Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DS 4 — Meaning of film reimbursement scheme
DS 4 Meaning of film reimbursement scheme Meaning (1) Film reimbursement scheme means an arrangement to which subsections (2) to (4) apply. Deduction allowed (2) The first requirement for a film…
Section DT 4 — Acquisition of exploratory material
DT 4 Acquisition of exploratory material The consideration that a person pays to acquire exploratory material from a petroleum miner is treated as petroleum exploration expenditure incurred in the…
Section DU 4 — Income appropriated to expenditure
DU 4 Income appropriated to expenditure When this section applies (1) This section applies when— (a) a mining company appropriates an amount of income to mining exploration expenditure or mining…
Section DV 4 — Carry forward of expenditure
DV 4 Carry forward of expenditure When this section applies (1) This section applies when— (a) the expenditure treated as being incurred by the master superannuation fund, under section DV 2(3) , is…
Section DW 4 — Deduction for general insurance outstanding claims reserve
DW 4 Deduction for general insurance outstanding claims reserve When this section applies (1) This section applies for— (a) an insurer who–– (i) uses IFRS 4, Appendix D for general insurance…
Section DZ 4 — Expenditure on abandoned exploratory well before 16 December 1991
DZ 4 Expenditure on abandoned exploratory well before 16 December 1991 Deduction (1) A petroleum miner is allowed a deduction for expenditure that they incur before 16 December 1991 in drilling,…
Section EA 4 — Deferred payment of employment income
EA 4 Deferred payment of employment income When this section applies (1) This section applies when— (a) a person is allowed a deduction in an income year for an amount of expenditure on employment…
Section EB 4 — Trading stock valuation methods
EB 4 Trading stock valuation methods Standard valuation (1) The standard valuation methods for trading stock are— (a) cost: (b) discounted selling price: (c) replacement price: (d) market selling…
Section EC 4 — Transfers of livestock within wholly-owned groups
EC 4 Transfers of livestock within wholly-owned groups When this section applies (1) This section applies in an income year to livestock held by a company that is part of a wholly-owned group of…
Section EE 4 — Ownership of lessee’s improvements: lessee
EE 4 Ownership of lessee’s improvements: lessee When this section applies (1) This section applies when— (a) a lessee of land incurs expenditure during the period during which the land is leased to…
Section EF 4 — Use of money interest payable by Commissioner
EF 4 Use of money interest payable by Commissioner Timing of income (1) Income that is interest payable by the Commissioner to a person under Part 7 of the Tax Administration Act 1994 is allocated to…
Section EH 4 — Main deposit
EH 4 Main deposit Deposit for business or forestry (1) A person may make a payment to the Commissioner for entry in their main income equalisation account for an accounting year as follows: (a) a…
Section EI 4 — Spreading income from patent rights
EI 4 Spreading income from patent rights When this section applies (1) This section applies when a person derives income under section CB 30 (Sale of patent applications or patent rights). Timing of…
Section EJ 4 — Expenditure incurred in acquiring film rights in feature films
EJ 4 Expenditure incurred in acquiring film rights in feature films Feature films (1) A deduction for expenditure that a person incurs in acquiring a film right is allocated under this section if the…
Section EK 4 — Environmental restoration account
EK 4 Environmental restoration account Person’s account (1) The Commissioner must keep an environmental restoration account in the name of every person who makes a payment to the Commissioner under…
Section EW 4 — What is not a financial arrangement?
EW 4 What is not a financial arrangement? Absolute assignment (1) An absolute assignment of some or all of a person’s rights under another financial arrangement or under an excepted financial…
Section EX 4 — Limits to requirement to include associated person interests
EX 4 Limits to requirement to include associated person interests Non-resident relatives (1) For the purposes of section EX 3 , a New Zealand resident is associated with a non-resident relative only…
Section EY 4 — Apportionment of income of particular source or nature, and of tax credits
EY 4 Apportionment of income of particular source or nature, and of tax credits Default basis (1) For a class of policies, income of a particular source or nature, and tax credits received, are…
Section EZ 4 — Valuation of livestock bailed or leased as at 2 September 1992
EZ 4 Valuation of livestock bailed or leased as at 2 September 1992 When this section applies (1) This section applies when— (a) an owner of livestock valued a class of livestock for the 1991–92…
Section FA 4 — Recharacterisation of shareholder’s base: company repurchasing share
FA 4 Recharacterisation of shareholder’s base: company repurchasing share When this section applies (1) This section applies to a shareholder in a company in relation to an off-market cancellation of…
Section FB 4 — Land under scheme for major development or division
FB 4 Land under scheme for major development or division When this section applies (1) This section applies for the purposes of section CB 13 (Disposal: amount from major development or division and…
Section FC 4 — Property transferred to charities or to close relatives and others
FC 4 Property transferred to charities or to close relatives and others When this section applies (1) This section applies in the circumstances described in section FC 1(1)(b) when tax-base property…
Section FE 4 — Some definitions
FE 4 Some definitions In this subpart,— excess debt entity for an income year is a person who— (a) meets the requirements of section FE 2 in the income year; and (b) is not, at any time in the income…
Section FF 4 — Threshold for application of interest apportionment rule
FF 4 Threshold for application of interest apportionment rule [Repealed] Section FF 4: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International…
Section FM 4 — Limiting joint and several liability of group companies
FM 4 Limiting joint and several liability of group companies When this section applies (1) This section applies before the nominated company of a consolidated group makes an assessment for the…
