Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section LB 5 — Tax credits for non-resident withholding tax
LB 5 Tax credits for non-resident withholding tax A person has a tax credit for a tax year equal to the amount of tax withheld and paid in relation to their non-resident passive income for the tax…
Section LC 5 — Meaning of engaged in full-time work
LC 5 Meaning of engaged in full-time work [Repealed] Section LC 5: repealed, on 29 May 2012 (for the purposes of schedule 2, and of sections 24B and 24H(7) of the Tax Administration Act 1994,…
Section LD 5 — Calculating amount of tax credit and filing particulars
LD 5 Calculating amount of tax credit and filing particulars Employer's responsibility (1) The employer of a person who makes a payroll donation in a pay period must calculate the amount of the…
Section LE 5 — Beneficiaries of trusts
LE 5 Beneficiaries of trusts When this section applies (1) This section applies when a person who has a tax credit under section LE 1 is the beneficiary of a trust and, in that capacity, derives a…
Section LF 5 — Credit transfer notices
LF 5 Credit transfer notices When this section applies (1) This section applies when a share supplier is given a credit transfer notice under section 30C of the Tax Administration Act 1994 by a share…
Section LH 5 — Adjustments to eligible expenditure
LH 5 Adjustments to eligible expenditure [Repealed] Section LH 5: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section LJ 5 — Calculation of New Zealand tax
LJ 5 Calculation of New Zealand tax What this section does (1) This section provides the rules that a person must use to calculate the amount of New Zealand tax for an income year in relation to each…
Section LK 5 — Companies’ credits carried forward
LK 5 Companies’ credits carried forward Company carrying credit forward (1) A tax credit carried forward under section LK 4 may be carried forward to a later tax year only if, by treating the credit…
Section LL 5 — Meaning of foreign dividend company net earnings
LL 5 Meaning of foreign dividend company net earnings [Repealed] Section LL 5: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation,…
Section LO 5 — Evidential requirements
LO 5 Evidential requirements If a person who has a tax credit under section LO 1 does not meet the evidential requirements of section 78D of the Tax Administration Act 1994, the person’s credit may…
Section LP 5 — Application of benchmark dividend rules and imputation credit ratio
LP 5 Application of benchmark dividend rules and imputation credit ratio Applying benchmark dividend rules (1) The benchmark dividend rules in sections OB 61 and OC 28 (which relate to the allocation…
Section LQ 5 — CTR additional dividends
LQ 5 CTR additional dividends [Repealed] Section LQ 5: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 80(1) of the…
Section LZ 5 — Some definitions
LZ 5 Some definitions In sections LZ 2 to LZ 4 ,— development investments has the same meaning as in section OB 1 of the Income Tax Act 1994 immediately before its repeal by section 25(6) of the…
Section MA 5 — Advice from outside agencies
MA 5 Advice from outside agencies In determining a person’s entitlement to a tax credit under subparts MB to MF and MZ , the Commissioner may obtain the advice of the chief executive or, as…
Section MB 5 — Treatment of distributions from superannuation schemes
MB 5 Treatment of distributions from superannuation schemes When this section applies (1) This section applies when— (a) a person receives a distribution from a superannuation scheme in an income…
Section MC 5 — Third requirement: residence
MC 5 Third requirement: residence Third requirement (1) The third requirement is that either the person referred to in section MC 2 or the child referred to in section MC 4 meets the residence…
Section MD 5 — First requirement: person’s age
MD 5 First requirement: person’s age The first requirement for an entitlement to an in-work tax credit is that the person referred to in section MD 4 is 16 or older. Defined in this Act: in-work tax…
Section MF 5 — Recovery of overpaid tax credit
MF 5 Recovery of overpaid tax credit When this section applies (1) This section applies when the Commissioner considers that the amount of a tax credit under section MD 1 (Abating WFF tax credit) or…
Section MK 5 — Crown contributions for members
MK 5 Crown contributions for members A tax credit paid to a person’s fund provider under section MK 3 is treated as a Crown contribution for the person, and the KiwiSaver scheme rules and complying…
Section OA 5 — Credits
OA 5 Credits What this section does (1) This section defines the credits that arise under this Part in a memorandum account. Imputation credits (2) A credit is an imputation credit if it is an…
Section OB 5 — ICA deposit in tax pooling account
OB 5 ICA deposit in tax pooling account Credit (1) An ICA company has an imputation credit for an amount provided by it and paid by an intermediary into a tax pooling account. Table reference (2) The…
Section OC 5 — When company emigrates
OC 5 When company emigrates Status ends (1) If an emigrating company is an FDPA company immediately before the time of emigration, its status as an FDPA company ends at the time of emigration.…
Section OD 5 — CTRA tax credit for conduit tax relief
OD 5 CTRA tax credit for conduit tax relief [Repealed] Section OD 5: repealed (with effect on 30 June 2009), on 6 October 2009, by section 424(1) of the Taxation (International Taxation, Life…
Section OE 5 — Treatment of attributed CFC income and FIF income in this subpart
OE 5 Treatment of attributed CFC income and FIF income in this subpart For the purposes of applying this subpart to a person, other than a company, with an attributing interest in a foreign…
Section OF 5 — ASCA transfer to imputation credit account
OF 5 ASCA transfer to imputation credit account Election (1) An ASC account company may choose that some or all of the credit balance in the company’s ASC account is transferred to the company’s…
