Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DN 5 — Foreign investment fund loss
DN 5 Foreign investment fund loss Deduction (1) A person is allowed a deduction for a FIF loss. Ring-fencing rule for loss calculated under attributable FIF income method (2) The deduction for a FIF…
Section DO 5 — Expenditure on land: planting of listed horticultural plants
DO 5 Expenditure on land: planting of listed horticultural plants When this section applies (1) This section applies when— (a) a person carries on a farming or agricultural business, including a…
Section DP 5 — Forestry encouragement agreement: deductions
DP 5 Forestry encouragement agreement: deductions When this section applies (1) This section applies when a person makes a forestry encouragement agreement under the Forestry Encouragement Act 1962 .…
Section DT 5 — Petroleum development expenditure
DT 5 Petroleum development expenditure Deduction (1) A petroleum miner is allowed a deduction for petroleum development expenditure incurred by them. Timing of deduction (2) For an income year, an…
Section DU 5 — Non-mining asset used to derive income from mining
DU 5 Non-mining asset used to derive income from mining When this section applies (1) This section applies when— (a) a mining company starts to use, or starts again to use, an asset to derive income…
Section DV 5 — Investment funds: transfer of expenditure to master funds
DV 5 Investment funds: transfer of expenditure to master funds When this section applies (1) This section applies when— (a) a group investment fund that derives category A income, a public unit…
Section DZ 5 — Farm-out arrangements for petroleum mining before 16 December 1991
DZ 5 Farm-out arrangements for petroleum mining before 16 December 1991 Deduction: excess expenditure incurred before 16 December 1991 (1) A transferee under a farm-out arrangement is allowed a…
Section EB 5 — Transfers of trading stock within wholly-owned groups
EB 5 Transfers of trading stock within wholly-owned groups When this section applies (1) This section applies in an income year to trading stock held by a company that is part of a wholly-owned group…
Section EC 5 — Transfer of livestock because of self-assessed adverse event
EC 5 Transfer of livestock because of self-assessed adverse event When this section applies (1) This section applies to livestock that is donated, or supplied for consideration with a value that is…
Section EE 5 — Ownership of lessee’s improvements: other person
EE 5 Ownership of lessee’s improvements: other person When this section applies: first case (1) This section applies when— (a) a lessee of land incurs expenditure during the term of the lease in…
Section EF 5 — Use of money interest payable by person
EF 5 Use of money interest payable by person Timing of deduction (1) A deduction for interest payable by a person to the Commissioner under Part 7 of the Tax Administration Act 1994 is allocated to…
Section EH 5 — Main income equalisation account
EH 5 Main income equalisation account Person’s account (1) The Commissioner must keep a main income equalisation account in the name of every person who makes a deposit with the Commissioner.…
Section EI 5 — Amount paid to lessor for non-compliance with covenant for repair
EI 5 Amount paid to lessor for non-compliance with covenant for repair When this section applies (1) This section applies when a lessor receives an amount of income under section CC 2 (Non-compliance…
Section EJ 5 — Expenditure incurred in acquiring film rights in films other than feature films
EJ 5 Expenditure incurred in acquiring film rights in films other than feature films Films other than feature films (1) A deduction for expenditure that a person incurs in acquiring a film right is…
Section EK 5 — Details to be provided with payment to environmental restoration account
EK 5 Details to be provided with payment to environmental restoration account Notice and details required (1) A person making a payment to an environmental restoration account must provide the…
Section EW 5 — What is an excepted financial arrangement?
EW 5 What is an excepted financial arrangement? Meaning (1) Excepted financial arrangement means an arrangement described in any of subsections (2) to (25). However,— (a) an arrangement described in…
Section EX 5 — Direct control interests
EX 5 Direct control interests Categories of direct control interests (1) A person has a direct control interest in a foreign company at any time if they hold— (a) any of the shares in the foreign…
Section EY 5 — Part-year tax calculations
EY 5 Part-year tax calculations Part-year tax calculations (1) For their life insurance and for their general insurance contracts outstanding claims reserve, a life insurer does part-year tax…
Section EZ 5 — Reduction: bloodstock not previously used for breeding in New Zealand: pre-1 August 2006
EZ 5 Reduction: bloodstock not previously used for breeding in New Zealand: pre-1 August 2006 Bloodstock to which this section applies (1) This section applies to bloodstock that— (a) was not used…
Section FA 5 — Assets acquired and disposed of after deduction of payments under lease
FA 5 Assets acquired and disposed of after deduction of payments under lease When this section applies (1) This section applies when a person (the lessee )— (a) leases, rents, or hires an asset that…
Section FB 5 — Disposal of land
FB 5 Disposal of land When this section applies (1) This section applies for the purposes of sections FB 3 and FB 4 when the transferor and the transferee are not associated persons. Persons treated…
Section FC 5 — Land transferred to close relatives
FC 5 Land transferred to close relatives What this section applies to (1) This section applies in the circumstances described in section FC 1(1)(a) or (b) when land is transferred on a person’s death…
Section FE 5 — Thresholds for application of interest apportionment rules
FE 5 Thresholds for application of interest apportionment rules Threshold for excess debt entity (1) An excess debt entity must apportion its interest expenditure for an income year under section FE…
Section FF 5 — Determination of excess amount of interest expenditure of group
FF 5 Determination of excess amount of interest expenditure of group [Repealed] Compare: 2004 No 35 s FH 5 Section FF 5: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1)…
