Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section Sch5-10
10 The following paragraphs apply to a person who values a vehicle on the basis of its cost price exclusive of GST or its tax value calculated exclusive of GST: (a) the terms ‘cost price’ and ‘tax…
Section Sch5-11
11 When a vehicle is leased or rented to the person after it has been leased or rented to another person (the other person ), the cost price of a vehicle is its market value at the time it is first…
Section Sch5-12
12 If the vehicle is leased or rented by the person from another person and the lessee requests that the lessor disclose the cost price or tax value of the vehicle for the lessor, the lessor must…
Section Sch5-13
13 The minimum tax value of a motor vehicle to which this schedule applies is $8,333.
Section Sch5-8
8 To determine the value of a benefit under clause 1— (a) any GST paid on the acquisition of a vehicle by the owner or lessor of the vehicle is— (i) included in the cost price of the motor vehicle or…
Section Sch5-9
9 Despite clause 8(a), a person who in a quarter, tax year, or income year provides a benefit that is valued under clause 1 may choose to value the vehicle on the basis of its cost price exclusive of…
Section CG 5B — Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities
CG 5B Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities When this section applies (1) This section applies when a person receives an amount of…
Section HL 5B — Meaning of investor and portfolio investor class
HL 5B Meaning of investor and portfolio investor class [Repealed] Section HL 5B: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation…
Section LK 5B — Credits from tax year before first affected year
LK 5B Credits from tax year before first affected year When this section applies (1) This section applies for a person and a country (the jurisdiction ) when the person has a credit (the available BE…
Section RZ 5B — Standard method: new personal tax rate persons from 1 October 2008 to end 2009–10 income year
RZ 5B Standard method: new personal tax rate persons from 1 October 2008 to end 2009–10 income year [Repealed] Section RZ 5B: repealed, on 1 October 2010, by section 29 of the Taxation (Budget…
Section YC 5B — Treatment of mixed-ownership enterprises
YC 5B Treatment of mixed-ownership enterprises (1) Section YC 5 applies to the Crown’s interest in a mixed-ownership enterprise in the same way as it does to the Crown’s interest in a special…
Section HL 5C — Income interest requirement
HL 5C Income interest requirement [Repealed] Section HL 5C: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation,…
Section RZ 5C — GST ratio method: new personal tax rate persons from 1 October 2008 to end 2009–10 income year
RZ 5C GST ratio method: new personal tax rate persons from 1 October 2008 to end 2009–10 income year [Repealed] Section RZ 5C: repealed, on 1 October 2010, by section 29 of the Taxation (Budget…
Section RZ 5D — Standard method or GST method: transition for Maori authorities
RZ 5D Standard method or GST method: transition for Maori authorities When this section applies (1) This section applies when the provisional tax liability of a Maori authority is calculated for the…
Section BC 6 — Income tax liability of filing taxpayer
BC 6 Income tax liability of filing taxpayer Calculation of amount (1) The income tax liability of a filing taxpayer for a tax year is the amount calculated by multiplying their taxable income for…
Section CB 6 — Disposal: land acquired for purpose or with intention of disposal
CB 6 Disposal: land acquired for purpose or with intention of disposal Income (1) An amount that a person derives from disposing of land is income of the person if they acquired the land— (a) for 1…
Section CC 6 — Prizes received under Building Societies Act 1965
CC 6 Prizes received under Building Societies Act 1965 Income (1) A prize received by a person under section 31A of the Building Societies Act 1965 is income of the person, whether they take it as…
Section CD 6 — When is a transfer caused by a shareholding relationship?
CD 6 When is a transfer caused by a shareholding relationship? General test (1) A transfer of value from a company to a person (the recipient ) is caused by a shareholding in the company if— (a) the…
Section CE 6 — Meaning of share: when share acquired
CE 6 Meaning of share: when share acquired Meaning (1) In sections CE 2 to CE 4 and CE 7 , share includes a convertible note. Use in sections CE 2 to CE 4 and CE 7 (2) For the purposes of sections CE…
Section CG 6 — Receipts from insurance, indemnity, or compensation for trading stock
CG 6 Receipts from insurance, indemnity, or compensation for trading stock When this section applies (1) This section applies when a person receives an amount of insurance, indemnity, or compensation…
Section CH 6 — Adjustments for certain finance and operating leases
CH 6 Adjustments for certain finance and operating leases When this section applies (1) This section applies when an adjustment is made under section FA 11 or FA 11B (which relate to adjustments for…
Section CQ 6 — Calculation of FIF income
CQ 6 Calculation of FIF income The amount of any FIF income is calculated, using the relevant calculation method, under sections EX 44 to EX 61 (which relate to the calculation of FIF income or…
Section CS 6 — Exclusion of withdrawal on partial retirement
CS 6 Exclusion of withdrawal on partial retirement [Repealed] Section CS 6: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and…
Section CT 6 — Meaning of petroleum miner
CT 6 Meaning of petroleum miner Meaning (1) Petroleum miner , for a permit area, means a person who undertakes petroleum mining operations in the permit area. Exclusion (2) Petroleum miner does not…
Section CU 6 — Compensation and scrap payment: use to replace or repair asset
CU 6 Compensation and scrap payment: use to replace or repair asset Choosing between section CU 5 and sections CU 7 and CU 8 (1) If the mining company wants sections CU 7 and CU 8 to apply instead of…
Section CV 6 — Crown Research Institutes
CV 6 Crown Research Institutes Income (1) An amount that a Crown Research Institute derives is income of the institute if the amount is provided to the institute for the purposes of— (a) any 1 or…
