Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EY 6 — Actuarial advice and guidance
EY 6 Actuarial advice and guidance The Commissioner may seek the advice of an actuary on anything that is required to be actuarially determined, or any related matter. Defined in this Act:…
Section EZ 6 — Reduction: broodmare previously used for breeding in New Zealand: pre-1 August 2006
EZ 6 Reduction: broodmare previously used for breeding in New Zealand: pre-1 August 2006 Broodmare to which this section applies (1) This section applies to a broodmare that section EC 39(1) or (2)…
Section FA 6 — Recharacterisation of amounts derived under finance leases
FA 6 Recharacterisation of amounts derived under finance leases When a personal property lease asset is leased under a finance lease, the lease is treated as a sale of the lease asset by the lessor…
Section FB 6 — Timber or right to take timber
FB 6 Timber or right to take timber When this section applies (1) This section applies for the purposes of section CB 24 (Disposal of timber or right to take timber) when timber, or a right to take…
Section FC 6 — Forestry assets transferred to close relatives
FC 6 Forestry assets 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 forestry assets are…
Section FE 6 — Apportionment of interest by excess debt entity
FE 6 Apportionment of interest by excess debt entity Who this section applies to (1) This section applies to an excess debt entity or a natural person if section FE 5 requires the entity or person to…
Section FF 6 — Conduit tax relief
FF 6 Conduit tax relief [Repealed] Section FF 6: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section FM 6 — Some general rules for treatment of consolidated groups
FM 6 Some general rules for treatment of consolidated groups References to income, tax losses, tax payable, and credits (1) For the purposes of the consolidation rules, the following amounts are…
Section FN 6 — Nominated companies
FN 6 Nominated companies Group company at the time (1) The nominated company of an imputation group at any time must be part of the imputation group at the time. Trans-Tasman imputation groups (2)…
Section FO 6 — Cancellation of shares
FO 6 Cancellation of shares If an amalgamating company ( company A ) holds shares in another amalgamating company ( company B ), and the shares are cancelled on the amalgamation, company A is treated…
Section FZ 6 — Transitional valuation rule for estate property
FZ 6 Transitional valuation rule for estate property What this section applies to (1) This section applies to property transferred under section FC 1(1)(a) (What this subpart does) either on a…
Section GB 6 — Arrangements involving qualifying companies
GB 6 Arrangements involving qualifying companies When this section applies (1) This section applies when— (a) a share in a company has been subject to an arrangement at a time; and (b) the…
Section GC 6 — Purpose of rules and nature of arrangements
GC 6 Purpose of rules and nature of arrangements Purpose of rules (1) The purpose of this section and sections GC 7 to GC 14 is to substitute an arm’s length consideration in the calculation of a…
Section HA 6 — Corporate requirements
HA 6 Corporate requirements Requirements (1) A qualifying company must, in an income year,— (a) have 5 or fewer shareholders who meet the requirements of section HA 7 ; or (b) be a flat-owning…
Section HB 6 — Disposal of trading stock
HB 6 Disposal of trading stock When this section applies (1) This section applies when a person (the exiting owner ) disposes of some or all of their owner’s interests for a look-through company, to…
Section HC 6 — Beneficiary income
HC 6 Beneficiary income Meaning (1) An amount of income derived in an income year by a trustee of a trust is beneficiary income to the extent to which— (a) it vests absolutely in interest in a…
Section HD 6 — When relationship effectively that of principal and agent
HD 6 When relationship effectively that of principal and agent If a person who is carrying on business in New Zealand is sufficiently under the control of another person in business, whether in New…
Section HF 6 — Tax treatment of Maori authority distributions
HF 6 Tax treatment of Maori authority distributions A Maori authority distribution to a member is— (a) income of the member under section CV 11 (Maori authorities), if the amount is— (i) a taxable…
Section HG 6 — Disposal of trading stock
HG 6 Disposal of trading stock When this section applies (1) This section applies when a person (the exiting partner ) disposes of some or all of their partner’s interests in a partnership, to the…
Section HL 6 — Investor membership requirement
HL 6 Investor membership requirement [Repealed] Section HL 6: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation,…
Section HM 6 — Intended effects for multi-rate PIEs and investors
HM 6 Intended effects for multi-rate PIEs and investors Intended effects for entity (1) The intended effects for an entity that is using funds supplied by investors to make investments of certain…
Section HR 6 — Airport operator’s assets
HR 6 Airport operator’s assets Ownership of airport assets (1) An airport operator is treated as owning each of its airport assets. Time of acquisition (2) An airport operator is treated as having…
Section HZ 6 — Saving of binding rules relating to portfolio investment entities
HZ 6 Saving of binding rules relating to portfolio investment entities When, and extent to which, this section applies (1) This section applies when, and to the extent to which,— (a) before the…
Section IA 6 — Restrictions on companies grouping tax losses
IA 6 Restrictions on companies grouping tax losses Groups of companies (1) A company that is part of a group of companies may use under section IA 3(2) a tax loss under subpart IC (Grouping tax…
Section IC 6 — Common ownership for period
IC 6 Common ownership for period Commonality period (1) For the purposes of section IC 2(2) , common ownership under section IC 3 must exist from the start of the income year in which company A has a…
