Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section LL 7 — Conduit financing arrangements
LL 7 Conduit financing arrangements [Repealed] Section LL 7: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation, Life Insurance, and…
Section LP 7 — Requirements for supplementary dividend holding companies
LP 7 Requirements for supplementary dividend holding companies When this section and sections LP 8 and LP 9 apply (1) This section, and sections LP 8 and LP 9 , apply for an income year when a…
Section LZ 7 — Maximum amount of credit under section LZ 6
LZ 7 Maximum amount of credit under section LZ 6 Maximum amount: 1 person (1) If only 1 person has provided the loan secured by a home vendor mortgage, the maximum amount of tax credit that the…
Section MA 7 — Meaning of full-time earner for family scheme
MA 7 Meaning of full-time earner for family scheme Weekly employment (1) In subparts MB to MF and MZ , a full-time earner means a person who, for a week,— (a) is employed for 20 hours or more and…
Section MB 7 — Family scheme income of settlor of trust
MB 7 Family scheme income of settlor of trust When this section applies (1) This section applies for the purpose of determining the amount that represents the family scheme income of a person for an…
Section MC 7 — When spouse or partner entitled under family scheme
MC 7 When spouse or partner entitled under family scheme When this section applies (1) This section applies when a person has a spouse, civil union partner, or de facto partner throughout an…
Section MD 7 — Third requirement: residence
MD 7 Third requirement: residence Third requirement (1) The third requirement for an entitlement to an in-work tax credit is that the person or child referred to in section MD 4 meet the residence…
Section MF 7 — Orders in Council
MF 7 Orders in Council What may be done by Order in Council (1) The Governor-General may, by Order in Council,— (a) increase the amounts in section MD 3(4)(a)(i) and (b)(i) and (ii) (Calculation of…
Section MK 7 — Amounts paid in excess
MK 7 Amounts paid in excess Despite section MK 6 , a fund provider is treated as having the amount of a tax credit paid under section MK 3 for the purposes of recovering any amount paid in excess of…
Section OA 7 — Opening balances of memorandum accounts
OA 7 Opening balances of memorandum accounts Balances carried forward (1) The opening balance of a memorandum account at the start of a tax year or income year, as applicable, is the closing balance…
Section OB 7 — ICA payment of further income tax
OB 7 ICA payment of further income tax Credit (1) An ICA company has an imputation credit for an amount of further income tax paid under section OB 65 or OB 66 . Table reference (2) The imputation…
Section OC 7 — FDPA dividend derived with FDP credit
OC 7 FDPA dividend derived with FDP credit Credit (1) An FDPA company has an FDP credit for the amount of an FDP credit attached to a dividend derived by the company. Table reference (2) The FDP…
Section OD 7 — CTRA dividend derived with CTR credit
OD 7 CTRA dividend derived with CTR credit [Repealed] Section OD 7: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section…
Section OE 7 — BETA payment of income tax
OE 7 BETA payment of income tax [Repealed] Section OE 7: repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 107(1) of the Taxation (International…
Section OJ 7 — PCA credit for reduced deficit in FDP account
OJ 7 PCA credit for reduced deficit in FDP account [Repealed] Section OJ 7: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters)…
Section OK 7 — MACA dividend derived with FDP credit
OK 7 MACA dividend derived with FDP credit Credit (1) A Maori authority has a Maori authority credit for the amount of an FDP credit attached to a dividend derived by the Maori authority when it is…
Section OP 7 — Consolidated ICA payment of tax
OP 7 Consolidated ICA payment of tax Credit (1) A consolidated imputation group has an imputation credit for a payment of income tax. Subsection (3) overrides this subsection. Table reference (2) The…
Section OZ 7 — Memorandum accounts in transitional period
OZ 7 Memorandum accounts in transitional period Unless the context otherwise requires, sections OZ 8 to OZ 15 apply for a period (the transitional period )— (a) beginning the first day of a person's…
Section RA 7 — Payment of tax by public authorities
RA 7 Payment of tax by public authorities A public authority that pays an amount under this Act acts within its capacity, whether further appropriation is made or not. Defined in this Act: amount ,…
Section RC 7 — Estimation method
RC 7 Estimation method When this section applies (1) This section applies to a person who is liable to pay provisional tax under section RC 5(5) and to the calculation of the amount of their…
Section RD 7 — Extra pay
RD 7 Extra pay Meaning (1) An extra pay — (a) means a payment that— (i) is made to a person in connection with their employment; and (ii) is not a payment regularly included in salary or wages…
Section RE 7 — When resident passive income paid to trustees
RE 7 When resident passive income paid to trustees Who this section applies to (1) This section applies when— (a) an amount is paid to a person ( person A ) who is acting as trustee for another…
Section RF 7 — General rate for NRWT
RF 7 General rate for NRWT When this section applies (1) This section applies to a payment of non-resident passive income other than a payment to which sections RF 8 to RF 12 apply. Calculation of…
Section RG 7 — Reduction of payments for conduit tax relief
RG 7 Reduction of payments for conduit tax relief [Repealed] Section RG 7: repealed (with effect on 30 June 2009), on 6 October 2009, by section 540(1) of the Taxation (International Taxation, Life…
Section RM 7 — Refunds to PAYE intermediaries
RM 7 Refunds to PAYE intermediaries When this section applies (1) This section applies when a PAYE intermediary pays to the Commissioner an amount of tax for a PAYE income payment for an employer—…
Section RP 7 — General responsibilities of employers
RP 7 General responsibilities of employers When this section applies (1) This section applies when an employer who meets the requirements of sections RP 8 to RP 11 arranges to transfer their PAYE…
