Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DT 7 — Exploratory well expenditure
DT 7 Exploratory well expenditure When this section applies (1) This section applies when— (a) a petroleum miner incurs exploratory well expenditure; and (b) the miner then uses the exploratory well…
Section DU 7 — Limit on deduction
DU 7 Limit on deduction Limit (1) When a mining company has a mining outgoing excess, there is a limit on the deduction that it is allowed in the income year for the amount taken into account in the…
Section DV 7 — Carry forward of expenditure
DV 7 Carry forward of expenditure When this section applies (1) This section applies when a member superannuation fund incurs expenditure that is more than— (a) the member fund and master fund agree…
Section DZ 7 — Petroleum mining operations outside New Zealand before 16 December 1991
DZ 7 Petroleum mining operations outside New Zealand before 16 December 1991 Sections DZ 3 to DZ 6 apply, with any necessary modifications, to a petroleum miner undertaking petroleum mining…
Section EB 7 — Cost allocation: cost-flow method
EB 7 Cost allocation: cost-flow method When this section applies: first case (1) This section applies when a person who determines the value of their closing stock at cost has items of trading stock…
Section EC 7 — Valuation methods
EC 7 Valuation methods Methods (1) The methods available for valuing specified livestock are— (a) the herd scheme described in sections EC 14 to EC 21 : (b) the national standard cost scheme…
Section EE 7 — What is not depreciable property?
EE 7 What is not depreciable property? The following property is not depreciable property : (a) land, although buildings, fixtures, and the improvements listed in schedule 13 (Depreciable land…
Section EH 7 — Deduction of deposit
EH 7 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 1 (Main income equalisation scheme). Amount of deduction (2) The…
Section EI 7 — Leases: income derived in anticipation
EI 7 Leases: income derived in anticipation When this section applies (1) This section applies when a person derives, in a tax year, income in anticipation from fines, premiums, a payment of goodwill…
Section EJ 7 — Film production expenditure for New Zealand films having no large budget film grant
EJ 7 Film production expenditure for New Zealand films having no large budget film grant New Zealand films (1) A deduction under section DS 2 (Film production expenditure) for film production…
Section EK 7 — Deduction for payment
EK 7 Deduction for payment When this section applies (1) This section applies when a person is allowed a deduction under section DQ 4 (Environmental restoration accounts scheme) for a payment to…
Section EW 7 — Change from private or domestic purpose
EW 7 Change from private or domestic purpose When this section applies (1) This section applies when a person who is a party to an excepted financial arrangement described in any of section EW 5(18)…
Section EX 7 — Indirect control interests
EX 7 Indirect control interests How indirect control interests arise (1) A person has an indirect control interest in a foreign company to the extent to which the rules in this section attribute to…
Section EY 7 — Meaning of claim
EY 7 Meaning of claim Meaning in life insurance rules (1) In the life insurance rules, claim — (a) means the amount that a life insurer is liable to pay under a life insurance policy because the…
Section EZ 7 — Buying patent rights before 1 April 1993
EZ 7 Buying patent rights before 1 April 1993 When this section applies (1) This section applies when section DZ 8 (Buying patent rights before 1 April 1993) applies. Amount of deduction (2) The…
Section FA 7 — Determining amount of loan
FA 7 Determining amount of loan Value to lessor (1) For a lessor under a finance lease, the amount of the loan is determined under section EW 32 (Consideration for agreement for sale and purchase of…
Section FB 7 — Land with standing timber
FB 7 Land with standing timber When this section applies (1) This section applies for the purposes of section CB 25 (Disposal of land with standing timber) when— (a) land with standing timber on it…
Section FC 7 — Transfer of prepaid property
FC 7 Transfer of prepaid property What this section applies to (1) This section applies, in the circumstances described in section FC 1(1)(a) or (b) , to a transfer of property on a person’s death…
Section FE 7 — Apportionment of interest by reporting bank
FE 7 Apportionment of interest by reporting bank When this section applies (1) This section applies to a reporting bank if, at the relevant measurement date referred to in section FE 8(3) ,— (a) the…
Section FF 7 — Surplus to foreign dividends
FF 7 Surplus to foreign dividends [Repealed] Section FF 7: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International Taxation, Life Insurance, and…
Section FM 7 — Treatment of amounts derived or expenditure incurred
FM 7 Treatment of amounts derived or expenditure incurred Sections FM 8 to FM 30 set out the treatment of certain amounts derived or expenditure incurred while a company is part of a consolidated…
Section FN 7 — Forming imputation groups
FN 7 Forming imputation groups Election (1) Two or more companies may choose to form an imputation group of companies if the companies are, at the time,— (a) a wholly-owned group of companies; and…
Section FO 7 — Income derived after amalgamation
FO 7 Income derived after amalgamation When this section applies (1) This section applies when an amalgamating company ends its existence on amalgamation, and an amount is derived by the amalgamated…
Section FZ 7 — Valuation of group assets: insurance proceeds from Canterbury earthquake
FZ 7 Valuation of group assets: insurance proceeds from Canterbury earthquake When this section applies (1) This section applies for the purposes of sections FE 16 and FE 18 (which relate to the…
Section GB 7 — Arrangements involving CFC control interests
GB 7 Arrangements involving CFC control interests When this section applies (1) This section applies when— (a) 2 or more persons who are New Zealand residents enter into an arrangement; and (b) under…
