Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section A 1 — Title
A 1 Title This Act is the Income Tax Act 2007. Compare: 2004 No 35 s A 1
Section AA 1 — Purpose of Act
AA 1 Purpose of Act The main purposes of this Act are— (a) to define, and impose tax on, net income: (b) to impose obligations concerning tax: (c) to set out rules for calculating tax and for…
Section BA 1 — Purpose
BA 1 Purpose The purposes of this Part are— (a) to impose income tax, provisional tax, withholding liabilities, and other tax obligations concerning taxes: (b) to set out procedures to be followed…
Section BB 1 — Imposition of income tax
BB 1 Imposition of income tax Income tax is imposed on taxable income, at the rate or rates of tax fixed by an annual taxing Act, and is payable to the Crown under this Act and the Tax Administration…
Section BC 1 — Non-filing and filing taxpayers
BC 1 Non-filing and filing taxpayers Non-filing taxpayer (1) The income tax liability of a non-filing taxpayer for a tax year is the total tax withheld from amounts of income included in the…
Section BD 1 — Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income
BD 1 Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income Amounts of income (1) An amount is income of a person if it is their income under a provision…
Section BE 1 — Withholding liabilities
BE 1 Withholding liabilities PAYE income payments (1) A person who makes a PAYE income payment must withhold an amount from the payment under the PAYE rules. Resident passive income (2) A person who…
Section BF 1 — Other obligations
BF 1 Other obligations A person must pay the following types of income or ancillary tax under the relevant Part: (a) qualifying company election tax under Part H (Taxation of certain entities): (b)…
Section BG 1 — Tax avoidance
BG 1 Tax avoidance Avoidance arrangement void (1) A tax avoidance arrangement is void as against the Commissioner for income tax purposes. Reconstruction (2) Under Part G (Avoidance and non-market…
Section BH 1 — Double tax agreements
BH 1 Double tax agreements Meaning (1) Double tax agreement means an agreement that— (a) has been negotiated for 1 or more of the purposes set out in subsection (2); and (b) has been agreed between—…
Section CA 1 — Amounts that are income
CA 1 Amounts that are income Amounts specifically identified (1) An amount is income of a person if it is their income under a provision in this Part. Ordinary meaning (2) An amount is also income of…
Section CB 1 — Amounts derived from business
CB 1 Amounts derived from business Income (1) An amount that a person derives from a business is income of the person. Exclusion (2) Subsection (1) does not apply to an amount that is of a capital…
Section CC 1 — Land
CC 1 Land Income (1) An amount described in subsection (2) is income of the owner of land if they derive the amount from— (a) a lease, licence, or easement affecting the land; or (b) the grant of a…
Section CD 1 — Dividend
CD 1 Dividend A dividend derived by a person is income of the person. Defined in this Act: dividend , income Compare: 2004 No 35 s CD 1
Section CE 1 — Amounts derived in connection with employment
CE 1 Amounts derived in connection with employment Income (1) The following amounts derived by a person in connection with their employment or service are income of the person: (a) salary or wages or…
Section CF 1 — Benefits, pensions, compensation, and government grants
CF 1 Benefits, pensions, compensation, and government grants Income (1) The following amounts are income: (a) an accident compensation payment: (b) an education grant: (c) an income-tested benefit:…
Section CG 1 — Amount of depreciation recovery income
CG 1 Amount of depreciation recovery income An amount of depreciation recovery income that a person has is income of the person. Defined in this Act: amount , depreciation recovery income , income…
Section CH 1 — Adjustment for closing values of trading stock, livestock, and excepted financial arrangements
CH 1 Adjustment for closing values of trading stock, livestock, and excepted financial arrangements When this section applies (1) This section applies when a person has some or all of the following…
Section CO 1 — Income from voluntary activities
CO 1 Income from voluntary activities Income (1) An amount derived by a person in undertaking a voluntary activity is income of the person. Relationship with section CW 62B (2) This section is…
Section CP 1 — Attributed income of investors in multi-rate PIEs
CP 1 Attributed income of investors in multi-rate PIEs When this section applies (1) This section applies when a multi-rate PIE attributes an amount of income for an income year calculated under…
Section CQ 1 — Attributed controlled foreign company income
CQ 1 Attributed controlled foreign company income Attributed controlled foreign company (CFC) income of a person is income. Defined in this Act: attributed CFC income , controlled foreign company ,…
Section CR 1 — Policyholder base income of life insurer
CR 1 Policyholder base income of life insurer If, but for this section, a life insurer has an amount of policyholder base income for an income year, and that amount is not income under this Part, the…
Section CS 1 — Withdrawals
CS 1 Withdrawals Section CS 1: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
Section CT 1 — Disposal of exploratory material or petroleum mining asset
CT 1 Disposal of exploratory material or petroleum mining asset Income: disposal of exploratory material (1) The consideration that a petroleum miner derives from disposing of exploratory material is…
Section CU 1 — Mining company’s 2 kinds of income
CU 1 Mining company’s 2 kinds of income Income derived by a mining company is either income from mining or income other than income from mining. Defined in this Act: income , income from mining ,…
Section CV 1 — Group companies
CV 1 Group companies An amount that a company derives in an income year and that would not otherwise be income of the company is treated as its income if— (a) the company is for that income year part…
