Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section LJ 8 — Repaid foreign tax: effect on FDP liability
LJ 8 Repaid foreign tax: effect on FDP liability Who this section applies to (1) This section applies to a person who receives a foreign dividend from a foreign dividend company, and the person or…
Section LK 8 — Tax credits of consolidated companies
LK 8 Tax credits of consolidated companies If a consolidated group has a tax credit under section LK 1 , the credit is treated as the consolidated group’s credit and not the credit of a group…
Section LL 8 — Currency conversion
LL 8 Currency conversion [Repealed] Section LL 8: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section LP 8 — Relationship with exempt income rules
LP 8 Relationship with exempt income rules What this section applies to (1) This section applies to a supplementary dividend holding company that derives a dividend and related supplementary dividend…
Section LZ 8 — Meaning of home vendor mortgage
LZ 8 Meaning of home vendor mortgage In sections LZ 6 and LZ 7 , home vendor mortgage means a mortgage— (a) that secures a loan provided by the vendor or vendors of a house; and (b) that is…
Section MA 8 — Some definitions for family scheme
MA 8 Some definitions for family scheme In subparts MB to MF and MZ ,— abating WFF tax credit means a tax credit under section MD 1 (Abating WFF tax credit) chief executive means the chief executive…
Section MB 8 — Family scheme income from fringe benefits
MB 8 Family scheme income from fringe benefits 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 8 — Continuing requirements
MC 8 Continuing requirements Requirements for entitlement period (1) To receive entitlements and tax credits under the family scheme, a person who meets the qualifying criteria set out in sections MC…
Section MD 8 — Fourth requirement: person not receiving benefit
MD 8 Fourth requirement: person not receiving benefit The fourth requirement for an entitlement to an in-work tax credit is that the person referred to in section MD 4 and their spouse, civil union…
Section MK 8 — Treatment of tax credits on permanent emigration
MK 8 Treatment of tax credits on permanent emigration When this section applies (1) This section applies in the case of a permanent emigration from New Zealand when a person for whom a tax credit has…
Section OA 8 — Shareholder continuity requirements for memorandum accounts
OA 8 Shareholder continuity requirements for memorandum accounts When this section applies (1) This section applies when a company or a consolidated group maintains a memorandum account. Shareholder…
Section OB 8 — ICA resident withholding tax withheld
OB 8 ICA resident withholding tax withheld Credit (1) An ICA company has an imputation credit for resident withholding tax (RWT) that is treated under section RA 9(1)(b) (Treatment of amounts…
Section OC 8 — FDPA payment of FDP for transfer from CTR account
OC 8 FDPA payment of FDP for transfer from CTR account [Repealed] Section OC 8: repealed (with effect on 30 June 2009), on 6 October 2009, by section 406(1) of the Taxation (International Taxation,…
Section OD 8 — CTRA reduction of FDP
OD 8 CTRA reduction of FDP [Repealed] Section OD 8: repealed (with effect on 30 June 2009), on 6 October 2009, by section 425(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section OE 8 — BETA unused amount of debit balance
OE 8 BETA unused amount of debit balance [Repealed] Section OE 8: repealed (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 116(1) of the…
Section OJ 8 — PCA payment of tax relating to policyholder base
OJ 8 PCA payment of tax relating to policyholder base [Repealed] Section OJ 8: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section OK 8 — MACA resident withholding tax withheld
OK 8 MACA resident withholding tax withheld Credit (1) A Maori authority has a Maori authority credit for the amount of tax for resident passive income treated under section RA 9(1)(b) (Treatment of…
Section OP 8 — Consolidated ICA deposit in tax pooling account
OP 8 Consolidated ICA deposit in tax pooling account Credit (1) A consolidated imputation group has an imputation credit for an amount provided by it and paid by an intermediary into a tax pooling…
Section OZ 8 — Attaching imputation credits and FDP credits: maximum permitted ratio
OZ 8 Attaching imputation credits and FDP credits: maximum permitted ratio When this section applies (1) This section applies when— (a) a company pays a dividend in the transitional period; and (b)…
Section RA 8 — Liability of persons receiving payments or benefits
RA 8 Liability of persons receiving payments or benefits Despite sections RA 5 and RA 6 , a person receiving or deriving a payment or benefit in relation to which an amount of tax must be withheld or…
Section RC 8 — GST ratio method
RC 8 GST ratio method Using GST ratio (1) A person liable to pay provisional tax who meets the requirements of section RC 16 and is not excluded by section RC 17 may choose to use a GST ratio to…
Section RD 8 — Schedular payments
RD 8 Schedular payments Meaning (1) A schedular payment — (a) means— (i) a payment of a class set out in schedule 4 (Rates of tax for schedular payments); and (ii) in relation to a sale, the net…
Section RE 8 — When resident passive income paid to nominees
RE 8 When resident passive income paid to nominees Who this section applies to (1) This section applies when— (a) an amount is paid to a person ( person A ) who is a nominee for another person (…
Section RF 8 — Certain dividends
RF 8 Certain dividends When this section applies (1) This section applies when a person makes a payment of non-resident passive income that consists of a dividend, except to the extent to which the…
Section RM 8 — Overpaid RWT or NRWT
RM 8 Overpaid RWT or NRWT When this section applies (1) This section applies when a person is required to withhold and pay to the Commissioner an amount of resident withholding tax (RWT) or…
Section RP 8 — Information required from employers
RP 8 Information required from employers An employer must— (a) keep a record of— (i) the gross salary or wages of an employee for a pay period; and (ii) the amounts of tax withheld by the employer…
