (Scientific research): (b) expenditure incurred for— (i) an application fee payable to the Crown for a petroleum permit; or (ii) insurance premiums, royalties paid under the Petroleum Act 1937 or the Crown Minerals Act 1991 , land tax under the Land Tax Act 1976, or rates; or (iii) a lease of land or buildings; or (iv) a financial arrangement to which the old financial arrangements rules apply: (c) interest residual income tax , for a person and for a tax year, means the positive amount, if any, that remains after subtracting from the person’s income tax liability for the tax year, the following amounts (a) the amount of any credit allowed against the income tax liability for tax paid by— (i) a trustee for the person as a beneficiary; or (ii) an agent for the person as a principal: (b) the amount of any credit allowed against the income tax liability under— (i) section LB 1 (Tax credits for PAYE income payments): (ii) section LB 3 (Tax credits for resident withholding tax): (iii) section LB 5 (Tax credits for non-resident withholding tax): (iiib) section LB 6 (Tax credits for RSCT): (iiic) section LC 13 (Tax credits for independent earners): (iv) section LE 1 (Tax credits for imputation credits): (v) section LF 1 (Tax credits for FDP credits): (vb) section LH 2 (Tax credits relating to expenditure on research and development): (vi) section LJ 2 (Tax credits for foreign income tax): (vii) section LK 1 (Tax credits relating to attributed CFC income): (viii) section LK 6 (Use of tax credits by group companies): (ix) section LO 1 (Tax credits for Maori authority credits): (c) the amount of any credit allowed against the income tax liability arising under subpart LP (Tax credits for supplementary dividends), other than through section LP 3(3) (Use of remaining credits): (d) [Repealed] (e) the amount of a credit used to pay income tax under section OJ 8 or OJ 18 (which relate to the policyholder base) resource consent means a resource consent as defined in section 2 of the Resource Management Act 1991 restitution is defined in section DB 44(3) (Restitution of stolen property) for the purposes of that section retained earnings [Repealed] retirement savings scheme for a person means an entity eligible under section RH 3 (Retirement savings schemes) retirement scheme contribution is defined in section RH 2 (Retirement scheme contributions) retirement scheme contributor means an entity eligible under section RH 4 (Retirement scheme contributors) retirement scheme prescribed rate , for a person and a retirement scheme contribution made for the person at a time in an income year, means a rate set out in schedule 6 , table 2 (Prescribed rates: PIE investments and retirement scheme contributions) return , for a person’s income, has the same meaning as return of income return of income means a return of income required under section 33 of the Tax Administration Act 1994 returning share transfer means an arrangement— (a) under which— (i) a share (the original share ) listed on an official list of a recognised exchange is transferred from a share supplier to a share user; and (ii) it is conditionally or unconditionally agreed that the share user or an associated person pays a replacement payment to the share supplier or an associated person, if a dividend is payable on the original share; and (iii) it is conditionally or unconditionally agreed that the original share or an identical share may be transferred from the share user to the share supplier or an associated person; and (b) that is not a warrant or instalment receipt revenue account property , for a person, means property that— (a) is trading stock of the person: (b) if disposed of for valuable consideration, would produce income for the person other than income under section EE 48 (Effect of disposal or event), FA 5 (Assets acquired or disposed of after deductions of payments under lease), or FA 9 (Treatment when lease ends: lessee acquiring asset): (c) is an emissions unit of the person: (d) is a non-Kyoto greenhouse gas unit right , in sections EW 32 (Consideration for agreement for sale and purchase of property or services, hire purchase agreement, specified option, or finance lease) and EW 34 (Consideration in foreign currency),

and in the definitions of short-term agreement for sale and purchase and short-term option ,— (a) means— (i) a right to possess the property; or (ii) a right to income derived from the property; or (iii) a right to control or influence the disposal of income derived from the property; or (iv) a right, directly or indirectly, to make a decision about the property; or (v) a right, directly or indirectly, to influence a person making a decision about the property; or (vi) any other right of a substantially similar nature; and (b) does not include the mere right to enforce an agreement for the sale and purchase of property or services or a specified option right in the specified property is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules right to take timber includes an easement or licence or right of taking profits or produce from the land to the extent to which the easement, licence, or right relates to timber ring-fenced tax loss means an amount referred to in section IA 7 (Restrictions relating to ring-fenced tax losses) RMBS special purpose vehicle [Repealed] rolling average value is defined in section EZ 4(5) (Valuation of livestock bailed or leased as at 2 September 1992) for the purposes of that section routine government action is defined in section DB 45(4) (Bribes paid to public officials) for the purposes of that section royalty is defined in section CC 9(2) and (3) (Royalties) RSCT means retirement scheme contribution tax RSCT rules is defined in section RH 1 (RSCT rules and their application) RWT means resident withholding tax and refers to an amount payable as income tax under the RWT rules RWT exemption certificate means a certificate described in section 32E of the Tax Administration Act 1994 RWT proxy is defined in section 15N of the Tax Administration Act 1994 RWT rules means the provisions listed in section RE 1(1) (RWT rules and their application) RWT substitution payment means an RWT substitution payment described in section RE 2(7) (Resident passive income) RWT withholding certificate means a form provided under section 25 of the Tax Administration Act 1994 salary or wages — (a) is defined in section RD 5 (Salary or wages): (b) is further defined in schedule 28 , clause 7 (Requirements for complying fund rules) for the purposes of that schedule savings component means,–– (a) for a premium paid under a life insurance policy, the actuarially determined amount of the premium that is like the policyholder making an investment and is accounted for as increasing policyholder liabilities: (b) for a claim payable under a life insurance policy, the actuarially determined amount of the claim that is like the policyholder withdrawing an investment and is accounted for as reducing policyholder liabilities savings product policy means a life insurance policy, other than an annuity, that may or may not have a life risk component and that has or will have a surrender value which–– (a) is greater than zero; and (b) does not arise wholly from the payback of a some or all of a policyholder's premiums relating to life risk schedular income means income of any of the following types: (a) schedular policyholder base income: (b) income derived from a mining venture by a non-resident mining operator: (c) [Repealed] (d) category A income derived by a trustee of a group investment fund: (db) income derived by a multi-rate PIE: (e) income derived by a portfolio tax rate entity: (f) non-resident passive income of the kind referred to in section RF 2(3) (Non-resident passive income): (g) (h) [Repealed] (i) income to which section YD 8 (Apportionment of premiums derived by non-resident general insurers) applies schedular income tax liability means the amount determined under section BC 7 (Income tax liability of person with schedular income) schedular payment is defined in section RD 8 (Schedular payments) schedular policyholder base income means schedular policyholder base income described in section EY 2(3) (Policyholder base) schedular taxable income , for a tax year and a person who has schedular income of a particular kind for the tax year, means the amount of taxable income that the person has in calculating the schedular income tax liability for the kind for the tax year scientific or technological uncertainty is defined in section LH 7(3) (Research and development activities and related terms) for the purposes of subpart LH (Tax credits for expenditure on research and development) seal and abandonment means the seal and abandonment of an exploratory well when a petroleum miner files a statutory declaration with the Commissioner stating that the miner has no intention of utilising the well in petroleum mining operations or of applying for a petroleum mining permit in relation to the area in which the well is located second payment period means the period starting on the 16th day of a month and ending with the last day of the month section 200 is defined in section CZ 7(4) (Primary producer co-operative companies: 1987–88 income year) for the purposes of that section secured amounts — (a) is defined in section HB 11(12) (Limitation on deductions by persons with interests in look-through companies) for the purposes of that section: (b) is defined in section HG 11(12) (Limitation on deductions by partners in limited partnerships) for the purposes of that section secured arrangement ,— (a) in the financial arrangements rules, and in the definitions of security arrangement and security payment , means an arrangement whose non-performance is secured against by a financial arrangement: (b) is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules security arrangement ,— (a) except in the old financial arrangements rules, means a financial arrangement that secures a party against another person failing to perform the person’s obligations under a secured arrangement: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) security payment ,— (a) in the financial arrangements rules, means money received by a party to a security arrangement to the extent to which— (i) the money is received for a loss incurred because of non-performance of the secured arrangement; and (ii) the money is income of the party: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) segment of foreign-sourced income is defined in section LJ 4 (Meaning of segment of foreign-sourced income) for the purposes of Part L (Tax credits and other credits) selected period is defined in section MF 1(3) (Application for payment of tax credit by instalment) for the purposes of that section self-assessed adverse event , for a person and a farming, agricultural, or fishing business of the person, means an event that— (a) is 1 of the following: (i) drought, fire, flood, or some other natural event: (ii) disease or sickness of livestock; and (b) materially affects the business; and (c) is described, together with the effect on the business, by the person in a statutory declaration given to the Commissioner separated person , in subparts MA to MF and MZ (which relate to tax credits for families),

and in the definitions of spouse and civil union partner , means a person who is separated and living apart from their spouse or civil union partner, whether under an agreement for separation, or under a court order, or otherwise services ,— (a) in sections CD 5 (What is a transfer of value?) and EA 3 (Prepayments), means anything that is not goods, money, or a chose in action: (b) in sections CX 1 (Goods and services tax) and DB 2 (Goods and services tax), means anything that is not goods or money, as each of those terms is defined in section 2 of the Goods and Services Tax Act 1985 settlement , in section FE 2 (When this subpart applies) and subpart HC (Trusts), in the trust rules, and in the definitions of complying trust, disposition of property, foreign trust , and general power of appointment ,— (a) means— (i) an act or failure to act on the part of a person that has the effect of making the person a settlor; or (ii) a transaction or series of transactions that a person enters into and that has the effect of making the person a settlor; and (b) includes a settlement that a person is treated as making because the person is treated as being a settlor of the settlement settlement of relationship property is defined in section FB 1(3) (What this subpart does) for the purposes of subpart FB (Transfers of relationship property) settlor ,— (a) is defined in section HC 27 (Who is a settlor?) for the purposes of section CW 59 (New Zealand companies operating in Niue), section MB 7 (Family scheme income of settlor of trust), subpart YB (Associated persons and nominees), the consolidation rules, the trust rules, and the definition of settlement : (b) in sections HC 36 and HC 37 (which relate to minor beneficiaries), has the meaning given in paragraph (a), with the following qualifications: (i) in section HC 27(2) if the transfer of value is the provision of financial assistance by way of a loan for less than market value, it means loans existing on or after 1 April 2002 for which the interest rate on the amount borrowed is at any time during a tax year less than the interest rate set out in the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations on 31 March of the previous tax year; and (ii) in section HC 27(2) the transfer of value does not include the provision of financial assistance by way of a guarantee that was not called on or the provision of security that was not called on; and (iii) in section HC 27(2) the transfer of value does not include services that are incidental to the operation of the trust, such as bookkeeping or accounting services or those provided in being a trustee: (c) has the meaning given in paragraph (a) modified by section YB 10 (Who is a settlor?) for the purposes of sections YB 7 to YB 9 (which relate to associated persons) share — (a) includes any interest in the capital of a company: (b) includes a debenture to which section FA 2 (Recharacterisation of certain debentures) applies: (bb) includes a stapled debt security to which section FA 2B(2) (Stapled debt securities) applies: (c) includes a unit in a unit trust: (d) includes an investor’s interest in a group investment fund if— (i) the fund is not a designated group investment fund; and (ii) the interest does not result from an investment from a designated source; and (iii) the investor’s interest does not result from an investment made in the fund on or before 22 June 1983, including an amount treated as invested at that date as pre-1983 investments under section HR 3(8) (Definitions for section HR 2 : group investment funds): (e) does not include a withdrawable share in a building society, except in the definitions of investment society dividend and withdrawable share : (f) is further defined in section CE 6 (Meaning of share: when share acquired) for the purposes of sections CE 2 to CE 4 and CE 7 (which relate to share purchase agreements): (g) is further defined in section DC 15 (Some definitions) for the purposes of sections DC 12 to DC 15 (which relate to share purchase schemes) share-lending arrangement means an arrangement, entered into on or after 1 July 2006, that is a returning share transfer, and— (a) the agreed term of the arrangement is 1 year or less; and (b) the terms and conditions of the arrangement, including the share-lending collateral, are ordinary commercial terms and conditions consistent with those that would apply between parties negotiating at arm’s length; and (c) the amount of tax calculated under section RE 17 (Replacement payments under share-lending arrangements) for a replacement payment, if any, is paid; and (d) the share user disposes of the original share or an identical share to the share supplier during the agreed term of the arrangement, or within a further period allowed by the Commissioner; and (e) the share user— (i) agrees to issue, and issues, a credit transfer notice in relation to a dividend paid for the original share: (ii) establishes and maintains an imputation credit account, if a dividend is payable for the original share during the agreed term of the arrangement share-lending collateral means an amount, or an adjustment to the amount, that— (a) is related to the market value of an original share under a share-lending arrangement, and the amount is paid to a person,— (i) by a share user or an associated person to secure the transfer of the original share to the share user: (ii) by a share supplier or an associated person for the re-transfer of the original share or an identical share to them; and (b) is not a replacement payment share-lending right means, for a share supplier under a share-lending arrangement, a conditional or unconditional right to acquire the original share or an identical share under the share-lending arrangement share purchase agreement is defined in sections CE 7 (Meaning of share purchase agreement) and CZ 1 (Share purchase agreement income before 19 July 1968) for the purposes of sections CE 1 to CE 4 (which relate to employment income) , EX 38 (Exemption for employee share purchase scheme of grey list company), HC 27B(3B) (Who is a settlor?), and the definition of profit distribution plan share purchase scheme is defined in sections CE 7 (Meaning of share purchase agreement) and CZ 1 (Share purchase agreement income before 19 July 1968) for the purposes of sections CE 1 to CE 4 (which relate to employment income) and section EX 38 (Exemption for employee share purchase scheme of grey list company) share reorganisation , in the FIF rules and for a person and an attributing interest in a FIF, means an action of the FIF that causes an increase or reduction, other than for consideration, of the attributing interests held by persons, including the person, who hold attributing interests in the FIF immediately before the action share supplier means a person, described as a share supplier, in the definition of returning share transfer , from whom a share user acquires an original share under a returning share transfer share user means a person, described as a share user in the definition of returning share transfer , who acquires an original share under a returning share transfer shareholder — (a) includes— (i) a holder of a share; and (ii) a member of a company, whether the company’s capital is divided into shares or not: (b) does not include a holder of a withdrawable share in a building society, except in the definitions of investment society dividend and withdrawable share : (c) in subparts HA (Qualifying companies (QC) and loss-attributing qualifying companies (LAQC)) and OE (Branch equivalent tax accounts (BETA)) and OJ (Policyholder credit accounts (PCA)), in the FDP rules and the imputation rules, and in the definition of shareholder dividend statement , includes a sharemilker (as defined in section 2 of the Sharemilking Agreements Act 1937), to the extent to which the sharemilker derives payment for produce transactions directly from a co-operative dairy or milk company shareholder agreement , for a company,–– (a) includes an arrangement to which the shareholders of the company are parties, in their capacity as shareholders; but (b) does not include an arrangement that is–– (i) the company's constitution: (ii) the terms of a debt security: (iii) the terms of the company's shares shareholder base , for a life insurer, means the base for shareholder income and allowable deductions and to which income of a particular source or nature, and tax credits received are apportioned under section EY 4 (Apportionment of income of particular source or nature, and of tax credits) shareholder base allowable deductions means shareholder base allowable deductions described in section EY 3(2) (Shareholder base) shareholder base income means shareholder base income described in section EY 3(1) (Shareholder base) shareholder decision-making right means a