Section CW 6 — Payments of interest: farm mortgages
CW 6 Payments of interest: farm mortgages Exempt income (1) Fifty percent of the interest that a person derives from a mortgage securing a loan made by a seller of a farm is exempt income, if— (a)…
Section CX 6 — Private use of motor vehicle
CX 6 Private use of motor vehicle When fringe benefit arises (1) A fringe benefit arises when— (a) a motor vehicle is made available to an employee for their private use; and (b) the person who makes…
Section CZ 6 — Commercial bills before 31 July 1986
CZ 6 Commercial bills before 31 July 1986 Income: redemption (1) The amount that a person receives on the redemption of a commercial bill owned by the person is income of the person. Income: disposal…
Section DB 6 — Interest: not capital expenditure
DB 6 Interest: not capital expenditure Deduction (1) A person is allowed a deduction for interest incurred. Exclusion (2) Subsection (1) does not apply to interest for which a person is denied a…
Section DC 6 — Contributions to employees’ benefit funds
DC 6 Contributions to employees’ benefit funds Deduction (1) An employer is allowed a deduction for an amount that they pay to, or set aside as, a fund to provide individual personal benefits to…
Section DD 6 — Entertainment as business or for charitable purpose
DD 6 Entertainment as business or for charitable purpose Entertainment as business (1) The limitation rule does not apply to a deduction for expenditure on entertainment that a person provides for…
Section DE 6 — Using logbook for test period
DE 6 Using logbook for test period A person may keep a logbook for a test period for the purpose of establishing the proportion of the business use of a motor vehicle for an income year, or part of…
Section DN 6 — When FIF loss arises
DN 6 When FIF loss arises General rule (1) A person has a FIF loss in an income year if,— (a) at any time in the year, the person has— (i) rights in a foreign company, or a foreign superannuation…
Section DO 6 — Expenditure on land: horticultural replacement planting
DO 6 Expenditure on land: horticultural replacement planting When this section applies (1) This section applies to a person who carries on a horticultural business on land in New Zealand and who, in…
Section DP 6 — Forestry encouragement agreement: no deduction
DP 6 Forestry encouragement agreement: no deduction No deduction (1) A person who has made a forestry encouragement agreement under the Forestry Encouragement Act 1962 is denied a deduction for an…
Section DT 6 — Expenditure on petroleum mining assets
DT 6 Expenditure on petroleum mining assets Expenditure that a person incurs in buying a petroleum mining asset is treated as petroleum development expenditure if, at the time the asset is bought,—…
Section DU 6 — Depreciation
DU 6 Depreciation When this section applies: first case (1) This section applies when— (a) a mining company acquires an asset by incurring— (i) mining exploration expenditure or mining development…
Section DV 6 — Formula for calculating maximum deduction
DV 6 Formula for calculating maximum deduction Formula used to calculate maximum deduction (1) The formula referred to in section DV 5(7) is— taxable income − non-resident passive income. Definition…
Section DZ 6 — Partnership interests and disposal of part of asset before 16 December 1991
DZ 6 Partnership interests and disposal of part of asset before 16 December 1991 In sections DZ 3 to DZ 5 , unless the context requires otherwise,— (a) a partner is treated as having a share or…
Section EB 6 — Cost
EB 6 Cost Valuation at cost (1) A person may determine the value of their closing stock at cost. If the person chooses this method, they must include and allocate costs under generally accepted…
Section EC 6 — Application of sections EC 7 to EC 27
EC 6 Application of sections EC 7 to EC 27 Sections EC 7 to EC 27 set out the rules for valuing specified livestock. Defined in this Act: specified livestock , Compare: 2004 No 35 s EC 6
Section EE 6 — What is depreciable property?
EE 6 What is depreciable property? Description (1) Depreciable property is property that, in normal circumstances, might reasonably be expected to decline in value while it is used or available for…
Section EF 6 — Different tax years
EF 6 Different tax years [Repealed] Section EF 6: repealed (with effect on 1 April 2011), on 29 August 2011 (applying for the 2011–12 and later income years), by section 30(1) of the Taxation (Tax…
Section EH 6 — Interest on deposits in main income equalisation account
EH 6 Interest on deposits in main income equalisation account No interest payable (1) No interest is payable on a deposit in a main income equalisation account that is refunded within 1 year of the…
Section EI 6 — Amount paid for non-compliance: when lessor ceases to own land
EI 6 Amount paid for non-compliance: when lessor ceases to own land When this section applies (1) This section applies when a lessor— (a) allocates income under section EI 5 to more than 1 income…
Section EJ 6 — Certification of New Zealand films
EJ 6 Certification of New Zealand films Certification of New Zealand films (1) The New Zealand Film Commission may certify that a film is a New Zealand film, if the Commission is satisfied that the…
Section EK 6 — Interest on payments to environmental restoration account
EK 6 Interest on payments to environmental restoration account Interest payable (1) Interest is payable by the Commissioner on— (a) a payment under section EK 2 to an environmental restoration…
Section EW 6 — Relationship between financial arrangements and excepted financial arrangements
EW 6 Relationship between financial arrangements and excepted financial arrangements Part of financial arrangement (1) An excepted financial arrangement may be part of a financial arrangement. Income…
Section EX 6 — Direct control interests include options and similar rights
EX 6 Direct control interests include options and similar rights Entitlement to acquire or extinguish (1) For the purposes of section EX 5 , a person is treated as holding something if they are…