Section RZ 8 — Payment and rate of withdrawal tax
RZ 8 Payment and rate of withdrawal tax When this section applies (1) This section applies when a person withdraws an amount from a special home ownership account that they have with an authorised…
Section YB 8 — Trustee and settlor
YB 8 Trustee and settlor Association (1) A trustee of a trust and a settlor of the trust are associated persons. Exclusion (2) This section does not apply if the trust is a charitable trust. Defined…
Section YC 8 — Death of share or option holder
YC 8 Death of share or option holder If a person acquires a share or option over a share on the death of a person (the deceased person ), as a beneficiary or trustee under the will or intestacy, the…
Section YD 8 — Apportionment of premiums derived by non-resident general insurers
YD 8 Apportionment of premiums derived by non-resident general insurers When this section applies (1) This section applies if— (a) a premium is paid under a contract of insurance; and (b) the…
Section CC 8B — Certain commercial bills: non-resident holders
CC 8B Certain commercial bills: non-resident holders When this section applies (1) This section applies when a non-resident holder of a commercial bill who is required to calculate and allocate…
Section HA 8B — No CFC income interests or FIF direct income interests of 10% or more
HA 8B No CFC income interests or FIF direct income interests of 10% or more A qualifying company must not have— (a) income interests in a CFC: (b) interests in a FIF that are a direct income interest…
Section LA 8B — General rules particular to life insurers
LA 8B General rules particular to life insurers Apportionment (1) For the purposes of this subpart, a life insurer’s total tax credit is apportioned between their policyholder base and shareholder…
Section CB 9 — Disposal within 10 years: land dealing business
CB 9 Disposal within 10 years: land dealing business Income (1) An amount that a person derives from disposing of land is income of the person if— (a) they dispose of the land within 10 years of…
Section CC 9 — Royalties
CC 9 Royalties Income (1) A royalty derived by a person is income of the person. Meaning of royalty (2) Royalty includes a payment of any kind derived as consideration for— (a) the use of, or right…
Section CD 9 — Interests in money or property of foreign unit trust
CD 9 Interests in money or property of foreign unit trust Interest absolutely vested in unit holder (1) If a beneficial interest in money or property of a unit trust that is a foreign company vests…
Section CE 9 — Restrictive covenants
CE 9 Restrictive covenants When this section applies (1) This section applies when— (a) a person ( person A ) gives an undertaking that restricts, or is intended to restrict, their ability to perform…
Section CH 9 — Interest apportionment: excess debt entity
CH 9 Interest apportionment: excess debt entity When this section applies (1) This section applies when an excess debt entity is required under section FE 6 (Apportionment of interest by excess debt…
Section CS 9 — Exclusion of withdrawal from defined benefit fund when member ends employment
CS 9 Exclusion of withdrawal from defined benefit fund when member ends employment [Repealed] Section CS 9: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman…
Section CU 9 — Previous deduction for income appropriated
CU 9 Previous deduction for income appropriated Income (1) An amount equal to the amount for which a mining company is allowed a deduction under section DU 4 (Income appropriated to expenditure) is…
Section CV 9 — Supplementary dividend holding companies
CV 9 Supplementary dividend holding companies When this section applies (1) This section applies to a supplementary dividend holding company that derives a dividend and related supplementary dividend…
Section CW 9 — Dividend derived from foreign company
CW 9 Dividend derived from foreign company Exempt income (1) A dividend from a foreign company is exempt income if derived by a company that is resident in New Zealand. Exclusions (2) Subsection (1)…
Section CX 9 — Subsidised transport
CX 9 Subsidised transport A fringe benefit arises when an employer provides subsidised transport to an employee. Defined in this Act: employee , employer , fringe benefit , subsidised transport…
Section CZ 9 — Available capital distribution amount: 1965 and 1985–1992
CZ 9 Available capital distribution amount: 1965 and 1985–1992 Section CD 44(7)(e) (1) For the purposes of section CD 44(7)(e) (Available capital distribution amount), a company derives a capital…
Section DB 9 — Interest incurred on money borrowed to acquire shares in qualifying companies
DB 9 Interest incurred on money borrowed to acquire shares in qualifying companies Deduction for interest incurred (1) The deduction that a shareholder in a qualifying company has for interest in an…
Section DC 9 — Restrictive covenants or exit inducements
DC 9 Restrictive covenants or exit inducements Deduction (1) A person is allowed a deduction for expenditure that they incur that is income of another person under section CE 9 (Restrictive…
Section DD 9 — Relationship with fringe benefit tax rules
DD 9 Relationship with fringe benefit tax rules Sections DD 2 to DD 8 override the fringe benefit tax (FBT) rules. However, the FBT rules, as applied by section CX 29 (Entertainment), override…
Section DE 9 — Inadequate logbook
DE 9 Inadequate logbook Non-representative logbook proportion (1) If the Commissioner considers that the proportion of business use recorded in a logbook does not, or does no longer, represent the…
Section DO 9 — Meaning of replaced area fraction
DO 9 Meaning of replaced area fraction Meaning (1) In section DO 6 , replaced area fraction , for a planting and an income year, means the amount calculated using the formula— replacement area ×…
Section DP 9 — Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company
DP 9 Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company When this section applies (1) This section applies when a forestry company buys land…