right, carried by a share issued by a company or an option over a share issued by a company, to vote or participate in any decision-making concerning— (a) a dividend or other distribution to be paid or made by the company, whether on a liquidation of the company or otherwise, excluding decision-making undertaken by directors acting only in their capacity as directors; or (b) the constitution of the company; or (c) a variation in the capital of the company; or (d) the appointment of a director of the company shareholder dividend statement means a statement required by section 29 of the Tax Administration Act 1994 to be given by a company to a shareholder to whom is paid a dividend referred to in that section shareholder-employee ,— (a) in sections EA 4 (Deferred payment of employment income) and EI 9 (Matching rule for employment income of shareholder-employee), means a person who receives or is entitled to receive salary, wages, or other income to which section RD 3(2) to (4) (PAYE income payments) applies: (b) in the FBT rules and in section 177A of the Tax Administration Act 1994, means a person who is, in relation to a close company,— (i) a shareholder in and an employee of the company; and (ii) a person to whom section RD 3(2) to (4) applies: (c) does not include an owner of a look-through company or a person who has a look-through interest for a look-through company shareholder FDP ratio is defined in section OC 39 (Meaning of shareholder FDP ratio) for the purposes of sections OC 23 and OC 36 (which relate to FDP credits and debits) shares of the same class means any 2 or more shares of a company— (a) that carry the same shareholder decision-making rights; and (b) that carry the same rights, in terms of priority, amount payable per share, and otherwise, to be paid profits distributed by the company and distributions of assets of the company on a cancellation of its shares; and (c) for which either the owner, or the amount paid for the issue, of each share is the same if— (i) the company gives notice to the Commissioner in a form approved by the Commissioner, that the company chooses to treat the shares as a separate class; and (ii) the company can at all times from the time of issue of each share identify and distinguish the share from any other shares in the company shearer means a person who— (a) undertakes the shearing of sheep, other than in the carrying on of a business by the person; and (b) is not a person permanently employed on the premises where the shearing shed is situated shearing shed hand means a person who— (a) is employed in or about the shearing shed, other than in the carrying on of a business by the person; and (b) is not— (i) a shearer: (ii) a wool classer: (iii) a person permanently employed on the premises where the shearing shed is situated short term agreement for the sale and purchase of property is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules short term trade credit is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules short-term agreement for sale and purchase means an agreement for the sale and purchase of property or services of 1 of the following classes: (a) an agreement under which settlement must take place or the services must be performed on or before the 93rd day after the date on which the agreement is entered into: (b) if the date on which the agreement is entered into cannot be established, an agreement under which settlement must take place or the services must be performed on or before the 93rd day after the earlier of— (i) the date on which the buyer first makes a payment to the seller; and (ii) the date on which the first right in the property is transferred or the services are performed: (c) if the agreement is continuous and the seller renders periodic invoices for the property or services, an agreement under which settlement must take place or the services must be performed on or before the 93rd day after the date on which each invoice is rendered short-term bailment is defined in section EC 27 (Some definitions) for the purposes of subpart EC (Valuation of livestock) short-term charge facility is defined in section CX 25(3) (Benefits provided by charitable organisations) for the purposes of the FBT rules short-term option ,— (a) in the financial arrangements rules, means a specified option of 1 of the following classes: (i) an option under which settlement must take place or the services must be performed on or before the 93rd day after the date on which the option is entered into: (ii) if the date on which the option is entered into cannot be established, an option under which settlement must take place or the services must be performed on or before the 93rd day after the earlier of the date on which the buyer first makes a payment to the seller and the date on which the first right in the property is transferred or the services are performed: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) shortfall penalty is defined in section 3(1) of the Tax Administration Act 1994 sickness, accident, or death benefit fund means a sickness, accident, or death benefit fund that is— (a) established for the benefit of— (i) employees; or (ii) the members of an incorporated society; or (iii) the surviving spouses and dependants of those employees or members; and (b) approved by the Commissioner significant capital activity , in section DO 1(1)(g) (Enhancements to land, except trees) and schedule 20 (Expenditure on farming, horticultural, aquacultural, and forestry improvements) and in relation to a farming or agricultural business on land in New Zealand,— (a) means an activity that enables a change in the nature or character of a farming activity from that undertaken on the land immediately before the change; and (b) excludes an activity that enables a change in the intensity of a farming practice employed in a farming activity on the land significant financial hardship [Repealed] slice rule means the rule set out in section CD 23(3) (Ordering rule and slice rule) for calculating the amount of available subscribed capital per share small-business person is defined in section RC 40 (Some definitions) for the purposes of subpart RC (Provisional tax) small partnership means a partnership that is not a limited partnership and has 5 or less partners, none of whom are companies or partnerships social assistance payment is defined in section MA 8 (Some definitions for family scheme) for the purposes of subparts MA to MF and MZ (which relate to tax credits for families) social assistance suspensory loan is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules sound commercial reason is defined in section EW 26(7) (Change of spreading method) for the purposes of that section. sound recording is defined in the Copyright Act 1994 source in New Zealand , for income, means a source described in section YD 4 (Classes of income treated as having New Zealand source) and section YZ 1 (Source rule for interest) special account means a special home ownership account special corporate entity means— (a) a Crown Research Institute: (b) a group investment fund: (c) a Life Insurance Fund: (d) an entity that has not issued shares and is engaged mainly in the business of providing life insurance or other insurance to the public: (e) a local authority: (f) a public authority: (g) a State enterprise: (h) a statutory producer board other than a body that derives only exempt income: (i) any other statutory body that does not issue shares, if— (i) the statutory body is established by an Act of the Parliament of New Zealand or by a statute of the legislature, whether federal or state or provincial, of any territory outside New Zealand; and (ii) the Commissioner, having regard to the terms of the statute by which the body is established, is satisfied that it would be appropriate to treat the body as a special corporate entity for the purposes of those provisions of this Act whose application is dependent on the measurement of voting and market value interests: (j) any body incorporated under the Incorporated Societies Act 1908 , for an income year in which the body on no day in the income year has shares on issue to the members of the body special excluded depreciable property is defined in section EE 67 (Other definitions) special home ownership account means a special home ownership account operated by a person under Part 2 of the Home Ownership Savings Act 1974 special rate is defined in section EE 67 (Other definitions) specified activity is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section specified activity net income is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section specified activity net loss is defined in section IZ 1(12) (Use of specified activity net losses) for the purposes of that section specified base cost for 1983 income year property means the greater of— (a) the cost price or acquisition value of the property; and (b) the market value of the property on the last day of the 1982–83 income year specified insurance premium is defined in section CX 16(3) (Contributions to life or health insurance) specified lease means a lease of a personal property lease asset if— (a) the lease is entered into in the period starting on 6 August 1982 and ending on 19 May 1999 and the lease has a guaranteed residual value, or has a term of the lease that is more than 36 consecutive months, or has a term of the lease that is the economic life of the asset because the Commissioner considers that the asset has an economic life of less than 36 months, and— (i) the lessee becomes the owner of the asset at the end of the term of the lease: (ii) the lessee has the option to repurchase the asset at the end of the term of the lease at a price that the Commissioner considers will be significantly lower than the market value of the asset at the end of the term of the lease: (iii) the total of all personal property lease payments and the guaranteed residual value is more than or equal to, or to a small extent less than, the cost price of the asset: (iv) the lessor and the lessee agree that the lessee is liable for the payment of all, or nearly all, expenditure incurred for the costs of repair and maintenance of the asset and any other incidental costs arising during the term of the lease for the use of the asset: (b) the lease is entered into in the period starting on 6 August 1982 and ending on 19 May 1999 and the lessee acquires ownership of the asset by any means, whether from the lessor or another person: (c) the lease is entered into in the period starting on 28 October 1983 and ending on 19 May 1999 and— (i) a person other than the lessee acquires the asset; and (ii) the lessee and the person who acquires the asset are associated specified livestock — (a) means an animal of a type specified in schedule 17 , column 1 (Types and classes of livestock); and (b) does not include an animal that is high-priced livestock, except as provided in section EC 37 (Bailment) specified living allowance means— (a) an income-tested benefit; or (b) a veteran’s pension; or (c) New Zealand superannuation; or (d) a basic grant or an independent circumstances grant, made under regulations made under section 193 of the Education Act 1964, section 303 of the Education Act 1989, or an enactment substituted for those sections; or (e) compensation described in section RD 5(1)(b)(iii) (Salary or wages) if the compensation relates to a day forming part of a continuous period of eligibility for such compensation and the day falls after the earlier of— (i) the day having the same date as the first day of the continuous period of eligibility for compensation and occurring in the third calendar month after that first day; and (ii) the last day of the third calendar month after the first day of the continuous period of eligibility for compensation specified mineral is defined in section CU 28 (Meaning of specified mineral) specified option ,— (a) in the financial arrangements rules,— (i) means an option to acquire or dispose of property or services; and (ii) includes an agreement for the sale and purchase of property or services entered into as a result of the exercise of the option: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) specified period ,— (a) is defined in section EH 36 (Other definitions) for the purposes of the main income equalisation scheme: (b) is defined in section EH 62 (Other definitions) for the purposes of the adverse event income equalisation scheme: (c) is defined in section EH 79 (Other definitions) for the purposes of the thinning operations income equalisation scheme spouse , in subparts MA to MF and MZ (which relate to tax credits for families),

and in the definitions of entitlement period , full-time earner , and separated person , does not include a separated person spreading method means a method listed in section EW 14(2) (What spreading methods do) stallion means a stallion that is bloodstock standard accounting year has the meaning given in section YE 1(4) (References to balance dates and years) standard balance date has the meaning given in section YE 1(4) (References to balance dates and years) standard-cost household service means a service that is a standard-cost household service under a determination made by the Commissioner under section 91AA of the Tax Administration Act 1994 standard dividend means a dividend derived from a company by a shareholder in the form of— (a) money; or (b) the release of an obligation to repay an amount lent; or (c) a distribution of property of the company; or (d) a taxable bonus issue standard income year is defined in section YE 1(4) (References to balance dates and years) standard value , for non-specified livestock, means the value set under section EC 29 (Determining standard values) standing timber includes trees that would be standing timber if they were mature trees stapled , for a debt security and a share, is defined in section FA 2B(5) (Stapled debt securities) stapled debt security means a debt security that is stapled to a share, if the share is not a fixed-rate share starting date [Repealed] state enterprise means a person specified in schedule 36, part A (Government enterprises) statutory producer board means— (a) a body specified in schedule 37 (Statutory producer boards): (b) a marketing authority as defined in the Primary Products Marketing Act 1953 that is established by regulations made under that Act: (c) a primary producer board or marketing board established by an Act statutory trustee company is defined in section 2 of the Trustee Companies Act 1967 straight-line method , for depreciation, is defined in section EE 67 (Other definitions) straight-line rate is defined in section EE 67 (Other definitions) subsidised transport means the provision of transport or an entitlement to transport to an employee by the employer, or by a company (the group company ) in the same group of companies as the employer, in a quarter, or an income year if section RD 60 (Close company option) applies, if— (a) the employer or group company carries on a business consisting of, or including, transporting the public for hire or reward; and (b) the employer or group company provides the transport or the entitlement to the employee in the course of transporting the public; and (c) the transport or entitlement is not transport in a motor vehicle; and (d) the amount, if any, the employee pays is less than the highest amount the employer or group company charges the public, in the quarter or income year in which the provision to the employee occurs, for transport that is equivalent in terms of class, extent, and occasion to the transport or entitlement the employer or group company provides to the employee subsidy claim form means a form that a listed PAYE intermediary must provide to the Commissioner in an electronic format prescribed by the Commissioner showing,— (a) the tax file number of the listed PAYE intermediary; and (b) the tax file number and name of each employer in relation to which a subsidy is claimed; and (c) the tax file number and name of each employee of each employer in relation to whom a subsidy is claimed under sections RP 4 (Payment of subsidies to certain PAYE intermediaries) and 15M of the Tax Administration Act 1994; and (d) the period to which the form relates; and (e) the number of PAYE income payments made by the listed PAYE intermediary to each employee in the period to which the form relates; and (f) the amount of subsidy that the listed PAYE intermediary claims for the period to which the form relates substantial business assets is defined in section GB 28(6) (Interpretation of terms used in section GB 27 ) for the purposes of section GB 27 (Attribution rule for income from personal services) substituting debenture is defined in section FA 2(5) (Recharacterisation of certain debentures) superannuation category 1 scheme means a scheme or fund that was at the relevant time a superannuation category 1 scheme under the Income Tax Act 1976 superannuation category 2 scheme means a scheme or fund that was at the relevant time a category 2 scheme under the Income Tax Act 1976 superannuation category 3 scheme means a scheme or fund that was at the relevant time a superannuation category 3 scheme under the Income Tax Act 1976 superannuation contribution — (a) means a disposition of property to or for the benefit of a superannuation scheme in consideration for which fully adequate consideration in money or money’ worth does not pass from the scheme to a person; and (b) does not include a benefit that may pass from the scheme to a person under the terms of the scheme superannuation fund — (a) means a superannuation scheme registered under the Superannuation Schemes Act 1989 or a KiwiSaver scheme that is registered under the KiwiSaver Act 2006 ; and (b) for a superannuation fund that is a trust, means the trustees of the fund superannuation policy is defined in section DZ 2(3) (Life insurers acquiring property before 1 April 1988) for the purposes of that section and section EZ 1 (Life insurers acquiring property before 1 April 1988) superannuation savings scheme means all the entitlements and tax credits arising under subpart MK (Tax credits for KiwiSaver schemes and complying superannuation funds) superannuation scheme — (a) means— (i) a trust or unit trust established by its trust deed mainly for the purposes of providing retirement benefits to beneficiaries who are natural persons or paying benefits to superannuation funds; or (ii) [Repealed] (iii) a company that is not a unit trust, is not resident in New Zealand, and is established mainly for the purpose of providing retirement benefits to members or relatives of members who are natural persons; or (iv) an arrangement constituted under an Act of the Parliament of New Zealand, other than the New Zealand Superannuation and Retirement Income Act 2001 , mainly for the purpose of providing retirement benefits to natural persons; or (v) an arrangement constituted under the legislation of a country, territory, state, or local authority outside New Zealand mainly for the purpose of providing retirement benefits to natural persons; and (b) for a superannuation scheme that is a trust, means the trustees of the scheme supplement , for a provision in Part D (Deductions) means to allow a person a deduction without requiring them to satisfy the general permission supplementary dividend , for a company and for a person deriving a dividend (the first dividend ) from the company, means a dividend that— (a) is paid by the company in the same income year as the first dividend; and (b) is paid in relation to the first dividend; and (c) is derived by the person; and (d) is equal in amount to the tax credit calculated, for the first dividend, under section LP 2(2) (Tax credits for supplementary dividends) supplementary dividend holding company in relation to a company (the subsidiary ), means a company— (a) that is resident in New Zealand; and (b) that has notified the subsidiary within the previous 7 years that it is a supplementary dividend company, and has not revoked the notice; and (c) that has a purpose, in maintaining the notice, of directly or indirectly enabling the payment of a supplementary dividend to a non-resident; and (d) in which 1 or more voting interests are held by non-residents; and (e) that derives dividends that are not excluded income or exempt income other than income under sections CW 9 and CW 10 (which relate to income from equity) supply is defined in section GC 14 (Definitions for sections GC 6 to GC 13 ) for the purposes of sections GC 6 , GC 9 and GC 10 (which relate to transfer pricing arrangements) supporting asset base is defined in section EY 17 (Policyholder base income: profit participation policies) surrender , for an emissions unit, means surrender as defined in section 4(1) of the Climate Change Response Act 2002 surrender value means the amount paid (the surrender amount ) when a life insurance policy is cancelled before it reaches the maturity or expiry date contracted for under the policy, excluding an amount that is the repayment of unexpired premiums. There is no netting off against the surrender amount of unpaid premiums, outstanding loans, or interest balances (the debt obligations ) owed by an insured unless the policy is terminated by the insurer and the debt obligations are greater than the surrender amount systematic, investigative, and experimental activities is defined in section LH 7(2) (Research and development activities and related terms) for the purposes of subpart LH (Tax credits for expenditure on research and development) tax means income tax, but in the provisions in which the term “ income tax ” has an extended or limited meaning, “ tax ” has a corresponding meaning tax account with the Commissioner , for a person, means an account dealing with the person’s transactions with the Commissioner in relation to income tax tax advantage , in sections GB 35 and GB 36 (which relate to imputation arrangements to obtain a tax advantage), GB 42 and GB 43 (which relate to Maori authority credit arrangements to obtain a tax advantage) and sections OB 61 , OC 28 , OD 21 , and OK 20 (which relate to memorandum accounts), means— (a) the allowance, wholly or partly, of a tax credit under section LE 1 (Tax credits for imputation credits): (b) the allowance, wholly or partly, of a tax credit under section LF 1 (Tax credits for FDP credits): (c) the obtaining of a refund of FDP under section LF 8 (Credits for persons who are non-resident or who receive exempt income): (d) the allowance, wholly or partly, of a tax credit under section LO 1 (Tax credits for Maori authority credits): (e) the arising of a credit to an imputation credit account under sections OB 4 to OB 29 (which relate to credits arising to imputation credit accounts): (f) the arising of a credit to an FDP account under sections OC 6 to OC 12 (which relate to credits arising to FDP accounts): (g) the arising of a credit to a Maori authority credit account under sections OK 2 to OK 9 (which relate to credits arising to Maori authority credit accounts) tax agent means a person— (a) who prepares the annual returns required to be filed for 10 or more persons; and (b) who— (i) carries on a professional public practice; or (ii) carries on any business in which annual returns required to be filed are prepared; or (iii) is the Maori Trustee tax avoidance includes— (a) directly or indirectly altering the incidence of any income tax: (b) directly or indirectly relieving a person from liability to pay income tax or from a potential or prospective liability to future income tax: (c) directly or indirectly avoiding, postponing, or reducing any liability to income tax or any potential or prospective liability to future income tax tax avoidance arrangement means an arrangement, whether entered into by the person affected by the arrangement or by another person, that directly or indirectly— (a) has tax avoidance as its purpose or effect; or (b) has tax avoidance as 1 of its purposes or effects, whether or not any other purpose or effect is referable to ordinary business or family dealings, if the tax avoidance purpose or effect is not merely incidental tax-base property is defined in section FC 1(2) (What this subpart does) for the purposes of subpart FC (Distribution, transmission, and gifts of property) tax charity is defined in section CW 41(5) for the purposes of that section and sections CW 42 and CW 43 tax code , for an employee, means the employee’s tax code under section 24B of the Tax Administration Act 1994 tax credit — (a) is defined in section LA 10 (Meaning of tax credit): (b) is defined in section GA 1(7) (Commissioner’s power to adjust) for the purposes of that section tax credit advantage — (a) is defined in section GB 36(5) (Reconstruction of imputation arrangements to obtain tax advantage) for the purposes of that section: (b) is defined in section GB 43(5) (Reconstruction of Maori authority credit arrangements to obtain tax advantage) for the purposes of that section tax file number means an identification number that the Commissioner has allocated to a person— (a) generally for the purposes of this Act; or (b) specifically for the purpose of the issue to the person of an RWT exemption certificate under section RE 27 (RWT exemption certificates) tax loss means an amount described in section IA 2(1) (Tax losses) and includes unused tax loss components arising in the current tax year or in an earlier tax year tax loss component is defined in section IA 2(7) (Tax losses) tax pooling account is defined in section RP 17B (Tax pooling accounts and their use) tax position means, for the purposes of sections HZ 4B and HZ 4D (which relate to the transition of a qualifying company into a partnership or sole tradership), a status, right, obligation, liability, asset, or other thing authorised or arising under, required or imposed by, or necessary to comply with an Inland Revenue Act, and includes tax assets and accounting positions in relation to an Inland Revenue Act, and debts payable to the Commissioner tax withheld means an amount of tax— (a) withheld from a PAYE income payment under the PAYE rules to the extent to which it is a tax credit under section LB 1 (Tax credits for PAYE income payments): (b) withheld and paid to the Commissioner under the RWT and NRWT rules to the extent to which it is a tax credit under section LB 3 or LB 5 (which relate to tax credits for passive income): (c) paid under regulations made under section 225 of the Tax Administration Act 1994 tax year — (a) means a period starting on 1 April and ending on 31 March: (b) is defined in section IW 1(6) (Shortfall penalties) for the purposes of that section taxable activity ,— (a) in the provisional tax rules, the RWT rules, and the NRWT rules, is defined in section 6 of the Goods and Services Tax Act 1985, except that section 6(3)(d) does not apply: (b) is defined in section DB 3(3) (Determining tax liabilities) for the purposes of that section taxable bonus issue means— (a) a bonus issue in lieu: (b) a bonus issue that a company chooses to treat as a dividend under section CD 8 (Elections to make bonus issue into dividend): (c) in the case of a bonus issue made before the enactment of this Act, a bonus issue that the company chose to treat as a dividend under a provision of an earlier Act corresponding to section CD 8 : (d) a bonus issue that is a dividend under section CD 10 (Bonus issue by foreign unit trust instead of money or property) (e) a bonus issue that is a share issued under a profit distribution plan taxable distribution , for a non-complying trust or a foreign trust, is defined in section HC 15 (Taxable distributions from non-complying and foreign trusts) taxable income means taxable income for a tax year calculated under section BC 5 (Taxable income) taxable Maori authority distribution is defined in section HF 7 (Taxable Maori authority distributions) taxable period has the meaning given in section 2(1) of the Goods and Services Tax Act 1985 taxable supply has the meaning given in section 2(1) of the Goods and Services Tax Act 1985 taxation law , in sections EZ 52 (References to new rules include old rules), ZA 3 (Transitional provisions), ZA 4 (Saving of binding rulings), and ZA 5 (Saving of accrual determinations), means— (a) a provision that is a taxation law under section 91B of the Tax Administration Act 1994: (b) a provision of the Income Tax Act 1994 or Income Tax Act 2004 taxed CFC connection , for a CFC and a country or territory (the host country ), means a relationship meeting the following requirements: (a) the CFC is resident in the host country under section YD 3 (Country of residence of foreign companies); and (b) there is no other country or territory for which the CFC is— (i) a resident under the domestic law of the country or territory: (ii) liable to income tax because of the CFC's domicile, residence, place of incorporation, or centre of management: (iii) treated as a resident under an agreement with the host country that would be a double tax agreement if it were an agreement between New Zealand and the host country; and (c) the CFC has no presence outside the host country that is— (i) a fixed establishment: (ii) a permanent establishment under an agreement, between another country or territory and the host country, that would be a double tax agreement if it were between New Zealand and the host country; and (d) the CFC is liable in the host country to tax on its income because of the CFC's domicile, residence, place of incorporation, or centre of management, or there is another foreign company (the parent company ) that— (i) wholly owns the CFC under the laws of New Zealand and the host country; and (ii) has a relationship with the host country meeting the requirements of paragraphs (a) to (c); and (iii) because of the parent company's domicile, residence, place of incorporation, or centre of management, is liable in the host country to tax on the CFC's income in the same period that the CFC would be liable on its income if it were a company liable for tax taxed FIF connection , for a FIF and a country or territory (the host country ), means a relationship meeting the following requirements: (a) the FIF is resident in the host country under section YD 3 (Country of residence of foreign companies); and (b) there is no other country or territory for which the FIF is— (i) a resident under the domestic law of the country or territory: (ii) liable to income tax because of the FIF's domicile, residence, place of incorporation, or centre of management: (iii) treated as a resident under an agreement with the host country that would be a double tax agreement if it were an agreement between New Zealand and the host country; and (c) the FIF has no presence outside the host country that is— (i) a fixed establishment: (ii) a permanent establishment under an agreement, between another country or territory and the host country, that would be a double tax agreement if it were between New Zealand and the host country; and (d) the FIF is liable in the host country to tax on its income because of the FIF's domicile, residence, place of incorporation, or centre of management, or there is a foreign company (the parent company ) that— (i) wholly owns the FIF under the laws of New Zealand and the host country; and (ii) has a relationship with the host country meeting the requirements of paragraphs (a) to (c); and (iii) because of the parent company's domicile, residence, place of incorporation, or centre of management, is liable in the host country to tax on the FIF's income in the same period that the FIF would be liable on its income if it were a company liable for tax taxi is defined in section 2(1) of the Land Transport Act 1998 taxicab [Repealed] taxpayer means a person who is, or may be, liable to perform or comply with an obligation imposed by this Act technology is defined in section LH 7(5) (Research and development activities and related terms) for the purposes of subpart LH (Tax credits for expenditure on research and development) telecommunications service means a service, relating to information of any kind including pictures, sound, and data, that is— (a) the transmission, emission, or reception of such information in analogue or digital code by a technical system using any equipment, including a cable or satellite and associated equipment, for the transmission through any medium of energy in any form, including electric current or electromagnetic radiation: (b) the transfer or assignment of the right to transmit, emit, or receive such information by a system referred to in paragraph (a): (c) the provision of access to a global network for the transmission, emission, or reception of such information temporary building means— (a) [Repealed] (b) a building that— (i) is erected at a construction site; and (ii) is to be demolished or removed on or before the completion of the construction; or (c) a building that— (i) was erected, and is used, to house specific plant or machinery; and (ii) will have to be demolished to remove or replace the plant or machinery ten percent capital reduction is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section term of the lease — (a) means the period of time from the date on which a lease starts until it ends: (b) if the term is indefinite, means the period of time during which the lessee is unable, under the lease, to terminate the lease without incurring a penalty: (c) if 2 or more consecutive leases are treated under paragraph (d)(v) of the definition of lease as 1 lease of a personal property lease asset, the term of the lease runs from the start of the first term of the lease to the end of the last of the leases: (d) is defined in section EZ 8(5) (Premium paid on land leased before 1 April 1993) for the purposes of that section terminal tax means an amount calculated for a tax year under section BC 8 (Satisfaction of income tax liability) terminal tax date , for a tax year and a person, means the date determined under section RA 13 (Payment dates for terminal tax) for the payment of terminal tax for the tax year;

and if the person does not have terminal tax for the tax year, section RA 13 applies as if the person did have terminal tax for the tax year terminating share means a share in a building society that is included in a group of shares, if the group is to terminate— (a) at the end of a period specified on the issue of the shares; or (b) on the attainment of a result specified on the issue of the shares tertiary institution [Repealed] thinning operations is defined in section EH 79 (Other definitions) thinning operations deposit is defined in section EH 79 (Other definitions) thinning operations income equalisation account is defined in section EH 79 (Other definitions) thinning operations income equalisation scheme means the scheme referred to in section EH 1(2)(c) (Income equalisation schemes) thinning operations maximum deposit is defined in section EH 78 (Meaning of thinning operations maximum deposit) timber — (a) is defined in section DP 11(4) (Cost of timber) for the purposes of that section: (b) includes standing timber in— (i) section DP 11 : (ii) section EB 24 (Apportionment on disposal of business assets that include trading stock): (iii) section FB 6 (Timber or right to take timber): (iv) section GC 1 (Disposals of trading stock at below market value): (v) the definition of dispose , paragraph (b): (vi) the definition of right to take timber : (vii) the definition of trading stock , paragraph (b)(iv) time bar means the provisions of sections 108 and 108B of the Tax Administration Act 1994 time of emigration for an emigrating company, is the time at which the emigrating company becomes a non-resident for the purposes of subpart FL (Emigration of resident companies) time of the sale , in sections DC 10 (Sale of business: transferred employment income obligations) and EA 4 (Deferred payment of employment income), means the date on which the agreement for sale of the business or part of the business is settled by the exchange of the seller’s business or the part for the buyer’s consideration Tokelau International Trust Fund means the trust governed by the Deed concerning the Tokelau International Trust Fund dated 10 November 2004 and signed by Her Majesty the Queen in right of New Zealand and the Government of Tokelau total group assets , for a New Zealand group, is defined in section FE 16 (Total group assets) for the purposes of subpart FE (Interest apportionment on thin capitalisation) total group debt , for a New Zealand group, is defined in section FE 15 (Total group debt) for the purposes of subpart FE (Interest apportionment on thin capitalisation) total tax credit , for a person, means the total amount of their tax credits under Part L (Tax credits and other credits) total taxable supplies is defined in section RC 8(8) (GST ratio method) for the purposes of that section and sections RC 11 , RC 16 , RC 19 , and RC 31 (which relate to the calculation and payment of provisional tax using the GST ratio method) tracking account [Repealed] tracking associate [Repealed] trade credit is defined in section EZ 48 (Definitions) for the purposes of the old financial arrangements rules trading stock — (a) is defined in section EB 2 (Meaning of trading stock) except for the provisions to which paragraphs (b) and (d) apply: (b) in sections CG 6 (Receipts from insurance, indemnity, or compensation for trading stock), EB 24 (Apportionment on disposal of business assets that include trading stock), FB 13 (Trading stock), and GC 1 to GC 3 (which relate to the sale of trading stock for inadequate consideration),— (i) includes anything produced or manufactured: (ii) includes anything acquired for the purposes of manufacture or disposal: (iii) includes livestock: (iv) includes timber or a right to take timber: (v) includes land whose disposal would produce income under any of sections CB 6 to CB 15 (which relate to income from land): (vi) includes any thing for which expenditure is incurred and which would be trading stock if possession of it were taken: (vii) does not include a financial arrangement to which the financial arrangements rules or the old financial arrangements rules apply: (c) for the purposes of section GC 1 (Disposals of trading stock at below market value), has an expanded meaning as set out in section GC 1(4): (d) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) trading transactions is defined in section CD 34B (Distributions to members of co-operative companies) transaction shares is defined in section CD 34B (Distributions to members of co-operative companies) transfer means, for the purposes of sections HZ 4B and HZ 4D (which relate to the transition of a qualifying company into a partnership or sole tradership), a sale, purchase, disposal, acquisition, cessation, assumption, discharge, assignment, vesting, divesting, gift, supply, or other transfer in relation to liabilities and assets, and associated legal rights and obligations transfer amount is defined in section FB 19(3) (Leased assets) for the purposes of that section transfer of value — (a) is defined in section CD 5 (What is a transfer of value?): (b) means a transfer that occurs when— (i) person A provides money or money’s worth to person B; and (ii) if person B provides any money or money’s worth to person A as part of the arrangement described in subparagraph (i), the market value of what person A provides is more than the market value of what person B provides; and (c) includes the release of an obligation that person B has to pay money to person A, either by agreement or operation of law; and (d) transfers value has a corresponding meaning transfer pricing arrangement is defined in section GC 6(2) (Purpose of rules and nature of arrangements) transferee — (a) is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section: (b) in subpart FB (Transfers of relationship property), for property transferred under a relationship agreement, means the person to whom the property is transferred under the agreement transferor — (a) is defined in section CZ 8(2) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section: (b) is defined in section DZ 5(6) (Farm-out arrangements for petroleum mining before 16 December 1991) for the purposes of that section: (c) in subpart FB (Transfers of relationship property), for property transferred under a relationship agreement, means the person from whom the property is transferred under the agreement transitional period is defined in section OZ 7 (Memorandum accounts in transitional period) for the purposes of sections OZ 8 to OZ 15 transitional resident is defined in section HR 8(2) (Transitional residents) transitional year , in relation to provisional tax, means the period for which a person files a return under section 39 of the Tax Administration Act 1994 trans-Tasman imputation group means the group described in section FN 8(1) (Trans-Tasman imputation groups and resident imputation subgroups) trust , in the definitions of superannuation scheme and unit trust , has the meaning given by the Trustee Act 1956 trust rules means— (a) [Repealed] (b) sections DV 1 to DV 7 (which relate to superannuation funds): (c) section DV 9 (Trusts): (d) section GB 22 (Arrangements involving trust beneficiary income): (e) subpart HC (Trusts): (f) subpart HZ (Terminating provisions): (g) sections LE 4 , LE 5 , LF 2 , LF 3 , and LO 2 (which relate to tax credits for beneficiary minors): (h) sections 59 and 93B of the Tax Administration Act 1994 trustee ,— (a) for a trust,— (i) means the trustee only in the capacity of trustee of the trust; and (ii) includes all trustees, for the time being, of the trust: (b) includes an executor and administrator: (c) includes the Public Trust: (d) includes the Maori Trustee: (e) for a superannuation scheme that is a trust or that is treated by this Act as a trust, includes a person by whom the investments of the scheme, or a part of the scheme, are managed or controlled: (f) is defined in section DC 15 (Some definitions) for the purposes of sections DC 12 to DC 15 (which relate to share purchase schemes) trustee income is defined in section HC 7 (Trustee income) turnover , in subpart EB (Valuation of trading stock (including dealer’s livestock)) and section HG 6 (Disposal of trading stock),— (a) means the total income that a business derives in an income year as a result of trading by that business; and (b) does not include the value of closing stock type , in subparts EC (Valuation of livestock) and FB (Transfers of relationship property),