Section OJ 5 — PCA transfer of life insurance business
OJ 5 PCA transfer of life insurance business [Repealed] Section OJ 5: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section OK 5 — MACA distribution with Maori authority credit
OK 5 MACA distribution with Maori authority credit Credit (1) A Maori authority has a Maori authority credit for the amount of a Maori authority credit attached to a distribution derived by the Maori…
Section OP 5 — When credits and debits arise only in consolidated imputation group accounts
OP 5 When credits and debits arise only in consolidated imputation group accounts Credits only in group account (1) A credit listed in subsection (2) arises only in the imputation credit account of a…
Section OZ 5 — ASCA lost excess available subscribed capital
OZ 5 ASCA lost excess available subscribed capital When this section applies (1) This section applies when a public unit trust or a group investment fund that derives category A income— (a) is in…
Section RA 5 — Tax obligations for employment-related taxes
RA 5 Tax obligations for employment-related taxes Withholding and payment obligations (1) A person who makes a payment or provides a benefit of 1 of the following kinds must either withhold and pay,…
Section RC 5 — Methods for calculating provisional tax liability
RC 5 Methods for calculating provisional tax liability Choice of method (1) A person liable to pay provisional tax must calculate the amount payable for a tax year using 1 of the methods described in…
Section RD 5 — Salary or wages
RD 5 Salary or wages Meaning (1) Salary or wages — (a) means a payment of salary, wages, or allowances made to a person in connection with their employment; and (b) includes— (i) a bonus, commission,…
Section RE 5 — No withholding obligation in certain circumstances
RE 5 No withholding obligation in certain circumstances When this section applies (1) This section applies when a person ( person A )— (a) pays an amount to another person ( person B ); or (b)…
Section RF 5 — When amounts of tax already withheld
RF 5 When amounts of tax already withheld A person is not required to withhold NRWT when some or all of the payment consists of resident passive income to the extent to which the amount of tax has…
Section RG 5 — Credit balance in branch equivalent tax account
RG 5 Credit balance in branch equivalent tax account Section RG 5: repealed (with effect on 30 June 2009), on 6 October 2009, by section 540(1) of the Taxation (International Taxation, Life…
Section RH 5 — Calculating amounts of tax for retirement scheme contribution
RH 5 Calculating amounts of tax for retirement scheme contribution The amount of tax for a retirement scheme contribution is the amount determined under schedule 1, part D, clause 7 (Basic tax rates:…
Section RM 5 — Overpayment on income statements
RM 5 Overpayment on income statements When this section applies (1) This section applies when an income statement has been provided to a person and the result is that an amount of tax must be…
Section RP 5 — Subsidy claims
RP 5 Subsidy claims When this section applies (1) This section applies when a listed PAYE intermediary files a subsidy claim form under section 15M of the Tax Administration Act 1994 and the…
Section RZ 5 — Calculating amounts under standard method: 2010–11 to 2012–13 income years
RZ 5 Calculating amounts under standard method: 2010–11 to 2012–13 income years When this section applies (1) This section applies to the calculation of a person's provisional tax liability, when…
Section Sch5-1
1 The following paragraphs apply to determine the value of the benefit that an employee has for a quarter, tax year, or income year when section RD 60 applies, if in the quarter, tax year, or income…
Section Sch5-2
2 If a motor vehicle to which this schedule applies is 1 of a number of motor vehicles, each of which is available for private use as described in clause 1, the value of the benefit is determined as…
Section Sch5-3
3 In this schedule, a motor vehicle’s tax value in a quarter, tax year, or income year is— (a) the value of the vehicle as determined under subpart EE for the beginning of the tax year or income…
Section Sch5-4
4 For the purposes of clause 3(c), the tax value of the vehicle is the value it would have under subpart EE at the beginning of the tax year or income year, or at the time of acquisition in the year,…
Section Sch5-5
5 The highest of the following amounts is the relevant amount for clause 4(a): (a) the highest cost of the vehicle to person A on an acquisition of it by them: (b) the highest cost of the vehicle to…
Section Sch5-6
6 The highest of the following amounts is the relevant amount for clause 4(b): (a) the tax value of the vehicle under this schedule for person B, immediately before the last disposal of the vehicle…
Section Sch5-7
7 The highest of the following amounts is the relevant amount for clause 4(c): (a) the tax value of the vehicle under this schedule for whichever of person A or person B last used tax value for the…
Section YB 5 — Person and trustee for relative
YB 5 Person and trustee for relative Association (1) Two persons ( person A and person B ) are associated persons if person A is the trustee of a trust under which a person associated under section…
Section YC 5 — Treatment of special corporate entities
YC 5 Treatment of special corporate entities When this section applies (1) This section applies for the purposes of sections YC 2 to YC 6 to a company that is a special corporate entity. Company…
Section YD 5 — Apportionment of income derived partly in New Zealand
YD 5 Apportionment of income derived partly in New Zealand When this section applies (1) This section applies when— (a) a person carries on business partly in New Zealand and partly outside New…
Section ZA 5 — Saving of accrual determinations
ZA 5 Saving of accrual determinations When, and extent to which, this section applies (1) This section applies when— (a) a determination has been made before the beginning of the 2008–09 income year…