Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section ED 1 — Valuation of excepted financial arrangements
ED 1 Valuation of excepted financial arrangements Valuation methods for excepted financial arrangements (1) A person who has revenue account property that is an excepted financial arrangement must…
Section EE 1 — What this subpart does
EE 1 What this subpart does Quantifying amounts of depreciation loss and depreciation recovery income (1) This subpart— (a) quantifies the amount of depreciation loss for which a person is allowed a…
Section EF 1 — Fringe benefit tax
EF 1 Fringe benefit tax Fringe benefit tax for which a deduction is allowed may be deducted only in the income year in which the relevant fringe benefits are provided or granted, whether or not the…
Section EG 1 — Election to use balance date used in foreign country
EG 1 Election to use balance date used in foreign country When this section applies (1) This section applies when— (a) a person has foreign source income or foreign expenditure that is taken into…
Section EH 1 — Income equalisation schemes
EH 1 Income equalisation schemes Description (1) An income equalisation scheme allows a person to reduce their net income for a tax year by making a deposit with the Commissioner for the…
Section EI 1 — Spreading backward of income from timber
EI 1 Spreading backward of income from timber When this section applies (1) This section applies when a person derives income under section CB 24 (Disposal of timber or right to take timber) or CB 25…
Section EJ 1 — Spreading backward of deductions for costs of timber
EJ 1 Spreading backward of deductions for costs of timber When this section applies (1) This section applies when a person derives income under section CB 24 (Disposal of timber or right to take…
Section EK 1 — Environmental Restoration Funds Account
EK 1 Environmental Restoration Funds Account Account (1) There is a Crown Bank Account called the Environmental Restoration Funds Account that is operated under the Public Finance Act 1989. Payments…
Section EW 1 — What this subpart does
EW 1 What this subpart does Financial arrangements rules (1) This subpart contains most of the financial arrangements rules. Meaning of financial arrangements rules (2) Financial arrangements rules…
Section EX 1 — Meaning of controlled foreign company
EX 1 Meaning of controlled foreign company Tests of control (1) A foreign company is a controlled foreign company (CFC) if any of the following tests is met: (a) there is a group of 5 or fewer New…
Section EY 1 — What this subpart does
EY 1 What this subpart does Two bases (1) This subpart provides for the taxation of life insurers on 2 separate bases, the policyholder base and the shareholder base. Sections EY 2 and EY 3 describe…
Section EZ 1 — Life insurers acquiring property before 1 April 1988
EZ 1 Life insurers acquiring property before 1 April 1988 When this section applies (1) This section applies when section DZ 2 (Life insurers acquiring property before 1 April 1988) applies. Amount…
Section FA 1 — What this subpart does
FA 1 What this subpart does This subpart alters the tax treatment of certain commercial arrangements by— (a) recharacterising either their nature or that of the amounts derived under the…
Section FB 1 — What this subpart does
FB 1 What this subpart does When this subpart applies (1) This subpart sets out the tax treatment when property is transferred on a settlement of relationship property. General treatment of parties…
Section FC 1 — What this subpart does
FC 1 What this subpart does Types of distributions and gifts (1) This subpart provides a value for property that is disposed of under the following transactions: (a) the transfer of a person’s estate…
Section FE 1 — What this subpart does
FE 1 What this subpart does Interest apportionment (1) This subpart applies— (a) to apportion certain interest expenditure between income having a source in New Zealand and other income for a New…
Section FF 1 — What this subpart does
FF 1 What this subpart does [Repealed] Section FF 1: 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 FL 1 — What this subpart does
FL 1 What this subpart does When this subpart applies (1) This subpart applies when a company that is a New Zealand resident (the emigrating company ) stops being a New Zealand resident. Tax effects…
Section FM 1 — What this subpart applies to
FM 1 What this subpart applies to This subpart applies to eligible companies that are part of a wholly-owned group of companies that choose to form a consolidated group of companies. Defined in this…
Section FN 1 — When this subpart applies
FN 1 When this subpart applies This subpart applies when 2 or more companies that are part of a wholly-owned group of companies form an imputation group to enable a company in the imputation group to…
Section FO 1 — What this subpart does
FO 1 What this subpart does This subpart sets out the rules that provide for some tax consequences when companies amalgamate. In general, the rules provide roll-over relief when a resident’s…
Section FZ 1 — Treatment of interest payable under debentures issued before certain date
FZ 1 Treatment of interest payable under debentures issued before certain date When this section applies (1) This section applies for the purposes of section FA 2 (Recharacterisation of certain…
Section GA 1 — Commissioner’s power to adjust
GA 1 Commissioner’s power to adjust When this section applies (1) This section applies if an arrangement is void under section BG 1 (Tax avoidance). Commissioner’s general power (2) The Commissioner…
Section GB 1 — Arrangements involving dividend stripping
GB 1 Arrangements involving dividend stripping When this section applies (1) This section applies when— (a) a person disposes of shares in a company in an income year; and (b) the disposal is part of…
Section GC 1 — Disposals of trading stock at below market value
GC 1 Disposals of trading stock at below market value When this section applies (1) This section applies when a person disposes of trading stock for— (a) no consideration: (b) an amount that is less…