and in the definitions of class and herd livestock , means a category of livestock listed in schedule 17 , column 1 (Types and classes of livestock) UFTC [Repealed] UFTC accounting period [Repealed] ultimate owner of a company means a person— (a) who has an ownership interest in the company calculated under section FE 2 (When this subpart applies); and (b) in whom no ownership interest is held by a person who holds an ownership interest in the company of 50% or more ultimate parent is the company described in section FE 34 (Identifying ultimate parent) for the purposes of subpart FE (Interest apportionment on thin capitalisation) unclassified benefit is defined in section CX 37 (Meaning of unclassified benefit) unit holder , for a unit trust, means a person who holds a beneficial interest in the property that is subject to the trust unit trust — (a) means a scheme or arrangement that is made for the purpose or has the effect of providing facilities for subscribers, purchasers, or contributors to participate, as beneficiaries under a trust, in income and capital gains arising from the property that is subject to the trust; and (b) does not include— (i) a trust for the benefit of debenture holders: (ii) the Common Fund of Public Trust: (iii) a group investment fund established by Public Trust: (iv) the Common Fund of the Maori Trustee: (v) a group investment fund established under the Trustee Companies Act 1967 : (vi) a friendly society registered under the Friendly Societies and Credit Unions Act 1982: (vii) a superannuation fund: (viii) an employee share purchase scheme: (ix) a fund that meets the requirements of section CW 45 (Funeral trusts): (x) any other trust of any specified kind that is declared by the Governor-General, by Order in Council, not to be a unit trust for the purposes of section HD 13 (Unit trusts) unit trust manager is defined in section CD 16(4) (Certain dividends not increased by tax credits) for the purposes of that section unlisted trust is defined in section CD 22(9) (Returns of capital: off-market share cancellations) for the purposes of that section unlisted widely-held trust means a widely-held trust the units or interests in which are not quoted on the official list of a recognised exchange unwind is defined in section HR 10 (What happens when vehicle stops being financial institution special purpose vehicle?) valuation premiums is defined in section EY 29(7) (Shareholder base other profit: profit participation policies that are new business) for the purposes of that section variable principal debt instrument ,— (a) in the financial arrangements rules, means a financial arrangement that contemplates that 1 party may, on demand or call,— (i) advance further amounts to the other party; or (ii) require the return of all amounts advanced to the other party, if the other party’s rights and obligations under the financial arrangement are expressed in a foreign currency: (b) in the old financial arrangements rules, is defined in section EZ 48 (Definitions) venture investment agreement is defined in section CW 13(6) (Proceeds from share or option acquired under venture investment agreement) Venture Investment Fund means the company called New Zealand Venture Investment Fund Limited that is listed in schedules 4, 5, and 6 of the Public Finance Act 1989 veteran’s pension means a veteran’s pension, other than a portable veteran’s pension, paid or payable under— (a) Part 6 of the War Pensions Act 1954; or (b) section 70(3)(b) of the Social Security Act 1964; or (c) Part 1 of the Social Welfare (Transitional Provisions) Act 1990 volunteer is defined in section CW 62B (Voluntary activities) for the purposes of that section voting interest — (a) means, for a person and a company and a time, the percentage voting interest that the person is treated as holding in the company at the time under sections YC 2 to YC 20 (which relate to the measurement of company ownership): (b) in subpart HA (Qualifying companies (QC) and loss-attributing qualifying companies (LAQC)),

and in the definition of effective interest , is described in section HA 44 (Measuring effective interests): (c) in section YC 13(4) and (5) (Corporate spin-outs), means, for a person and a company and a time, the percentage voting interest that the person is treated as holding in the company under section YC 2 (Voting interests), as modified by section YC 13(7) WFF tax credit means Working for Families tax credit and is defined in section MA 8 (Some definitions for family scheme) wholly-owned group has the same meaning as wholly-owned group of companies wholly-owned group of companies is defined in section IC 4(1) (Common ownership: wholly-owned groups of companies) widely-held company means, at any time, a company that, at the time,— (a) has no less than 25 shareholders (treating all associated shareholders as 1 person); and (b) is not a closely-held company widely-held GIF means a group investment fund that meets the requirements of— (a) section HM 14(1) (Minimum number of investors), treating the group investment fund as having 1 investor class consisting of all investors in the fund: (b) 1 or more of paragraphs (a) and (c) to (e) of the definition of public unit trust , treating the group investment fund as a unit trust widely-held superannuation fund means a superannuation fund that meets the requirements of— (a) section HM 14(1) (Minimum number of investors), treating the superannuation fund as having 1 investor class consisting of all investors in the fund: (b) 1 or more of paragraphs (a) and (c) to (e) of the definition of public unit trust , treating the superannuation fund as a unit trust widely-held trust means a unit trust or group investment fund to which 1 of the following applies: (a) it has at least 100 unit-holders or investors, treating all associated persons as 1 person; or (b) paragraph (a) does not apply to it but it can still reasonably be regarded as a widely-held investment vehicle for direct investment by the public; or (c) paragraph (a) does not apply to it but only because of unusual or temporary circumstances, such as the fact that it was recently established or is to be terminated; or (d) paragraph (a) does not apply to it but it can reasonably be regarded as a vehicle mainly for investment by unit trusts, group investment funds, or superannuation funds that are widely-held vehicles for direct investment wine is defined in section CV 8 (Regulations: Australian wine producer rebate) for the purposes of that section withdrawal [Repealed] withdrawable share — (a) means a share in a building society— (i) that bears a rate of dividend set on the issue of the share and that is redeemable at the end of a fixed term or at the option of the shareholder; or (ii) that has been issued under section 31A of the Building Societies Act 1965; or (iii) that is a terminating share; and (b) does not include a share in a building society that is irredeemable, or redeemable only at the society’s option, on which a dividend is declared and payable from the annual surplus revenue of the building society withdrawal certificate , for a special account that is a special home ownership account, means a withdrawal certificate as defined in the Home Ownership Savings Act 1974 withdrawal income means withdrawal income as determined under section RZ 7 (Withdrawal income) withdrawal tax means withdrawal tax imposed by section RZ 8 (Payment and rate of withdrawal tax) withholding tax limitation is defined in section DA 2(5) (General limitations) working day means any day of the week other than— (a) Saturday, Sunday, Good Friday, Easter Monday, Anzac Day, Labour Day, the Sovereign’s birthday, and Waitangi Day; and (b) a day in the period starting on 25 December in a year and ending on 15 January (both dates inclusive) in the following year working owner means a person who, in relation to a look-through company that is not wholly or mainly engaged in investing money or in holding, or dealing in, shares, securities, investments, or estates or interests in land, ignoring section HB 1 (Look-through companies are transparent),–– (a) is an owner of the look-through company; and (b) personally and actively performs duties that–– (i) are required to be performed in carrying on the business of the look-through company; and (ii) are performed by the person during the currency of, and as required by, a contract of employment workplace group policy is defined in section EY 30 (Transitional adjustments: life risk) work-related relocation is defined in section CW 17B(4) (Relocation payments) work-related vehicle is defined in section CX 38 (Meaning of work-related vehicle) year means a 12-month period year of payment [Repealed] year of transfer , for a relationship agreement, means the income year in which the date of transfer falls zero-rated investor , for an investor in an investor class of a PIE, means an investor referred to in section HM 57 (Prescribed investor rates for certain investors: 0%). zero-rated portfolio investor [Repealed] Compare: 2004 No 35 s OB 1 Section YA 1 1973 version provisions : repealed, on 1 April 2010, by section 557(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 1988 version provisions : repealed, on 1 April 2010, by section 557(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 1990 version provisions : repealed, on 1 April 2010, by section 557(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 abating WFF tax credit : inserted, on 1 April 2008, by section 550(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 ACC : amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 accident compensation earnings-related payment paragraph (d): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 accommodation : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 accounting profits method : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 actuarial reserves : amended, on 1 July 2010, by section 557(6) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 actuarially determined : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(7) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 after-income tax earnings : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(8) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 after-income tax loss : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(9) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 agricultural, horticultural, or viticultural company : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(10) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 amalgamated company : substituted (with effect on 30 September 2010), on 29 August 2011, by section 130(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 amalgamating company : substituted (with effect on 30 September 2010), on 29 August 2011, by section 130(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 amalgamation : substituted (with effect on 30 September 2010), on 29 August 2011, by section 130(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 amount of tax : amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 117(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 amount of tax : amended, on 1 April 2008, by section 550(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 ancillary tax paragraph (kb): inserted, on 1 April 2008, by section 550(4) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 arm's length amount : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(11) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 asset base : inserted, on 1 July 2010, by section 557(12) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 associated, associated person, person associated : substituted, on 1 April 2010, by section 557(13) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 associated internal software developer : inserted, on 1 April 2008, by section 550(5) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 associated non-attributing active CFC : replaced (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 attributable CFC amount : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(16) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 attributable FIF income method : inserted (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 attributed PIE income : inserted, on 1 April 2010, by section 557(17) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 attributed PIE loss : inserted, on 1 April 2010, by section 557(17) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 attribution period : inserted, on 1 April 2010, by section 557(18) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 available tax loss paragraph (c): added (with effect on 1 April 2008), on 29 August 2011, by section 130(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 available tax loss paragraph (d): added (with effect on 1 April 2008), on 29 August 2011, by section 130(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 balance date : amended, on 29 August 2011, by section 130(4) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 basic tax rate paragraph (a): amended, on 1 April 2008, by section 562 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 basic tax rate paragraph (a): amended, on 1 April 2008, by section 550(6) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 beneficial interest : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 benefit fund PIE : inserted, on 1 April 2010, by section 557(19) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 best estimate assumptions : inserted, on 1 July 2010, by section 557(20) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 BETA company : repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(5) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 bonus issue : replaced (with effect on 1 October 2012), on 2 November 2012, by section 154(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 boutique investor class : inserted, on 1 April 2010, by section 557(21) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 boutique investor class paragraph (d): amended (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 132(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 branch equivalent company : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(6) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 branch equivalent income : amended (with effect on 30 June 2009), on 6 October 2009, by section 557(22) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 branch equivalent loss : amended (with effect on 30 June 2009), on 6 October 2009, by section 557(23) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 branch equivalent method : amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(7) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 branch equivalent tax account : replaced, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(8) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 building : substituted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(4) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 calculation method : amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(9) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 calculation period : inserted, on 1 April 2010, by section 557(24) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 cancellation : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(25) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 capital contribution : substituted (with effect on 20 May 2010), on 28 May 2010, by section 96(3) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 capital contribution paragraph (a)(i): amended (with effect on 1 October 2010), on 2 November 2012, by section 154(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 capital contribution paragraph (a)(iv): amended (with effect on 1 October 2010), on 2 November 2012, by section 154(4) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 capital contribution paragraph (a)(v): inserted (with effect on 1 October 2010), on 2 November 2012, by section 154(4) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 car : amended, on 10 May 2011, by section 100(3) of the Land Transport (Road Safety and Other Matters) Amendment Act 2011 (2011 No 13). Section YA 1 charitable or other public benefit gift : amended (with effect on 1 April 2008), on 7 September 2010, by section 117(4) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 charitable or other public benefit gift : amended, on 6 January 2010, by section 557(26) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 charitable organisation paragraph (a): amended, on 1 April 2008, by section 550(7) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 charitable purpose paragraph (b)(i): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 child : amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 117(5) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 child paragraph (c): amended, on 1 April 2008, by section 550(8) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 civil union partner : amended, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(2) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 civil union partner : amended, on 1 April 2009, by section 36(2) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 class of policies : inserted, on 1 July 2010, by section 557(27) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 combined imputation and CTR ratio : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(10) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 combined tax and earner-related payment paragraph (b)(iii): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 commercial building : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(5) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 commercial fit-out : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(6) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 company paragraph (ab): inserted, on 1 April 2008, by section 23(3) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 company paragraph (abb): inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(7) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 company paragraph (ac): inserted, on 1 April 2008, by section 23(3) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 company paragraph (ad): inserted, on 1 April 2008, by section 23(3) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 compensation : repealed, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(3) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 complying fund calculation period : repealed, on 1 April 2009, by section 56(2) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 complying fund rules : replaced, on 1 April 2012, by section 13(2) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23). Section YA 1 complying superannuation fund : amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5). Section YA 1 compulsory employer contribution : inserted, on 1 April 2008, by section 135(2) of the Taxation (KiwiSaver) Act 2007 (2007 No 110). Section YA 1 consideration paragraph (aa): inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(28) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 consideration paragraph (b)(ii): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(11) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 consolidated BETA group : repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(12) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 consolidated FDP group : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(29) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 continuity provisions paragraph (i): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(13) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 contract of employment : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(8) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 control : repealed, on 1 April 2010, by section 557(31) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 convert : substituted (with effect on 1 January 2009), on 6 October 2009, by section 557(32) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 cost of timber : substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 council-controlled organisation paragraph (b): amended, on 2 December 2011, by section 14(1) of the Local Government Borrowing Act 2011 (2011 No 77). Section YA 1 council-controlled organisation paragraph (b): amended, on 1 November 2010, by section 113(1) of the Local Government (Auckland Transitional Provisions) Act 2010 (2010 No 37). Section YA 1 cover review period : inserted, on 1 July 2010, by section 557(33) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 credit account continuity provisions paragraph (b): amended, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(14) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 credit account continuity provisions paragraph (c): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(14) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 credit card repayment insurance : inserted, on 1 July 2010, by section 557(35) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 creditable membership : inserted, on 1 April 2008, by section 135(3) of the Taxation (KiwiSaver) Act 2007 (2007 No 110). Section YA 1 creditable membership paragraph (b)(i): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(36)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 creditable membership paragraph (b)(ib): inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(36)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 creditor workout : substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(3) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 CTR : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR account : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR additional dividend : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR company : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR credit : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR debit : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR group member : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR holding company : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTR ratio : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 CTRA : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(15) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 current accounting year : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(38) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 debt security : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(39) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 deductible foreign equity distribution : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(40) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 deductible foreign equity distribution paragraph (a): replaced (with effect on 27 October 2010), on 2 November 2012, by section 154(5) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 deductible output tax : inserted, on 1 April 2011, by section 132(9) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 deductible output tax paragraph (a)(iii): amended (with effect on 1 April 2011), on 2 November 2012, by section 154(6) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 deductible output tax paragraph (a)(iv): inserted (with effect on 1 April 2011), on 2 November 2012, by section 154(6) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 dependent child : substituted, on 24 August 2010 (applying for the 2008–09 and later income years), by section 7(1) of the Taxation (Definitions of Dependent Child) Act 2010 (2010 No 104). Section YA 1 derivative instrument : substituted (with effect on 30 June 2009), on 6 October 2009, by section 557(41) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 derived from New Zealand : repealed, on 21 December 2010, by section 132(10) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 development : amended, on 1 April 2008, by section 550(10) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 direct income interest : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(42) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 dispose paragraph (g): amended, on 1 April 2008, by section 23(4) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 dispose paragraph (h): added, on 1 April 2008, by section 23(4) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 district health board : repealed, on 1 October 2009, by section 20(2) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 dividend paragraph (a): substituted (with effect on 30 June 2009), on 6 October 2009, by section 557(43) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 dividend paragraph (b): replaced (with effect on 1 April 2008), on 2 November 2012 (applying for the 2008–09 and later income years), by section 154(7) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 dividend paragraph (c)(ii): substituted, on 1 April 2010, by section 557(44)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 dividend paragraph (d)(i): substituted, on 1 April 2010, by section 557(44)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 dividend paragraph (f): added (with effect on 1 April 2008), on 7 December 2009, by section 118(4) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 donee organisation : inserted, on 6 January 2010, by section 557(45) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 dwelling : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(11) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 early life regime application day : inserted, on 1 July 2010, by section 557(46) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 effective look-through interest : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(12) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 election commencement year : inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 154(8) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 elective attributing CFC : inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 154(8) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 elective attributing FIF : inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 154(8) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 emergency event : inserted, on 6 October 2009, by section 557(47) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 emissions unit : inserted (with effect on 1 January 2009), on 6 October 2009, by section 557(48) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 emissions unit shortfall year : inserted (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 132(13) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 employee paragraph (ab): inserted (with effect on 1 April 2008), on 29 August 2011, by section 130(5) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 employee paragraph (b): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(49) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employee paragraph (c)(i): amended (with effect on 1 April 2011), on 2 November 2012, by section 154(9) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 employee paragraph (c)(i): amended, on 1 April 2008, by section 550(12) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 employee paragraph (c)(ii): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(50) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employee paragraph (db): inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(14) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 employee's superannuation accumulation paragraph (a): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(51) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer paragraph (b)(iib): inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(15) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 employer paragraph (b)(iib): amended (with effect on 1 April 2011), on 2 November 2012, by section 154(10)(a) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 employer paragraph (c)(i): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(52)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer paragraph (c)(i): amended (with effect on 1 April 2011), on 2 November 2012, by section 154(10)(b) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 employer paragraph (c)(ii): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(52)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer contribution : inserted, on 1 April 2008, by section 135(5) of the Taxation (KiwiSaver) Act 2007 (2007 No 110). Section YA 1 employer monthly schedule paragraph (e): substituted, on 6 January 2010, by section 557(53) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer monthly schedule paragraph (f): amended, on 1 April 2012, by section 223 of the Student Loan Scheme Act 2011 (2011 No 62). Section YA 1 employer monthly schedule paragraph (h): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(54) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer monthly schedule paragraph (k): amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 118(5) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 employer-sourced superannuation savings paragraph (a): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(55)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer-sourced superannuation savings paragraph (c): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(55)(b)(i) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer-sourced superannuation savings paragraph (c): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(55)(b)(ii) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employer sponsored group policy : repealed, on 1 July 2010, by section 118(6) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 employer's superannuation contribution : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(57) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 employment : amended, on 23 November 2010, by section 25 of the Governor-General Act 2010 (2010 No 122). Section YA 1 employment paragraph (b): amended, on 1 April 2008, by section 550(13) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 employment income : amended (with effect on 1 April 2008), on 2 November 2012 (applying for the 2008–09 and later income years), by section 154(11) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 engaged in full-time work : repealed, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(4) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 entering owner : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(16) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 entering partner : inserted, on 1 April 2008, by section 23(5) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 equity instrument : inserted, on 1 April 2008, by section 550(14) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 ESCT : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(58) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 ESCT rate threshold amount : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(59) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 ETS unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(60) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 excess debt outbound company : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(61) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 excess credit amount : replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(17) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 excluded ancillary tax paragraph (d): repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(62) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 excluded fixed rate security : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(63) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 excluded preference share : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(64) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 exempt interest paragraph (f): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 existing business : inserted, on 1 July 2010, by section 557(65) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 exit level : inserted, on 1 April 2010, by section 557(66) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 exit period : inserted, on 1 April 2010, by section 557(66) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 expected life risk proportion : inserted, on 1 July 2010, by section 557(67) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fair dividend rate method : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(68) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fair value method : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(69) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 family assistance credit : repealed, on 1 April 2008, by section 550(16) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 family plus : repealed, on 1 April 2008, by section 550(17) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 family support : repealed, on 1 April 2008, by section 550(18) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 FDP rules : substituted (with effect on 30 June 2009), on 6 October 2009, by section 557(70) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 FDP rules paragraph (d): replaced (with effect on 1 April 2008), on 2 November 2012, by section 154(12) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 FIF net loss : amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(18) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 finance lease paragraph (b): amended, on 1 April 2008, by section 550(19) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 finance lease paragraph (c): added, on 1 April 2008, by section 550(19) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 financial asset : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(71) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 financial institution : inserted (with effect on 1 June 2010), on 7 September 2010, by section 117(6) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 financial institution special purpose vehicle : inserted (with effect on 1 June 2010), on 7 September 2010, by section 117(6) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 financial institution special purpose vehicle paragraph (c): substituted, on 21 December 2010, by section 132(17)(a) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 financial institution special purpose vehicle paragraph (d)(ii): amended, on 21 December 2010, by section 132(17)(b) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 financially independent paragraph (d): amended, on 20 August 2012, by section 26(2) of the Social Security (Youth Support and Work Focus) Amendment Act 2012 (2012 No 50). Section YA 1 financial risk : inserted, on 1 July 2010, by section 557(72) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 financial statements : substituted, on 1 April 2010, by section 557(73) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 first tracking date : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(74) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fishing quota emissions unit : inserted (with effect on 1 July 2010), on 7 September 2010, by section 117(7) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 fixed-rate foreign equity : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(75) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fixed-rate share paragraph (a): amended, on 2 November 2012, by section 154(13) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 fixed-rate share paragraph (e): repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(76)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fixed-rate share paragraph (f): substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(7) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 fixed-rate share paragraph (g): substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(7) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 fixed-rate share paragraph (h): added (with effect on 1 April 2008), on 7 December 2009, by section 118(7) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 fixed-rate share paragraph (h)(iii): amended (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(6) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 fixed-rate share paragraph (i): added (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(6) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 flat-owning company : amended (with effect on 1 April 2011), on 2 November 2012, by section 154(14) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 FMA : inserted, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5). Section YA 1 foreign attributed income paragraph (b): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(19) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 foreign attributed loss offsets : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(20) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 foreign corporate limited partnership : inserted, on 1 April 2008, by section 23(6) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 foreign dividend : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(77) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 foreign dividend company : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(78) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 foreign dividend company net earnings : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(79) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 foreign group : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(80) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 foreign investment PIE : inserted, on 29 August 2011, by section 