Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DT 9 — Disposal of petroleum mining asset to associate
DT 9 Disposal of petroleum mining asset to associate When this section applies (1) This section applies when— (a) a petroleum miner disposes of a petroleum mining asset to— (i) a person associated…
Section DU 9 — Application of sections to resident mining operators
DU 9 Application of sections to resident mining operators Sections of this subpart applying to resident mining operators (1) Sections DU 1 to DU 3 , and DU 5 to DU 7 apply, with any necessary…
Section DV 9 — Trusts
DV 9 Trusts No deduction (1) A person who derives beneficiary income is denied a deduction for expenditure or loss that a trustee incurs in deriving the income. Trustee income (2) For the purpose of…
Section DZ 9 — Premium paid on land leased before 1 April 1993
DZ 9 Premium paid on land leased before 1 April 1993 When this section applies (1) This section applies when a person ( person A ) leases land that they use in deriving their income and a grant or…
Section EB 9 — Discounted selling price
EB 9 Discounted selling price Valuation at discounted selling price (1) A person may determine the value of their closing stock at its discounted selling price if they use discounted selling price…
Section EC 9 — Restrictions on use of national standard cost scheme
EC 9 Restrictions on use of national standard cost scheme National standard cost scheme: first restriction on use of scheme (1) The national standard cost scheme is not available to a person to value…
Section EE 9 — Description of elements of calculation
EE 9 Description of elements of calculation Depreciation methods (1) Sections EE 12 to EE 24 deal with the methods of calculating an amount of depreciation loss. The methods are— (a) the…
Section EH 9 — Income does not include excess deposit
EH 9 Income does not include excess deposit A refund under section EH 8 is excluded income under section CX 51 (Income equalisation schemes). Defined in this Act: excluded income , Compare: 2004 No…
Section EI 9 — Matching rule for employment income of shareholder-employee
EI 9 Matching rule for employment income of shareholder-employee Matching if company allowed deduction (1) If a company is allowed a deduction for expenditure on employment income that is paid or is…
Section EJ 9 — Avoidance arrangements
EJ 9 Avoidance arrangements The allocation of a deduction under any of sections EJ 4 , EJ 5 , EJ 7 , and EJ 8 may be subject to adjustment under— (a) section GB 18 (Arrangements to acquire film…
Section EK 9 — Refund of payment if excess, lacking details
EK 9 Refund of payment if excess, lacking details When this section applies (1) This section applies when a person’s payment under section EK 2 for an income year is— (a) more than the person’s…
Section EW 9 — Persons to whom financial arrangements rules apply
EW 9 Persons to whom financial arrangements rules apply Residents (1) A person who is a party to a financial arrangement must calculate and allocate income or expenditure under the arrangement for an…
Section EX 9 — Direct income interests
EX 9 Direct income interests Categories of direct income interest (1) A person has a direct income interest in a CFC at any time if they hold— (a) any of the shares in the foreign company: (b) any of…
Section EY 9 — Meaning of life insurance policy
EY 9 Meaning of life insurance policy Life insurance policy means a policy to the extent to which it states the terms under which life insurance is covered. Defined in this Act: life insurance , life…
Section EZ 9 — Pool method for items accounted for by globo method for 1992–93 income year
EZ 9 Pool method for items accounted for by globo method for 1992–93 income year If a person chooses the pool method for an item of property of a kind described in section EE 66(3)(c) (Meaning of…
Section FA 9 — Treatment when lease ends: lessee acquiring asset
FA 9 Treatment when lease ends: lessee acquiring asset Acquisition treated as sale (1) When a lessee under a finance lease acquires the personal property lease asset by the date on which the term of…
Section FB 9 — Financial arrangements rules
FB 9 Financial arrangements rules The financial arrangements rules do not apply to a financial arrangement transferred on a settlement of relationship property if the financial arrangement meets the…
Section FE 9 — Elections
FE 9 Elections Return of income (1) An election or choice under this subpart is made by providing a return of income for the relevant income year. Measurement date (2) A choice of measurement date…
Section FF 9 — Calculating debt percentage of New Zealand foreign groups
FF 9 Calculating debt percentage of New Zealand foreign groups [Repealed] Section FF 9: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International…
Section FM 9 — Amounts that are company’s income
FM 9 Amounts that are company’s income When this section applies (1) This section applies when a company that is part of a consolidated group derives an amount that would not be income of the company…
Section FN 9 — Joining existing imputation group
FN 9 Joining existing imputation group Generally (1) A company that is eligible under section FN 4(1) may join an imputation group by notifying the Commissioner. Consolidated groups (2) If the…
Section FO 9 — Unexpired portion of prepaid expenditure
FO 9 Unexpired portion of prepaid expenditure If an amalgamating company ends its existence on amalgamation, the unexpired portion under section EA 3 (Prepayments) of an amount of expenditure of the…
Section GB 9 — Temporary disposals of direct control or income interests
GB 9 Temporary disposals of direct control or income interests When this section applies (1) This section applies when,— (a) before the end of a quarter, a person (the disposer ), directly or…
Section GC 9 — Compensating arrangement: person paying less than arm’s length amount
GC 9 Compensating arrangement: person paying less than arm’s length amount When this section applies (1) This section applies when— (a) a person (the taxpayer ) is a party to a transfer pricing…