Section IP 6 — Financial statements required
IP 6 Financial statements required Financial statements required from company: section IP 3 (1) For the purposes of this subpart, a company must provide the Commissioner with adequate financial…
Section IQ 6 — Pre-consolidation losses: general treatment
IQ 6 Pre-consolidation losses: general treatment When this section applies (1) This section applies if a company that is part of a consolidated group has under section IQ 1B an attributed CFC net…
Section IS 6 — When company stops being mining company
IS 6 When company stops being mining company For the purposes of sections IS 1 to IS 5 , if a mining company whose loss balance is carried forward to a tax year stops being a mining company at or…
Section IZ 6 — Companies’ tax losses for 1990–91 and 1991–92 tax years
IZ 6 Companies’ tax losses for 1990–91 and 1991–92 tax years When this section applies (1) This section applies to a company that has a tax loss for the 1990–91 or 1991–92 tax year and section…
Section LA 6 — Remaining refundable credits: PAYE, RWT, and certain other items
LA 6 Remaining refundable credits: PAYE, RWT, and certain other items What this section applies to (1) This section applies to a person’s tax credit remaining for a tax year under section LA 5(5) if…
Section LB 6 — Tax credits for RSCT
LB 6 Tax credits for RSCT When this section applies (1) This section applies when— (a) a person derives income as a retirement scheme contribution in an income year; and (b) the retirement scheme…
Section LC 6 — Tax credits for housekeeping
LC 6 Tax credits for housekeeping [Repealed] Section LC 6: repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 6(1)(f) of the Taxation (Budget Measures) Act 2012 (2012…
Section LD 6 — When donation is paid to ineligible recipient
LD 6 When donation is paid to ineligible recipient When this section applies (1) This section applies for the purposes of section LD 4 when the employer or PAYE intermediary transfers the person's…
Section LE 6 — Partners in partnerships
LE 6 Partners in partnerships When this section applies (1) This section applies when a person who has a tax credit under section LE 1 is a partner in a partnership and, through the partnership,…
Section LF 6 — Application of FDP ratio
LF 6 Application of FDP ratio When this section applies (1) This section applies when a person who has a tax credit under section LF 1 receives an FDP credit attached to a dividend, and the dividend…
Section LH 6 — Research and development activities outside New Zealand
LH 6 Research and development activities outside New Zealand [Repealed] Section LH 6: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008…
Section LJ 6 — Taxable distributions and NRWT rules
LJ 6 Taxable distributions and NRWT rules When this section applies (1) This section applies when a person who is a beneficiary of a trust and resident in New Zealand derives a taxable distribution…
Section LK 6 — Use of credits by group companies
LK 6 Use of credits by group companies When this section applies (1) This section applies when a company ( company A ) in a group of companies has a tax credit under section LK 1 in relation to an…
Section LL 6 — Foreign dividend company lower tier UFTCs
LL 6 Foreign dividend company lower tier UFTCs [Repealed] Section LL 6: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation, Life…
Section LP 6 — Deriving supplementary dividend and breach of terms of trust
LP 6 Deriving supplementary dividend and breach of terms of trust Class of shares (1) The payment of a supplementary dividend on only some shares in a class of shares does not constitute a breach of—…
Section LZ 6 — Interest on home vendor mortgages
LZ 6 Interest on home vendor mortgages When this section applies (1) This section applies when, in a tax year, a person derives interest in relation to a home vendor mortgage. Exclusions (2) This…
Section MA 6 — Avoidance arrangements
MA 6 Avoidance arrangements Section GB 44 (Arrangements involving tax credits for families) may apply to reduce a tax credit under subparts MB to MF and MZ . Defined in this Act: tax credit , Section…
Section MB 6 — Treatment of distributions from retirement savings schemes
MB 6 Treatment of distributions from retirement savings schemes When this section applies (1) This section applies when— (a) a person receives a distribution of a retirement scheme contribution from…
Section MC 6 — When person does not qualify
MC 6 When person does not qualify Despite sections MC 3 to MC 5 , a person does not qualify for— (a) an abating WFF tax credit if, during the relationship period, they receive a parent’s allowance…
Section MD 6 — Second requirement: principal care
MD 6 Second requirement: principal care When child financially dependent (1) The second requirement for an entitlement to an in-work tax credit is that the person referred to in section MD 4 is the…
Section MF 6 — Overpayment or underpayment of tax credit
MF 6 Overpayment or underpayment of tax credit When this section applies (1) This section applies for the purposes of sections LA 3 and LA 4 (which relate to the treatment of a person's total tax…
Section MK 6 — Credit given by fund providers
MK 6 Credit given by fund providers A fund provider who receives a tax credit under section MK 3 must credit the relevant person with the amount which must vest in the person immediately after it is…
Section OA 6 — Debits
OA 6 Debits What this section does (1) An ICA company has an imputation credit for an amount representing an entitlement to funds held in a tax pooling account if the intermediary transfers the…
Section OB 6 — ICA transfer from tax pooling account
OB 6 ICA transfer from tax pooling account Credit (1) An ICA company has an imputation credit for an amount representing an entitlement to funds held in a tax pooling account if the intermediary…
Section OC 6 — FDPA payment of FDP
OC 6 FDPA payment of FDP [Repealed] Section OC 6: repealed (with effect on 30 June 2009), on 6 October 2009, by section 405(1) of the Taxation (International Taxation, Life Insurance, and Remedial…