130(7) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 foreign investment variable-rate PIE : inserted, on 29 August 2011, by section 130(7) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 foreign investment variable-rate PIE paragraph (a): amended, on 2 November 2012, by section 154(15) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 foreign investment zero-rate PIE : inserted, on 29 August 2011, by section 130(7) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 foreign investment zero-rate PIE paragraph (a): amended, on 2 November 2012, by section 154(16) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 foreign non-dividend income : substituted, on 21 December 2010, by section 132(18) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 foreign PIE equivalent : inserted, on 1 April 2010, by section 557(81) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 forest land emissions unit : substituted (with effect on 1 January 2009), on 7 September 2010, by section 117(9) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 forest land unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(82) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 forest sink emissions unit : inserted (with effect on 1 January 2009), on 7 September 2010, by section 117(9) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 forestry business : replaced (with effect on 1 April 2008), on 2 November 2012, by section 154(17) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 formation loss : inserted, on 1 April 2010, by section 557(83) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 fully credited for conduit tax relief : repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(21) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 fully imputed : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(84) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 general insurance contract : repealed (with effect on 1 April 2008), on 7 September 2010, by section 117(10) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 general partner : inserted, on 1 April 2008, by section 23(7) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 gifting settlor : inserted, on 1 April 2008, by section 550(21) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 government screen production payment : repealed (with effect on 1 January 2010), on 7 September 2010, by section 117(11) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 grandparented structure : inserted (with effect on 30 July 2009), on 28 May 2010, by section 96(4) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 grandparenting income year : inserted, on 1 April 2011, by section 132(19) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 grandparenting start day : inserted, on 1 July 2010, by section 557(87) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 grey list company : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(88) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 grey list dividend : repealed (with effect on 30 June 2008), on 6 October 2009, by section 557(89) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 group life master policy : inserted, on 1 July 2010, by section 557(90) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 group of companies : amended, on 1 April 2008, by section 550(22) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 guarantor : replaced (with effect on 1 April 2012), on 2 November 2012, by section 154(20) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 guarantor : inserted (with effect on 1 April 2011), on 2 November 2012, by section 154(19) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 holding company paragraph (a): substituted, on 1 April 2010, by section 557(91) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 home : repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(5) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 honorarium : inserted (with effect on 1 April 2009), on 6 October 2009, by section 557(92) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 honorarium : amended (with effect on 1 April 2009), on 7 September 2010, by section 117(12) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 household member : repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(6) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 housekeeper : repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(7) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 housekeeping payments : repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(8) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 IFRS : inserted, on 1 April 2008, by section 550(23) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 IFRS : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 IFRS 4 : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(93) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 IFRSE : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(94) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 impaired credit adjustment : inserted, on 1 April 2008, by section 550(23) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 income derived from New Zealand : repealed, on 21 December 2010, by section 132(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 income from employment paragraph (b)(iv): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 income from employment paragraph (d): added (with effect on 1 April 2008), on 6 October 2009, by section 557(95) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 income interest paragraph (b): amended (with effect on 30 June 2009), on 6 October 2009, by section 557(96) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 income tax liability paragraph (a)(ii): substituted, on 1 April 2010, by section 557(97) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 income-tested benefit paragraph (c): repealed, on 20 August 2012, by section 26(3)(a) of the Social Security (Youth Support and Work Focus) Amendment Act 2012 (2012 No 50). Section YA 1 income-tested benefit paragraph (g): amended, on 20 August 2012, by section 26(3)(b) of the Social Security (Youth Support and Work Focus) Amendment Act 2012 (2012 No 50). Section YA 1 income-tested benefit paragraph (h): inserted, on 20 August 2012, by section 26(4) of the Social Security (Youth Support and Work Focus) Amendment Act 2012 (2012 No 50). Section YA 1 income-tested benefit paragraph (i): inserted, on 20 August 2012, by section 26(4) of the Social Security (Youth Support and Work Focus) Amendment Act 2012 (2012 No 50). Section YA 1 independent living : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(21) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 industry research co-operative : repealed, on 1 October 2009, by section 20(3) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 initial provisional tax liability paragraph (b)(ii): amended, on 1 April 2009, by section 22(2) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section YA 1 institution : repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(9) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 internal software development : inserted, on 1 April 2008, by section 550(25) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 internal software development controller : inserted, on 1 April 2008, by section 550(25) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 internal software development group : inserted, on 1 April 2008, by section 550(25) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 international tax rules paragraph (a)(xiv): repealed, on 1 April 2010, by section 557(100) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 international tax rules paragraph (a)(xv): repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(99) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 international tax rules paragraph (a)(xii): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(22) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 international tax rules paragraph (a)(xiii): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(98) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 international tax rules paragraph (b): amended, on 1 April 2010, by section 557(101) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 investment activity : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 96(5) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 investor paragraph (b): substituted, on 1 April 2010, by section 557(102) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 investor paragraph (c): repealed, on 1 April 2008, by section 550(26) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 investor class : inserted, on 1 April 2010, by section 557(103) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 investor interest : inserted, on 1 April 2010, by section 557(103) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 in-work payment : repealed, on 1 April 2008, by section 550(27) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 in-work tax credit : inserted, on 1 April 2008, by section 550(27) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 jurisdictional attributed income : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(104) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 jurisdictional attributed income : amended (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(8) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 jurisdictional BE income : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(104) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 jurisdictional BE income : amended (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(8) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 jurisdictional income ratio : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(104) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 jurisdictional income ratio : amended (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(8) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 KiwiSaver calculation period : repealed, on 1 April 2009, by section 56(3) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 Kyoto unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(105) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 land investment company : substituted (with effect on 1 April 2010), on 21 December 2010, (applying for the 2010–11 and later income years) by section 132(22) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 land investment company paragraph (c): amended (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 130(9) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 land loss : inserted, on 1 April 2010, by section 557(106) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 land provisions : inserted, on 1 April 2010, by section 557(107) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 LAQC : repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(23) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 large budget film grant : inserted (with effect on 1 January 2010), on 7 September 2010, by section 117(14) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 large budget screen production grant : repealed, on 1 January 2010, by section 557(108) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 lease paragraph (d): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(23) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 lease paragraph (d)(vi): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(9) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 lease paragraph (d)(vii): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(9) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 lease paragraph (f)(i): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(109) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 lease paragraph (f)(ii): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(10) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 legal expenses : inserted, on 1 April 2009, by section 22(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section YA 1 lessee paragraph (a): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(11)(a) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 lessee paragraph (b): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(11)(b) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 lessor paragraph (a): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(12)(a) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 lessor paragraph (b): amended (with effect on 1 April 2008), on 7 December 2009, by section 118(12)(b) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 life financial reinsurance : inserted, on 1 January 2010, by section 557(110) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 life fund PIE : inserted, on 1 April 2010, by section 557(111) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 life insurance rules : repealed, on 2 November 2012, by section 154(21) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 life risk : inserted, on 1 July 2010, by section 557(112) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 life risk component : inserted, on 1 July 2010, by section 557(113) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 limited non-transaction shares : inserted (with effect on 1 April 2010), on 7 September 2010, by section 117(15) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 limited partner : inserted, on 1 April 2008, by section 23(8) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 limited partnership : inserted, on 1 April 2008, by section 23(8) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 limited partnership deduction : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(114) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 limited partnership net deduction : repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(114) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 lines trust : inserted, on 1 April 2010, by section 557(115) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 listed limited partnership : inserted, on 1 April 2008, by section 23(9) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 listed PIE : inserted, on 1 April 2010, by section 557(116) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 listed research provider : repealed, on 1 October 2009, by section 20(4) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 loan paragraph (b): amended (with effect on 30 June 2009), on 6 October 2009, by section 557(117) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 local authority paragraph (b)(vii): substituted, on 1 November 2010, by section 113(1) of the Local Government (Auckland Transitional Provisions) Act 2010 (2010 No 37). Section YA 1 local authority paragraph (b)(ix): added, on 2 December 2011, by section 14(2) of the Local Government Borrowing Act 2011 (2011 No 77). Section YA 1 local authority paragraph (x): inserted (with effect on 1 November 2010), on 2 November 2012, by section 154(22) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 look-through company : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(24) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 look-through company deduction : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(25) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 look-through counted owner : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(26) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 look-through interest : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(27) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 loss paragraph (c): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(24) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 loss-attributing qualifying company : repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(28) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 loss balance : substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(13) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 major shareholder paragraph (c): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 130(10) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 major shareholder paragraph (d): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 130(10) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 market value circumstance paragraph (a)(ii): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(118) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 market value interest paragraph (a): amended, on 2 November 2012, by section 154(23) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 maximum permitted ratio : amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(25) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 member paragraph (b): repealed, on 1 April 2011, by section 117(16) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 member credit contribution : inserted, on 1 April 2008, by section 135(6) of the Taxation (KiwiSaver) Act 2007 (2007 No 110). Section YA 1 member credit contribution paragraph (a)(i): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(119)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 member credit contribution paragraph (a)(iib): inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(119)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 member credit contribution paragraph (b): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(119)(c) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 minimum family tax credit : inserted, on 1 April 2008, by section 550(29) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 mixed-ownership enterprise : inserted, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section YA 1 monthly instalment plan : amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 mortality profit : repealed, on 1 July 2010, by section 557(120) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 mortality profit formula : repealed, on 1 July 2010, by section 557(120) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 multi-rate PIE : inserted, on 1 April 2010, by section 557(121) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 multi-rate PIE paragraph (e): repealed, on 1 July 2010, by section 557(122) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 net attributable CFC income : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(123) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 net attributable CFC loss : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(123) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 net attributable FIF income : inserted (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(26) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 net attributable FIF loss : inserted (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(26) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 net family scheme income : amended, on 1 April 2008, by section 550(30) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 net mining loss : inserted (with effect on 1 April 2008), on 7 December 2009, by section 118(14) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 new business : inserted, on 1 July 2010, by section 557(124) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 new company tax rate person : inserted, on 1 October 2010, by section 30(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 new personal tax rate person : substituted, on 1 October 2010, by section 30(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 new reporting standard : inserted (with effect on 1 April 2008), on 7 December 2009, by section 118(15) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 new start grant : substituted, on 6 October 2009, by section 557(125) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 new start grant paragraph (b): replaced, on 2 November 2012, by section 154(24) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 new tax rate person : repealed, on 1 October 2010, by section 30(3) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 New Zealand banking group : amended (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(27) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 New Zealand