Section FN 4 — Eligibility rules
FN 4 Eligibility rules When company eligible (1) A company is eligible to be part of an imputation group at a particular time if, at the time,— (a) it is resident in New Zealand or resident in…
Section FO 4 — Rights and obligations of amalgamated companies
FO 4 Rights and obligations of amalgamated companies When this section applies (1) This section applies when an amalgamating company ends its existence on amalgamation. Amalgamated company assuming…
Section FZ 4 — Deductions under specified leases
FZ 4 Deductions under specified leases A lessee under a specified lease is denied a deduction for expenditure incurred by them under the lease except to the extent described in section DZ 14(3)…
Section GB 4 — Arrangements for grouping tax losses: companies
GB 4 Arrangements for grouping tax losses: companies When this section applies (1) This section applies when— (a) a share in a company (the offset company ) or another company has been subject to an…
Section GC 4 — Disposals and acquisitions of FIF attributing interests
GC 4 Disposals and acquisitions of FIF attributing interests When subsection (2) applies (1) Subsection (2) applies if— (a) a person disposes of an attributing interest in a foreign investment fund…
Section HA 4 — Conditions applying
HA 4 Conditions applying Becoming and continuing as qualifying company (1) The requirements of sections HA 5 to HA 9 are preconditions of, and ongoing conditions for, qualifying companies and LAQCs.…
Section HB 4 — General provisions relating to disposals
HB 4 General provisions relating to disposals Relationship between disposal under this section, disposal safe harbours, and subpart FB (1) This section overrides sections HB 5 to HB 9 . This section…
Section HC 4 — Corpus of trust
HC 4 Corpus of trust Meaning (1) In the trust rules, corpus means an amount that is equal to the market value of a settlement of property on the trust measured at the date of the settlement.…
Section HD 4 — Treatment of principals
HD 4 Treatment of principals Despite section HD 3 ,— (a) a principal remains liable for their tax obligations, and is not released from them merely through the existence of the agency; and (b) if the…
Section HE 4 — Apportionment when transactions with members and non-members
HE 4 Apportionment when transactions with members and non-members When this section applies (1) This section applies when an association takes into account transactions with both members and…
Section HF 4 — What constitutes a Maori authority distribution?
HF 4 What constitutes a Maori authority distribution? Transfer of value (1) A transfer of value from a Maori authority to a person is a Maori authority distribution if the cause of the transfer is…
Section HG 4 — Disposal upon final dissolution
HG 4 Disposal upon final dissolution When this section applies (1) This section applies when a partnership is finally dissolved by agreement of the partners, court order, or otherwise, and the…
Section HL 4 — Effect of failure to meet eligibility requirements for entities
HL 4 Effect of failure to meet eligibility requirements for entities [Repealed] Section HL 4: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 4 — Who is an investor?
HM 4 Who is an investor? An investor in a PIE or foreign PIE equivalent means— (a) for an entity that is a company, a shareholder in a company: (b) for a life fund PIE, a person whose benefits under…
Section HR 4 — Government Superannuation Fund
HR 4 Government Superannuation Fund The Government Superannuation Fund Authority is treated for income tax purposes as if the Government Superannuation Fund were a superannuation scheme that is a…
Section HZ 4 — Overseas limited partnerships: transition into limited partnerships deduction rules
HZ 4 Overseas limited partnerships: transition into limited partnerships deduction rules When this section applies (1) This section applies when a limited partnership described in paragraphs (a) and…
Section IA 4 — Using loss balances carried forward to tax year
IA 4 Using loss balances carried forward to tax year Priority uses (1) A person’s loss balance carried forward under section IA 3(4) to a tax year, must— (a) first, be subtracted from their net…
Section IC 4 — Common ownership: wholly-owned groups of companies
IC 4 Common ownership: wholly-owned groups of companies Interests held (1) A wholly-owned group of companies means 2 or more companies in relation to which a group of persons holds, for the relevant…
Section ID 4 — Pre-consolidation losses on entry: part-year rule
ID 4 Pre-consolidation losses on entry: part-year rule When this section applies (1) This section applies if a company that is part of a consolidated group has a loss balance to which section ID 2…
Section IE 4 — Group companies’ treatment of tax losses on amalgamation
IE 4 Group companies’ treatment of tax losses on amalgamation When this section applies (1) This section applies on an amalgamation if a company that is part of a group of companies— (a) meets the…
Section IP 4 — Breach in income year in which tax loss component arises
IP 4 Breach in income year in which tax loss component arises When this section applies (1) This section applies for the purposes of sections IA 6 and IC 5 (which relate to the use and grouping of…
Section IQ 4 — Group companies using attributed CFC net losses
IQ 4 Group companies using attributed CFC net losses What this section does (1) This section supplements the general rules relating to the grouping of net losses when, for a tax year (the current tax…
Section IS 4 — Adjustments in certain circumstances
IS 4 Adjustments in certain circumstances When this section applies (1) This section applies if, under section IS 3 , the amount of a holding company’s tax loss for a tax year is subtracted from a…
Section IZ 4 — Tax losses for tax years before 1977–78 tax year
IZ 4 Tax losses for tax years before 1977–78 tax year A person’s loss balance for a tax year before the 1977–78 tax year is carried forward and may be used under section IA 4 (Using loss balances…
Section LA 4 — When total tax credit more than income tax liability
LA 4 When total tax credit more than income tax liability Satisfied income tax liability (1) If a person’s total tax credit for a tax year is greater than their income tax liability for the tax year,…