Section GC 7 — Excess amount payable by person
GC 7 Excess amount payable by person If the amount of consideration payable by a person (the taxpayer ) under a transfer pricing arrangement is more than an arm’s length amount, an amount equal to…
Section HA 7 — Shareholding requirements
HA 7 Shareholding requirements Natural persons, certain trustees, and qualifying companies (1) A shareholder in a qualifying company must be 1 of the following: (a) a natural person other than a…
Section HB 7 — Disposal of depreciable property
HB 7 Disposal of depreciable property 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…
Section HC 7 — Trustee income
HC 7 Trustee income Meaning (1) To the extent to which it is not beneficiary income, an amount of income derived by a trustee of a trust is trustee income . Minors’ beneficiary income (2) An amount…
Section HD 7 — Rate and amount of tax
HD 7 Rate and amount of tax The rate of tax used to calculate an agent’s income tax liability is determined by reference to the taxable income of the principal. The amount of income tax payable is…
Section HF 7 — Taxable Maori authority distributions
HF 7 Taxable Maori authority distributions A Maori authority distribution is a taxable Maori authority distribution if the source is income of the Maori authority that is— (a) derived by the Maori…
Section HG 7 — Disposal of depreciable property
HG 7 Disposal of depreciable property 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…
Section HL 7 — Investor return adjustment requirement: portfolio tax rate entity
HL 7 Investor return adjustment requirement: portfolio tax rate entity [Repealed] Section HL 7: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 7 — Requirements
HM 7 Requirements For an entity to be a PIE, it must— (a) meet the requirements of the entry rules in sections HM 8 to HM 10 , HM 17 , HM 18 , and HM 20 , as applicable; and (b) be 1 of the types of…
Section HR 7 — Meaning of airport operator’s activities
HR 7 Meaning of airport operator’s activities Meaning of airport operator’s activities (1) In sections HR 5 and HR 6 , airport operator’s activities means the following activities undertaken for the…
Section HZ 7 — Saving of binding rulings relating to settlements on trusts
HZ 7 Saving of binding rulings relating to settlements on trusts When, and extent to which, this section applies (1) This section applies when, and to the extent to which,— (a) before the…
Section IA 7 — Restrictions relating to ring-fenced tax losses
IA 7 Restrictions relating to ring-fenced tax losses Non-application of sections IA 2 to IA 4 (1) Sections IA 2 to IA 4 (the general rules ) do not apply to an amount referred to in subsections (2)…
Section IC 7 — Residence of company A
IC 7 Residence of company A Incorporation or carrying on business (1) Company A, for the commonality period, must be either— (a) incorporated in New Zealand; or (b) carrying on a business in New…
Section IP 7 — Notices required
IP 7 Notices required Notifying Commissioner (1) In sections IP 4(2)(d) and IP 5(2)(d) , company A must notify the Commissioner by its extended return date that it intends to treat a tax loss or loss…
Section IQ 7 — When group membership lacking in loss period
IQ 7 When group membership lacking in loss period When this section applies (1) This section applies if— (a) a company that is part of a consolidated group has a ring-fenced tax loss consisting of…
Section IZ 7 — Grouping tax losses for tax years before 1981–82 and between 1981–82 and 1991–92
IZ 7 Grouping tax losses for tax years before 1981–82 and between 1981–82 and 1991–92 Commonality period: between 1981–82 and 1991–92 (1) For the purposes of section IC 5(1)(a) (Company B using…
Section LA 7 — Remaining refundable credits: tax credits under social policy schemes
LA 7 Remaining refundable credits: tax credits under social policy schemes What this section applies to (1) This section applies to a person's tax credit remaining for a tax year under section LA…
Section LB 7 — Tax credits related to personal service rehabilitation payments: providers
LB 7 Tax credits related to personal service rehabilitation payments: providers When this section applies (1) This section applies when— (a) a person— (i) is paid under the Accident Compensation Act…
Section LC 7 — Meaning of housekeeper
LC 7 Meaning of housekeeper [Repealed] Section LC 7: 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 No…
Section LD 7 — When donation returned to person
LD 7 When donation returned to person When this section applies (1) This section applies for the purposes of section LD 4 when the amount of a payroll donation is, for whatever reason, returned to…
Section LE 7 — Credit transfer notices
LE 7 Credit transfer notices When this section applies (1) This section applies in relation to a tax credit when a share supplier is given a credit transfer notice under section 30C of the Tax…
Section LF 7 — Application of combined imputation and FDP ratio
LF 7 Application of combined imputation and FDP ratio When this section applies (1) This section applies when— (a) a person who has a tax credit under section LF 1 receives an imputation credit and…
Section LH 7 — Research and development activities and related terms
LH 7 Research and development activities and related terms Research and development activities (1) In this subpart, research and development activities of a person are— (a) systematic, investigative,…
Section LJ 7 — Repaid foreign tax: effect on income tax liability
LJ 7 Repaid foreign tax: effect on income tax liability Who this section applies to (1) This section applies to a person who has— (a) paid an amount of foreign income tax, or in relation to whom an…
Section LK 7 — Taxable distributions and NRWT rules
LK 7 Taxable distributions and NRWT rules When this section applies (1) This section applies when a CFC receives a taxable distribution in an accounting period and, for a person with an income…