emissions unit : inserted (with effect on 1 January 2009), on 6 October 2009, by section 557(127) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 New Zealand partnership : inserted, on 1 April 2008, by section 23(10) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 New Zealand unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(127) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 Niue International Trust Fund : inserted, on 1 April 2008, by section 550(32) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 non-attributing active CFC : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(128) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-attributing Australian CFC : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(128) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-creditable dividend : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(129) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-filing taxpayer paragraph (b): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(130) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-filing taxpayer paragraph (b): amended, on 21 December 2010, by section 132(29) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 non-integral fee : inserted, on 1 April 2008, by section 550(33) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 non-Kyoto greenhouse gas unit : inserted (with effect on 1 January 2009), on 6 October 2009, by section 557(131) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-Kyoto greenhouse gas unit paragraph (a): amended (with effect on 1 January 2009), on 7 September 2010, by section 117(18) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 non-refundable tax credit paragraph (a): amended, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(10) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 non-refundable tax credit paragraph (ab): inserted, on 6 January 2010, by section 557(132) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-refundable tax credit paragraph (d): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(28) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 non-refundable tax credit paragraph (g): substituted, on 1 April 2010, by section 557(133) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-resident entertainer paragraph (b): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(134) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-resident entertainer paragraph (c): repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(134) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 non-resident seasonal worker : repealed (with effect on 6 October 2009), on 21 December 2010, by section 132(31) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 notified foreign investor : inserted, on 29 August 2011, by section 130(11) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 notified investor rate : inserted, on 1 April 2010, by section 557(136) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 notified investor rate : amended, on 1 October 2010, by section 30(4) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 novelty : inserted, on 1 April 2008, by section 550(34) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 2 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 2 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 8 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 8 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 17 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 17 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 23 : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(137) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 NZIAS 23 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 28 : inserted (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(29) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 NZIAS 31 : inserted (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(29) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 NZIAS 32 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 32 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 39 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 NZIAS 39 : amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22). Section YA 1 NZIAS 41 : inserted, on 1 April 2008, by section 550(35) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 offshore development : repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(138) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 old company tax rate : inserted, on 1 April 2008, by section 550(36) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 old company tax rate : amended (with effect on 1 October 2010), on 7 May 2012, by section 132(30)(a) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 old company tax rate : amended (with effect on 1 October 2010), on 7 May 2012, by section 132(30)(b) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 old reporting standard : inserted (with effect on 1 April 2008), on 7 December 2009, by section 118(16) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 onshore development : repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(139) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 operating lease : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(140) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 option : amended, on 2 November 2012, by section 154(26) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 outstanding claims reserve : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(141) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 outstanding claims reserve paragraph (a): amended (with effect on 1 April 2008), on 21 December 2010, by section 132(32) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 overseas eligible expenditure : repealed, on 1 October 2009, by section 20(5) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 overtime : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(142) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 ownership interest : amended (with effect on 1 January 2011), on 2 November 2012, by section 154(28) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 ownership interest : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(143) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 owner's associate : inserted (with effect on 1 April 2011), on 2 November 2012, by section 154(27) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 owner's interests : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(33) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 paid work : repealed, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(11) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 Part F activity : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(144) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 partner : substituted, on 1 April 2008, by section 23(11) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 partner’s associate : inserted, on 1 April 2008, by section 23(11) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 partner’s interests : inserted, on 1 April 2008, by section 23(11) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 partnership : substituted, on 1 April 2008, by section 23(11) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 partnership share : inserted, on 1 April 2008, by section 23(11) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 partnership share : amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 pay paragraph (bb): inserted, on 6 January 2010, by section 557(145) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 PAYE income payment : amended (with effect on 4 September 2010), on 24 May 2011, by section 11(2) of the Taxation (Canterbury Earthquake Measures) Act 2011 (2011 No 24). Section YA 1 PAYE income payment form paragraph (f): amended, on 1 April 2012, by section 223 of the Student Loan Scheme Act 2011 (2011 No 62). Section YA 1 PAYE income payment form paragraph (g): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 PAYE income payment form paragraph (h): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(146)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 PAYE income payment form paragraph (i): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(146)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 payroll donation : inserted, on 6 January 2010, by section 557(147) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 personal injury by accident : repealed, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(12) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 personal service rehabilitation payment : inserted, on 1 April 2008, by section 550(38) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 personal service rehabilitation payment paragraph (a): substituted (with effect on 1 July 2008), on 6 October 2009, by section 557(148)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 personal service rehabilitation payment paragraph (a): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 personal service rehabilitation payment paragraph (c): substituted (with effect on 1 July 2008), on 6 October 2009, by section 557(148)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 petroleum mining development : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(149) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 petroleum mining operations : substituted, on 1 April 2008, by section 550(39) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 PFSI forestry business : inserted (with effect on 1 April 2008), on 7 December 2009, by section 118(17) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 PFSI forestry income : inserted (with effect on 1 April 2008), on 7 December 2009, by section 118(17) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 PIE : inserted, on 1 April 2010, by section 557(150) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 PIE rules : inserted, on 1 April 2010, by section 557(150) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 PIE rules paragraph (a)(v): amended, on 29 August 2011, by section 130(12)(a) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 PIE rules paragraph (a)(vb): inserted, on 29 August 2011, by section 130(12)(b) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 PIE rules paragraph (a)(vii): amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 118(18) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 PIE rules paragraph (a)(viii): amended, on 29 August 2011, by section 130(12)(c) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 PIE rules paragraph (b): amended, on 29 August 2011, by section 130(12)(d) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 plant : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 132(34) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 policy liabilities : inserted, on 1 July 2010, by section 557(151) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder base : substituted, on 1 July 2010, by section 557(152) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder base allowable deductions : inserted, on 1 July 2010, by section 557(152) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder base income : inserted, on 1 July 2010, by section 557(152) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder base income tax liability : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder credit : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder credit account : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder debit : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder FDP ratio : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder income : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder income formula : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder net loss : repealed, on 1 July 2010, by section 557(153) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 policyholder unvested liabilities : inserted, on 1 July 2010, by section 118(19) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 portable New Zealand superannuation : substituted, on 5 January 2010, by section 118(20) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 portable veteran's pension : substituted, on 5 January 2010, by section 118(20) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 portfolio allocation period : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio calculation period : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class fraction : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class investment value : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class net income : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class net loss : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class taxable income : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio class taxable loss : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio defined benefit fund : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio entity formation loss : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio entity investment : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio entity tax liability : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investment : inserted, on 1 April 2010, by section 557(155) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investment entity : substituted, on 1 April 2010, by section 557(155) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investment-linked life fund : inserted, on 1 July 2008, by section 550(42) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 portfolio investor allocated income : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor allocated loss : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor class : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor exit period : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor interest : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor interest fraction : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor proxy : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio investor rate : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio land company : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio listed company : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 portfolio tax rate entity : repealed, on 1 April 2010, by section 557(154) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 post-1989 forest land : substituted (with effect on 1 January 2009), on 6 October 2009, by section 557(159) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 post-1989 forest land emissions unit : substituted (with effect on 1 April 2010), on 7 September 2010, by section 117(19) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 post-1989 forest land unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(159) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 post-treaty tax rate : inserted, on 1 February 2010, by section 118(21) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 pre-1990 forest land : substituted (with effect on 1 January 2009), on 6 October 2009, by section 557(160) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 pre-1990 forest land emissions unit : substituted (with effect on 1 April 2010), on 7 September 2010, by section 117(20) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 pre-1990 forest land emissions unit paragraph (b): replaced (with effect on 9 June 2009), on 2 November 2012, by section 154(30) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 pre-1990 forest land unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(160) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 premium paragraph (a)(iii): added, on 1 July 2010, by section 557(161) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 premium loading : repealed, on 1 July 2010, by section 557(162) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 premium loading formula : repealed, on 1 July 2010, by section 557(162) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 premium payback amount : inserted, on 1 July 2010, by section 557(163) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 prescribed investor rate : inserted, on 1 April 2010, by section 557(167) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 prescribed investor rate : amended, on 1 April 2012 (applying for the 2012–13 and later income years), by section 130(13) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 prescribed investor rate : amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 118(22) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 present value (gross) : inserted, on 1 July 2010, by section 557(168) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 present value (net) : inserted, on 1 July 2010, by section 557(168) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 principal caregiver : amended, on 1 April 2008, by section 550(49) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 profit distribution plan : inserted (with effect on 1 October 2012), on 2 November 2012, by section 154(31) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 profit participation policy : inserted, on 1 July 2010, by section 557(169) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 profit participation policy paragraph (b)(ii): amended (with effect on 1 July 2010), on 21 December 2010, by section 132(35) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 profit participation policy paragraph (c): added (with effect on 1 July 2010), on 21 December 2010, by section 132(35) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 profit-related debenture : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(170) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 projected transactions shareholding : inserted (with effect on 1 April 2010), on 7 September 2010, by section 117(21) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 property paragraph (ab): inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(36) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 property paragraph (ac): inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(36) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 proportional-stapling company : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(171) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 protected family support : repealed, on 1 April 2008, by section 550(50) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 protected family tax credit : inserted, on 1 April 2008, by section 550(50) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 PSR period : inserted, on 1 July 2010, by section 557(172) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 public authority paragraph (b): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 public authority paragraph (d): amended, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section YA 1 public authority paragraph (e): inserted, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section YA 1 qualifying event : repealed, on 6 October 2009, by section 557(173) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 QCP transitional process : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(37) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 QCST transitional process : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(38) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 recognised seasonal employment scheme : inserted, on 6 October 2009, by section 557(174) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 recourse property : replaced (with effect on 1 April 2012), on 2 November 2012, by section 154(33) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 recourse property : inserted (with effect on 1 April 2011), on 2 November 2012, by section 154(32) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 redundancy payment : repealed, on 1 April 2011 (applying for the 2011–12 and later income years), by section 96(6) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 refundable tax credit paragraph (a): amended, on 1 April 2008, by section 550(52) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 refundable