Section CW 1 — Forestry companies established by the Crown, Maori owners, and holding companies buying land with standing timber from founders
CW 1 Forestry companies established by the Crown, Maori owners, and holding companies buying land with standing timber from founders When this section applies (1) This section applies when a forestry…
Section CX 1 — Goods and services tax
CX 1 Goods and services tax The following are excluded income of a registered person: (a) output tax on goods and services they supply: (b) goods and services tax (GST) payable to them by the…
Section CZ 1 — Share purchase agreement income before 19 July 1968
CZ 1 Share purchase agreement income before 19 July 1968 In sections CE 1 to CE 4 (which relate to employment income), share purchase agreement does not include any agreement entered into before 19…
Section DA 1 — General permission
DA 1 General permission Nexus with income (1) A person is allowed a deduction for an amount of expenditure or loss, including an amount of depreciation loss, to the extent to which the expenditure or…
Section DB 1 — Taxes, other than GST, and penalties
DB 1 Taxes, other than GST, and penalties No deduction (1) A person is denied a deduction for the following: (a) income tax: (b) a tax imposed in a country or territory outside New Zealand that is…
Section DC 1 — Lump sum payments on retirement
DC 1 Lump sum payments on retirement Deduction (1) A person who carries on a business is allowed a deduction for a lump sum paid as a bonus, gratuity, or retiring allowance to an employee on…
Section DD 1 — Entertainment expenditure generally
DD 1 Entertainment expenditure generally When this subpart applies (1) This subpart applies when, in deriving income, a person incurs expenditure on entertainment that provides both a private and a…
Section DE 1 — What this subpart does
DE 1 What this subpart does Apportions motor vehicle expenditure (1) This subpart sets out the rules for determining the proportion of business use of a motor vehicle to its total use when a person…
Section DF 1 — Government grants to businesses
DF 1 Government grants to businesses When this section applies (1) This section applies when— (a) a local authority or a public authority makes a payment to a person for a business that the person…
Section DN 1 — Attributed controlled foreign company loss
DN 1 Attributed controlled foreign company loss Deduction (1) A person is allowed a deduction for an attributed controlled foreign company (CFC) loss, subject to the jurisdictional ring-fencing rule…
Section DO 1 — Enhancements to land, except trees
DO 1 Enhancements to land, except trees Deduction (1) A person is allowed a deduction for expenditure that they incur on the following in carrying on a farming or agricultural business on land in New…
Section DP 1 — Expenditure of forestry business
DP 1 Expenditure of forestry business Deduction (1) A person carrying on a forestry business on land in New Zealand is allowed a deduction for expenditure that they incur on— (a) administrative…
Section DQ 1 — Main income equalisation scheme
DQ 1 Main income equalisation scheme Deduction (1) A person who has made a deposit for a tax year is allowed a deduction of the amount quantified in section EH 7(2) (Deduction of deposit). Timing of…
Section DR 1 — Policyholder base allowable deduction of life insurer
DR 1 Policyholder base allowable deduction of life insurer Deduction (1) If, but for this section, a life insurer has an amount of policyholder base allowable deduction for an income year and that…
Section DS 1 — Acquiring film rights
DS 1 Acquiring film rights Deduction (1) A person is allowed a deduction for expenditure that they incur in acquiring a film right, if the film is completed, whether it is completed before, at the…
Section DT 1 — Petroleum exploration expenditure
DT 1 Petroleum exploration expenditure Deduction (1) A person is allowed a deduction for petroleum exploration expenditure incurred by them. Relationship with section DT 2 (2) This section is…
Section DU 1 — Mining exploration expenditure and mining development expenditure
DU 1 Mining exploration expenditure and mining development expenditure Deduction (1) A mining company is allowed a deduction for mining exploration expenditure and mining development expenditure that…
Section DV 1 — Publicising superannuation funds
DV 1 Publicising superannuation funds When this section applies (1) This section applies when a superannuation fund incurs expenditure to which all the following apply: (a) it is incurred in…
Section DW 1 — Airport operators
DW 1 Airport operators No deduction (with exception) (1) An airport operator is denied a deduction for expenditure or loss to the extent to which the expenditure or loss is, in terms of the joint…
Section DX 1 — Testamentary annuities
DX 1 Testamentary annuities When this section applies (1) This section applies when— (a) property is subject to the payment of an annuity— (i) because of a provision in a will; or (ii) because of a…
Section DZ 1 — Commercial bills before 31 July 1986
DZ 1 Commercial bills before 31 July 1986 Deduction (1) A person is allowed a deduction if they acquire a commercial bill from another person, other than under a relationship agreement, and derive…
Section EA 1 — Trading stock, livestock, and excepted financial arrangements
EA 1 Trading stock, livestock, and excepted financial arrangements Property subject to matching rules (1) The matching rules described in this section apply to each of the following kinds of…
Section EB 1 — When this subpart applies
EB 1 When this subpart applies This subpart applies when a person who owns or carries on a business has trading stock for the purpose of selling or exchanging it in the ordinary course of the…
Section EC 1 — Application of this subpart
EC 1 Application of this subpart When this subpart applies (1) This subpart applies to the valuation of property when a person who owns or carries on a business, other than of selling livestock,…