Section RZ 7 — Withdrawal income
RZ 7 Withdrawal income When this section applies (1) This section applies when a special home ownership account is closed in a tax year, and an amount is withdrawn on the closure other than an amount…
Section YB 7 — Two trustees with common settlor
YB 7 Two trustees with common settlor Association (1) A trustee of a trust and a trustee of another trust are associated persons if the same person is a settlor of both trusts. Treatment of spouses…
Section YC 7 — When sections YC 8 to YC 19B apply
YC 7 When sections YC 8 to YC 19B apply Sections YC 8 to YC 19B apply to modify sections YC 2 to YC 6 when the continuity provisions are applied. Defined in this Act: continuity provisions , Compare:…
Section YD 7 — Apportionment of film rental income
YD 7 Apportionment of film rental income [Repealed] Section YD 7: repealed, on 2 November 2012, by section 160 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No…
Section CD 7B — Shares issued under profit distribution plans
CD 7B Shares issued under profit distribution plans Profit distribution plan shares (1) A share issued by a company under a profit distribution plan is a dividend. Amount of dividend (2) The amount…
Section HA 7B — Grandparenting requirement
HA 7B Grandparenting requirement A qualifying company must have been a qualifying company at the end of the income year before the first income year that starts on or after 1 April 2011 and must not…
Section LE 7B — Credit of RSCT for imputation credit
LE 7B Credit of RSCT for imputation credit Retirement scheme contributions (1) A retirement scheme contributor who attaches an imputation credit to a retirement scheme contribution for a person in an…
Section OB 7B — ICA payment of qualifying company election tax
OB 7B ICA payment of qualifying company election tax Credit (1) An ICA company has an imputation credit for an amount of qualifying company election tax paid under section HA 40 (Liability for…
Section OZ 7B — Maori authority credit ratios for transitional period
OZ 7B Maori authority credit ratios for transitional period When this section applies (1) This section applies when a Maori authority makes a taxable Maori authority distribution in the transitional…
Section OB 7C — ICA expenditure on research and development
OB 7C ICA expenditure on research and development Credit (1) An ICA company has an imputation credit for an amount of a tax credit that the company has under section LH 2 (Tax credits relating to…
Section BC 8 — Satisfaction of income tax liability
BC 8 Satisfaction of income tax liability Use of tax credits (1) Credits for tax paid, tax withheld, or other circumstances, calculated under Parts L (Tax credits and other credits) and M (Tax…
Section CB 8 — Disposal: land used for landfill, if notice of election
CB 8 Disposal: land used for landfill, if notice of election An amount that a person derives from disposing of land is income of the person if— (a) the person uses the land as a landfill before…
Section CC 8 — Use of money interest payable by Commissioner
CC 8 Use of money interest payable by Commissioner Income (1) Interest payable by the Commissioner to a person under Part 7 of the Tax Administration Act 1994 is income of the person. Timing of…
Section CD 8 — Elections to make bonus issue into dividend
CD 8 Elections to make bonus issue into dividend Treating bonus issues as dividends (1) A bonus issue that is not a bonus issue in lieu or a share issued under a profit distribution plan is a…
Section CE 8 — Attributed income from personal services
CE 8 Attributed income from personal services When this section applies (1) This section applies when, under sections GB 27 to GB 29 (which relate to the attribution rule), a person is required to…
Section CG 8 — Capital contributions
CG 8 Capital contributions When this section applies (1) This section applies for the income year (the first year ) in which a person derives a capital contribution and for the 9 income years after…
Section CH 8 — Market value substituted
CH 8 Market value substituted Transfer pricing arrangements (1) An amount treated as income of a person under section GB 7 (Arrangements involving CFC control interests) is income of the person.…
Section CS 8 — Exclusion of withdrawal when member ends employment: lock-in rule
CS 8 Exclusion of withdrawal when member ends employment: lock-in rule [Repealed] Section CS 8: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings…
Section CU 8 — Compensation and scrap payment: more than expenditure
CU 8 Compensation and scrap payment: more than expenditure When this section applies (1) This section applies when— (a) the mining company complies with section CU 6(2) ; and (b) the company incurs…
Section CV 8 — Regulations: Australian wine producer rebate
CV 8 Regulations: Australian wine producer rebate Order in Council (1) For the purpose of enabling the Commissioner to administer the entitlement of New Zealand resident wine producers to Australian…
Section CW 8 — Money lent to government of New Zealand
CW 8 Money lent to government of New Zealand What this section applies to (1) This section applies to— (a) interest derived from money lent under a binding contract entered into on or after 29 July…
Section CX 8 — Private use of motor vehicle: use by more than 1 employee
CX 8 Private use of motor vehicle: use by more than 1 employee If, on any day, a motor vehicle is made available by an employer for the private use of more than 1 employee, this availability is…
Section CZ 8 — Farm-out arrangements for petroleum mining before 16 December 1991
CZ 8 Farm-out arrangements for petroleum mining before 16 December 1991 Excluded income (1) Excess expenditure under a farm-out arrangement entered into before 16 December 1991 is excluded income of…
Section DB 8 — Interest: money borrowed to acquire shares in group companies
DB 8 Interest: money borrowed to acquire shares in group companies Deduction: borrowing to acquire group company shares (1) A company is allowed a deduction for interest incurred on money borrowed to…