Section GZ 1 — Limitation on section GB 20: petroleum mining arrangements
GZ 1 Limitation on section GB 20: petroleum mining arrangements Section GB 20 (Arrangements involving petroleum mining) does not apply to an arrangement if— (a) the petroleum mining asset was…
Section HA 1 — What this subpart does
HA 1 What this subpart does Distributing profits and attributing tax losses (1) The rules in this subpart allow a company to choose, for taxation purposes,— (a) to have a distribution of profits to…
Section HB 1 — Look-through companies are transparent
HB 1 Look-through companies are transparent When this section applies (1) This section applies for the purposes of this Act, other than the PAYE rules, the FBT rules, the NRWT rules, the RWT rules,…
Section HC 1 — What this subpart does
HC 1 What this subpart does What this subpart does (1) This subpart, together with the trust rules,— (a) provides for the taxation of distributions from trusts, for this purpose defining— (i)…
Section HD 1 — What this subpart does
HD 1 What this subpart does When this subpart applies (1) This subpart sets out the circumstances in which a person is treated for the purposes of this Act and the Tax Administration Act 1994 as an…
Section HE 1 — Income and deductions of mutual associations
HE 1 Income and deductions of mutual associations Income and allocation (1) The treatment of amounts derived by mutual associations and from mutual associations is dealt with in— (a) section CB 33…
Section HF 1 — Maori authorities and the Maori authority rules
HF 1 Maori authorities and the Maori authority rules Who is a Maori authority? (1) A Maori authority is a person eligible under section HF 2 who has made an election under section HF 11 . Maori…
Section HG 1 — Joint venturers
HG 1 Joint venturers When this section applies (1) This section applies when 2 or more people derive income jointly or have deductions jointly, and they are not partners in the same partnership.…
Section HL 1 — Intended effect on portfolio tax rate entities and investors
HL 1 Intended effect on portfolio tax rate entities and investors [Repealed] Section HL 1: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 1 — Outline of subpart and relationship with other Parts
HM 1 Outline of subpart and relationship with other Parts Subpart HM (1) This subpart sets out— (a) the entry and exit rules for portfolio investment entities, see sections HM 7 to HM 30 : (b) who an…
Section HR 1 — Partnerships and joint ventures
HR 1 Partnerships and joint ventures [Repealed] Section HR 1: repealed, on 1 April 2008, by section 20(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).
Section HZ 1 — Distributions from trusts of pre-1989 tax reserves
HZ 1 Distributions from trusts of pre-1989 tax reserves When this section applies (1) This section applies if, and to the extent to which, a distribution is received from a trust that is not a unit…
Section IA 1 — What this subpart does
IA 1 What this subpart does This subpart— (a) defines the relationship between the core provisions of this Act, the provisions of this Part, and other provisions in this Act that allow a person with…
Section IC 1 — Company A making tax loss available to company B
IC 1 Company A making tax loss available to company B When this subpart applies (1) This subpart applies if 1 company that is part of a group of companies ( company A ) has a tax loss for a tax year…
Section ID 1 — Treatment of tax losses by consolidated groups
ID 1 Treatment of tax losses by consolidated groups Consolidated group’s net losses (1) A tax loss of a consolidated group of companies is treated as the consolidated group’s tax loss, not the tax…
Section IE 1 — When this subpart applies
IE 1 When this subpart applies This subpart applies if, in an amalgamation,— (a) either the amalgamating company or the amalgamated company has, before the date of the amalgamation, a tax loss…
Section IP 1 — When this subpart applies
IP 1 When this subpart applies Breaches of continuity and commonality (1) This subpart applies if either or both the following breaches occur: (a) when commonality of ownership required by section IC…
Section IQ 1 — General treatment
IQ 1 General treatment General statement (1) For an amount of a person's attributed CFC net loss or FIF net loss to be carried forward to a tax year,— (a) the person, if a company, must meet the…
Section IS 1 — General treatment of mining companies' net losses
IS 1 General treatment of mining companies' net losses Groups of companies (1) In a tax year in which a company is a mining company, section IC 5 (Company B using company A’s tax loss) does not…
Section IT 1 — Cancellation of life insurer's policyholder net losses
IT 1 Cancellation of life insurer's policyholder net losses What this section applies to (1) This section applies to the amount of a life insurer's tax loss to be carried forward to the tax year…
Section IV 1 — Supplementary dividend holding companies
IV 1 Supplementary dividend holding companies When this section applies (1) This section applies when a supplementary dividend holding company derives a supplementary dividend in a tax year. Limit on…
Section IW 1 — Shortfall penalties
IW 1 Shortfall penalties When this section applies (1) This section applies in a tax year when a person has a shortfall penalty for an income tax liability. Persons choosing to use tax losses (2) If…
Section IZ 1 — Use of specified activity net losses
IZ 1 Use of specified activity net losses Limit on amount (1) A person’s specified activity net loss that is carried forward to a tax year and subtracted from the person’s net income for the tax year…
Section LA 1 — What this Part does
LA 1 What this Part does This Part— (a) identifies when a person’s tax credit arises; and (b) provides the rules that govern the use of a tax credit in satisfying an obligation under section BB 2…
Section LB 1 — Tax credits for PAYE income payments
LB 1 Tax credits for PAYE income payments When this section applies (1) This section applies in a tax year when an employer provides the Commissioner with an employer monthly schedule that shows an…