Section HA 9 — Limit on foreign non-dividend income
HA 9 Limit on foreign non-dividend income Dollar limit (1) The foreign non-dividend income of a qualifying company in an income year must be no more than $10,000 after subtracting the lesser of— (a)…
Section HB 9 — Disposal of short-term agreements for sale and purchase
HB 9 Disposal of short-term agreements for sale and purchase When this section applies (1) This section applies when a person (the exiting owner ) disposes of some or all of their owner’s interests…
Section HC 9 — Classifying trusts
HC 9 Classifying trusts A trust is classified at the time it makes a distribution as— (a) a complying trust under section HC 10 : (b) a foreign trust under section HC 11 : (c) a non-complying trust…
Section HD 9 — Guardians
HD 9 Guardians A person ( person A ) is treated as an agent of another person ( person B ) if, as guardian, manager, or otherwise, person A receives, controls, or disposes of income that person B…
Section HF 9 — Treatment of companies and trusts that choose to apply this subpart
HF 9 Treatment of companies and trusts that choose to apply this subpart Company becoming Maori authority (1) If a company becomes a Maori authority in a tax year, the company must apply table H1,…
Section HG 9 — Disposal of short-term agreements for sale and purchase
HG 9 Disposal of short-term agreements for sale and purchase When this section applies (1) This section applies when a person (the exiting partner ) disposes of some or all of their partner’s…
Section HL 9 — Investor interest size requirement
HL 9 Investor interest size requirement [Repealed] Section HL 9: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International…
Section HM 9 — Collective schemes
HM 9 Collective schemes The entity must be— (a) a company: (b) a superannuation scheme: (c) the trustee of a trust that would be a unit trust if there were more than 1 subscriber, purchaser, or…
Section HR 9 — Financial institution special purpose vehicles are transparent
HR 9 Financial institution special purpose vehicles are transparent For the purposes of the liabilities and obligations under an Inland Revenue Act of a financial institution described in the…
Section IA 9 — Ordering rules
IA 9 Ordering rules Tax loss components (1) Tax loss components that are included in a tax loss must be used in the order in which they arose. Ring-fenced tax losses (2) Ring-fenced tax losses must…
Section IC 9 — Date for payment and notice to Commissioner
IC 9 Date for payment and notice to Commissioner Last date for payment (1) A payment under section IC 5(2)(b) must be made no later than the extended return date, or by a later date if the…
Section IQ 9 — When attributed CFC net loss becomes FIF net loss
IQ 9 When attributed CFC net loss becomes FIF net loss When this section applies (1) This section applies if, in a tax year, a person has an attributed CFC net loss that, under section 38 of the…
Section LA 9 — Use of tax credits
LA 9 Use of tax credits An amount of a tax credit is used once, so far as it extends. Defined in this Act: amount , tax credit , Compare: 2004 No 35 ss BC 9(1) , LB 2(2) , LE 2(4), (8) Section LA 9:…
Section LC 9 — Tax credits for absentees
LC 9 Tax credits for absentees [Repealed] Section LC 9: repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 6(1)(h) of the Taxation (Budget Measures) Act 2012 (2012 No…
Section LE 9 — Application of combined imputation and FDP ratio
LE 9 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 LE 1 receives an imputation credit and…
Section LF 9 — When income tax unpaid
LF 9 When income tax unpaid When this section applies (1) This section applies when— (a) a person has a tax credit under section LF 1 and an FDP credit is attached to a dividend; and (b) the dividend…
Section LH 9 — Internal software development: general
LH 9 Internal software development: general [Repealed] Section LH 9: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section LK 9 — Use of company’s credits carried forward
LK 9 Use of company’s credits carried forward When this section applies (1) This section applies when a company that is part of a consolidated group of companies in an income year has a credit…
Section LL 9 — Some definitions
LL 9 Some definitions [Repealed] Section LL 9: 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 9 — Relationship with RWT rules
LP 9 Relationship with RWT rules When this section applies (1) This section applies to a supplementary dividend holding company that derives a dividend and related supplementary dividend in an income…
Section LZ 9 — Savings in special home ownership accounts
LZ 9 Savings in special home ownership accounts When this section applies (1) This section applies when a person operates a special home ownership account in a tax year. Tax credit (2) The person is…
Section MB 9 — Family scheme income from deposits in main income equalisation accounts
MB 9 Family scheme income from deposits in main income equalisation accounts The family scheme income of a person for an income year includes the amount of a deduction under section DQ 1 (Main income…
Section MC 9 — Credits for person aged 18
MC 9 Credits for person aged 18 For person aged 18 (1) A person is entitled to a tax credit under sections MD 1 (Abating WFF tax credit) and ME 1 (Minimum family tax credit) for a person aged 18 who—…
Section MD 9 — Fifth requirement: full-time earner
MD 9 Fifth requirement: full-time earner Normally full-time earner (1) The fifth requirement for an entitlement to an in-work tax credit is that either or both the person referred to in section MD 4…
Section MK 9 — Eligibility requirements
MK 9 Eligibility requirements [Repealed] Section MK 9: repealed, on 1 April 2009, by section 54 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section OA 9 — General treatment of credits and debits on resident’s restricted amalgamation
OA 9 General treatment of credits and debits on resident’s restricted amalgamation When this section applies (1) This section applies— (a) on a resident’s restricted amalgamation, in relation to an…