tax credit paragraph (bb): inserted, on 1 April 2008, by section 550(52) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 refundable tax credit paragraph (d): substituted, on 1 April 2010, by section 557(177) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 refundable tax credit paragraph (e): substituted, on 1 April 2010, by section 557(177) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 registered as a charitable entity : repealed, on 1 July 2008, by section 48(4) of the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 (2008 No 36). Section YA 1 reinsurance grandparenting start day : inserted, on 1 July 2010, by section 557(178) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 related person : substituted, on 1 April 2010, by section 557(179) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 relative : substituted, on 1 April 2010, by section 557(180) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 relative paragraph (a): amended, on 2 November 2012 (applying for income years beginning on or after the date on which the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 receives the Royal assent), by section 154(34) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 relative paragraph (a): amended, on 1 April 2010, by section 118(23)(a) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 relative paragraph (b): amended, on 1 April 2010, by section 118(23)(b) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 relative paragraph (bb): inserted, on 2 November 2012 (applying for income years beginning on or after the date on which the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 receives the Royal assent), by section 154(35) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 relative paragraph (c): added, on 1 April 2010, by section 118(23)(c) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 replacement ETS unit : repealed (with effect on 1 January 2009), on 6 October 2009, by section 557(181) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 replacement forest land emissions unit : inserted (with effect on 1 January 2009), on 6 October 2009, by section 557(181) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 replacement forest land emissions unit paragraph (a): substituted (with effect on 1 January 2009), on 7 September 2010, by section 117(22)(a) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 replacement forest land emissions unit paragraph (b): amended (with effect on 1 January 2009), on 7 September 2010, by section 117(22)(b) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 reporting standard : repealed (with effect on 1 April 2008), on 7 December 2009, by section 118(24) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 required interest : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(182) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 research : amended, on 1 April 2008, by section 550(54) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 research and development activities : inserted, on 1 April 2008, by section 550(55) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 research and development project : repealed, on 1 October 2009, by section 20(6) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 resident group member : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(183) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 resident group member : amended (with effect on 30 June 2009), on 29 August 2011 (applying for income years beginning on or after 1 July 2009), by section 130(8) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 resident in Australia : amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 residential mortgage backed security : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(184) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 residual income tax paragraph (b)(iiib): inserted, on 1 April 2008, by section 550(56) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 residual income tax paragraph (b)(iiic): inserted (with effect on 1 April 2009), on 21 December 2010, by section 132(39) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 residual income tax paragraph (b)(vb): inserted, on 1 April 2008, by section 550(56) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 residual income tax paragraph (d): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 132(31) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 retained earnings : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(185) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 retirement savings scheme : inserted, on 1 April 2008, by section 550(57) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 retirement scheme contribution : inserted, on 1 April 2008, by section 550(57) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 retirement scheme contributor : inserted, on 1 April 2008, by section 550(57) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 retirement scheme prescribed rate : substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 118(25) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 revenue account property : substituted (with effect on 1 January 2009), on 6 October 2009, by section 557(186) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 revenue account property paragraph (b): amended (with effect on 1 January 2009), on 7 September 2010, by section 117(24) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 revenue account property paragraph (c): amended (with effect on 1 January 2009), on 29 August 2011, by section 130(14) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 revenue account property paragraph (d): added (with effect on 1 January 2009), on 29 August 2011, by section 130(14) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 RMBS special purpose vehicle : repealed (with effect on 1 June 2010), on 7 September 2010, by section 117(25) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 RSCT : inserted, on 1 April 2008, by section 550(58) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 RSCT rules : inserted, on 1 April 2008, by section 550(58) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 RWT proxy : amended (with effect on 1 April 2008), on 7 December 2009, by section 118(27) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 RWT substitution payment : inserted (with effect on 1 April 2008), on 29 August 2011, by section 130(15) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 salary or wages paragraph (b): replaced, on 1 April 2012, by section 13(3) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23). Section YA 1 savings component : inserted, on 1 July 2010, by section 557(189) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 savings product policy : substituted, on 1 July 2010, by section 118(28) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 savings product policy paragraph (b): amended (with effect on 1 July 2010), on 7 September 2010, by section 117(26) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 schedular income paragraph (a): substituted, on 1 July 2010, by section 557(190) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 schedular income paragraph (c): repealed (with effect on 1 April 2008), on 6 October 2009, by section 557(191) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 schedular income paragraph (db): inserted, on 1 April 2010, by section 557(192) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 schedular income paragraph (f): amended (with effect on 1 April 2008), on 6 October 2009, by section 557(193) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 schedular income paragraph (h): repealed, on 2 November 2012, by section 154(36) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 schedular policyholder base income : inserted, on 1 July 2010, by section 557(194) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 scientific or technological uncertainty : inserted, on 1 April 2008, by section 550(59) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 secured amounts : substituted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(40) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 separated person : amended, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 7(13) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 settlor : amended, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(41) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 settlor paragraph (c): added, on 1 April 2010, by section 557(196) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 share paragraph (bb): inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(197) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 share purchase agreement : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(198) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 share purchase agreement : amended (with effect on 1 October 2012), on 2 November 2012, by section 154(37) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 share purchase agreement : amended (with effect on 1 April 2008), on 7 December 2009, by section 118(29) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 share reorganisation : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(199) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 shareholder paragraph (c): amended, on 1 April 2008, by section 550(60) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 shareholder agreement : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(200) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 shareholder base : inserted, on 1 July 2010, by section 557(201) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 shareholder base allowable deductions : inserted, on 1 July 2010, by section 557(201) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 shareholder base income : inserted, on 1 July 2010, by section 557(201) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 shareholder-employee paragraph (b)(ii): amended, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(42) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 shareholder-employee paragraph (c): added, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(42) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 significant financial hardship : repealed, on 1 April 2011, by section 117(27) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 small partnership : inserted, on 1 April 2008, by section 23(13) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 sound commercial reason : inserted, on 1 April 2008, by section 550(61) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 source in New Zealand : amended, on 21 December 2010, by section 132(43) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 special excluded depreciable property : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 96(7) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 spouse : amended, on 29 May 2012 (for the purposes of sections LC 4 and LC 5 and schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994, applying for PAYE income payments made on or after 1 April 2013), by section 7(14) of the Taxation (Budget Measures) Act 2012 (2012 No 38). Section YA 1 stapled : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(202) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 stapled debt security : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(202) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 starting date : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(203) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 state enterprise : amended, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Section YA 1 subsidy claim form paragraph (b): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 subsidy claim form paragraph (f): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section YA 1 substituting debenture : amended (with effect on 1 April 2008), on 6 October 2009, by section 557(204) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 superannuation scheme paragraph (ii): repealed, on 1 April 2008, by section 135(7) of the Taxation (KiwiSaver) Act 2007 (2007 No 110). Section YA 1 superannuation scheme paragraph (a)(iv): amended, on 2 November 2012, by section 154(38) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 supplementary dividend holding company paragraph (e): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(32) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 supporting asset base : inserted, on 1 July 2010, by section 557(205) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 surrender : substituted (with effect on 1 January 2009), on 6 October 2009, by section 557(206) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 surrender value : inserted, on 1 July 2010, by section 557(207) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 systematic, investigative, and experimental activities : inserted, on 1 April 2008, by section 550(62) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 tax charity : inserted, on 1 July 2008, by section 48(5) of the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 (2008 No 36). Section YA 1 tax loss : substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(31) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 tax pooling account : substituted (with effect on 1 April 2009), on 6 October 2009, by section 557(209) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 tax position : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(44) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 tax withheld : substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(210) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 taxable bonus issue paragraph (e): inserted (with effect on 1 October 2012), on 2 November 2012, by section 154(39) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 taxable distribution : amended (with effect on 1 April 2008), on 7 December 2009, by section 118(32) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 taxation law : substituted (with effect on 30 June 2009), on 6 October 2009, by section 557(208) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 taxation law : amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(33) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 taxed CFC connection : inserted (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(34) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 taxed CFC connection paragraph (a): amended (with effect on 1 July 2009), on 2 November 2012, by section 154(40) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 taxed FIF connection : inserted (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 132(34) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section YA 1 taxi : inserted, on 10 May 2011, by section 100(3) of the Land Transport (Road Safety and Other Matters) Amendment Act 2011 (2011 No 13). Section YA 1 taxicab : repealed, on 10 May 2011, by section 100(3) of the Land Transport (Road Safety and Other Matters) Amendment Act 2011 (2011 No 13). Section YA 1 technology : inserted, on 1 April 2008, by section 550(63) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 telecommunications service : inserted (with effect on 30 June 2009), on 6 October 2009, by section 557(211) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 temporary building paragraph (a): repealed, on 1 April 2011 (applying for the 2011–12 and later income years), by section 96(9) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section YA 1 tertiary institution : repealed, on 1 October 2009, by section 20(7) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105). Section YA 1 timber : substituted (with effect on 1 April 2008), on 7 December 2009, by section 118(33) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 Tokelau International Trust Fund : inserted, on 1 April 2008, by section 550(65) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 tracking account : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(212) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 tracking associate : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(213) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 trading stock paragraph (b): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 117(28)(a) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 trading stock paragraph (c): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 117(28)(b) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 trading stock paragraph (c): substituted (with effect on 1 April 2008), on 6 October 2009, by section 557(214)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 trading transaction : inserted (with effect on 1 April 2010), on 7 September 2010, by section 117(29) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 transaction shares : inserted (with effect on 1 April 2010), on 7 September 2010, by section 117(29) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 transfer : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(45) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 transfer of value paragraph (b)(ii): amended (with effect on 1 April 2008), on 21 December 2010 (applying for the 2008–09 and later income years), by section 132(46) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 transitional period : inserted, on 1 April 2008, by section 550(66) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 trust rules paragraph (a): repealed, on 1 April 2011, by section 117(30) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 turnover : amended, on 1 April 2008, by section 23(14) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section YA 1 UFTC : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(215) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 UFTC accounting period : repealed (with effect on 30 June 2009), on 6 October 2009, by section 557(216) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 unwind : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(217) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 unwind : amended (with effect on 1 June 2010), on 7 September 2010, by section 117(31) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 valuation premiums : inserted, on 1 July 2010, by section 557(218) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 venture investment agreement : amended, on 1 April 2008, by section 550(67) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 volunteer : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(219) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 voting interest paragraph (a): amended, on 2 November 2012, by section 154(41) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section YA 1 WFF tax credit : inserted, on 1 April 2008, by section 550(68) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section YA 1 widely-held GIF : substituted, on 1 April 2010, by section 557(220) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 widely-held superannuation fund : substituted, on 1 April 2010, by section 557(221) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 withdrawal : repealed, on 1 April 2011, by section 117(32) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section YA 1 working owner : inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 132(47) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section YA 1 work-related relocation : inserted (with effect on 1 April 2008), on 6 October 2009, by section 557(222) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 workplace group policy : inserted, on 1 July 2010, by section 118(34) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 year of payment : repealed, on 1 April 2011, by section 118(35) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 zero-rated investor : added, on 1 April 2010, by section 557(223) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section YA 1 zero-rated investor : amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 118(36) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section YA 1 zero-rated portfolio investor : repealed, on 1 April 2010, by section 557(223) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).