Section FM 5 — Liability when company leaves consolidated group
FM 5 Liability when company leaves consolidated group Company leaving consolidated group (1) In an income year in which a company leaves a consolidated group, the company’s liability under section FM…
Section FN 5 — Imputation groups with reduced numbers
FN 5 Imputation groups with reduced numbers An imputation group continues to exist if the number of group companies is reduced to 1 company, but if an imputation group has no company at any time, the…
Section FO 5 — Amalgamations and remitted liabilities
FO 5 Amalgamations and remitted liabilities Sections CG 2 (Remitted amounts) and DB 47 (Payments for remitted amounts) do not apply merely because an amalgamated company succeeds to a liability of an…
Section FZ 5 — Commercial bills
FZ 5 Commercial bills When this section applies (1) This section applies for the purposes of section CZ 6 (Commercial bills before 31 July 1986) when a commercial bill is transferred under a…
Section GB 5 — Arrangements involving trust beneficiaries
GB 5 Arrangements involving trust beneficiaries When this section applies (1) This section applies when— (a) a share in a company or option over a share in a company is held by a trustee; and (b) a…
Section GC 5 — Leases for inadequate rent
GC 5 Leases for inadequate rent When this section applies (1) This section applies in relation to leases of real and personal property if and to the extent to which— (a) a property is leased; and (b)…
Section HA 5 — Elections to become qualifying company
HA 5 Elections to become qualifying company Making elections (1) A company that meets the requirements of sections HA 6 to HA 9 may be a qualifying company or an LAQC only if all the directors of the…
Section HB 5 — Disposal of owner’s interests
HB 5 Disposal of owner’s interests When this section applies (1) This section applies when a person (the exiting owner ) disposes of some or all of their owner's interests (the current interests )…
Section HC 5 — Amounts derived by trustees
HC 5 Amounts derived by trustees Either beneficiary or trustee income (1) An amount of income derived in an income year by a trustee of a trust is either— (a) beneficiary income under section HC 6 ;…
Section HD 5 — Matters between principals and agents
HD 5 Matters between principals and agents Assessment as authority (1) The Commissioner’s assessment is, as between principal and agent, sufficient authority for the payment of tax by the agent.…
Section HE 5 — Association rebates paid by shares or credit
HE 5 Association rebates paid by shares or credit When this section applies (1) This section applies when an association that enters into mutual transactions with members pays an association rebate…
Section HF 5 — Notional distributions of co-operative companies
HF 5 Notional distributions of co-operative companies A Maori authority that is a co-operative company may make a notional distribution to a member under section OB 79 (Cooperative companies…
Section HG 5 — Disposal of partner’s interests
HG 5 Disposal of partner’s interests When this section applies (1) This section applies when a person (the exiting partner ) disposes of some or all of their partner’s interests (the current…
Section HL 5 — Foreign investment vehicles
HL 5 Foreign investment vehicles [Repealed] Section HL 5: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life…
Section HM 5 — What is an investor class?
HM 5 What is an investor class? Meaning of investor class (1) An investor class of an entity means a group of 1 or more investors in the entity that meet the requirements of subsections (2) to (4).…
Section HR 5 — Airport operators: general
HR 5 Airport operators: general When this section applies (1) This section and sections HR 6 and HR 7 apply to determine for this Act certain aspects of the treatment of an airport operator that is a…
Section HZ 5 — Transitional provisions for PIE rules
HZ 5 Transitional provisions for PIE rules Intention of new law (1) The PIE rules are the provisions of the Income Tax Act 2007 relating to portfolio investment entities in rewritten form, and are…
Section IA 5 — Restrictions on companies’ loss balances carried forward
IA 5 Restrictions on companies’ loss balances carried forward General statement (1) A company's tax loss component is carried forward in a loss balance only if the minimum continuity requirements of…
Section IC 5 — Company B using company A’s tax loss
IC 5 Company B using company A’s tax loss Requirements (1) Company A may make a tax loss available to company B to subtract from its net income under section IA 3(2) (Using tax losses in tax year)…
Section ID 5 — Pre-consolidation losses on exit: part-year rule
ID 5 Pre-consolidation losses on exit: 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 5 — Applying the continuity provisions when companies amalgamate
IE 5 Applying the continuity provisions when companies amalgamate The provisions of this Act apply as if the amalgamated company did not exist separately before amalgamation, and was instead the…
Section IP 5 — Breach in tax year in which loss balance is grouped
IP 5 Breach in tax year in which loss balance is grouped 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 tax…
Section IQ 5 — Group companies using FIF net losses
IQ 5 Group companies using FIF net losses [Repealed] Section IQ 5: repealed (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 98(1) of the…
Section IS 5 — Petroleum miners’ tax losses
IS 5 Petroleum miners’ tax losses When this section applies (1) This section applies in a tax year in which a petroleum miner with a tax loss for the tax year— (a) relinquishes a petroleum permit for…
Section IZ 5 — Companies’ tax losses for tax years before 1991–92 tax year
IZ 5 Companies’ tax losses for tax years before 1991–92 tax year Loss balances carried forward (1) A company’s loss balance for a tax year before the 1991–92 tax year may be used under section IA 4…
Section LA 5 — Treatment of remaining credits
LA 5 Treatment of remaining credits What this section applies to (1) This section applies to a remaining tax credit referred to in section LA 4(2) . Non-refundable credits (2) A non-refundable tax…