Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EW 10 — Financial arrangements to which financial arrangements rules apply
EW 10 Financial arrangements to which financial arrangements rules apply Entered into on or after 20 May 1999 (1) The financial arrangements rules apply to a financial arrangement that all its…
Section EX 10 — Indirect income interests
EX 10 Indirect income interests Looking through CFCs (1) If a person has a direct income interest in a CFC, and the first CFC has a direct income interest in another CFC, the person has an indirect…
Section EY 10 — Meaning of life insurer
EY 10 Meaning of life insurer Meaning (1) Life insurer means a person carrying on a business of providing life insurance. Exclusion (2) A person carrying on a business of providing life insurance in…
Section EZ 10 — Pool items accounted for by globo method for 1992–93 income year
EZ 10 Pool items accounted for by globo method for 1992–93 income year Limit on amount of income (1) If a person’s pool consists solely of items of depreciable property accounted for at the end of…
Section FA 10 — Treatment when lease ends: lessor acquiring asset
FA 10 Treatment when lease ends: lessor acquiring asset When this section applies (1) This section applies when a finance lease ends by the date on which its term ends. Acquisition by lessor at end…
Section FB 10 — Continuity provisions: shares and options
FB 10 Continuity provisions: shares and options When this section applies (1) This section applies to modify sections YC 2 to YC 6 (which relate to voting interests and market value interests) for…
Section FE 10 — Currency
FE 10 Currency Calculations (1) In this subpart, the following values must be calculated in New Zealand currency: (a) an amount of total group debt and an amount of total group assets of a New…
Section FF 10 — Calculating debt percentage of consolidated foreign groups
FF 10 Calculating debt percentage of consolidated foreign groups [Repealed] Section FF 10: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International…
Section FM 10 — Expenditure: intra-group transactions
FM 10 Expenditure: intra-group transactions When this section applies (1) This section applies when— (a) a company incurs expenditure or loss, or has an amount of depreciation loss, in a tax year or…
Section FN 10 — When membership of imputation group ends
FN 10 When membership of imputation group ends A company stops being part of an imputation group if— (a) the company chooses to leave the imputation group and notifies the Commissioner, see section…
Section FO 10 — When property passes on resident’s restricted amalgamation
FO 10 When property passes on resident’s restricted amalgamation When this section applies (1) This section applies when property belonging to an amalgamating company becomes the property of the…
Section GB 10 — Temporary acquisitions of direct control or income interests
GB 10 Temporary acquisitions 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 acquirer ), directly or…
Section GC 10 — Compensating arrangement: person receiving more than arm’s length amount
GC 10 Compensating arrangement: person receiving more 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 10 — Nature of LAQC shares
HA 10 Nature of LAQC shares [Repealed] Section HA 10: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 74(1) of the Taxation (GST and Remedial…
Section HB 10 — Disposal of livestock
HB 10 Disposal of livestock When this section applies (1) This section applies when a person disposes of some or all of their owner's interests to an entering owner and section HB 4(2) applies, to…
Section HC 10 — Complying trusts
HC 10 Complying trusts Requirements for complying trusts (1) A trust is a complying trust in relation to a distribution if— (a) the following requirements are met for the life of the trust up to the…
Section HD 10 — Mortgagees in possession
HD 10 Mortgagees in possession A person ( person A ) is treated as an agent of another person ( person B ) if, as mortgagee in possession of land or other property, person A derives income from the…
Section HF 10 — Market value calculations
HF 10 Market value calculations When this section applies (1) This section applies to property of a company or a trust when the company or the trustees of the trust, having stopped being a Maori…
Section HG 10 — Disposal of livestock
HG 10 Disposal of livestock When this section applies (1) This section applies when a person disposes of some or all of their partner's interests to an entering partner and section HG 3(3) applies,…
Section HL 10 — Further eligibility requirements relating to investments
HL 10 Further eligibility requirements relating to investments [Repealed] Section HL 10: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation…
Section HM 10 — Exclusion: life insurance business
HM 10 Exclusion: life insurance business The entity must not carry on a business of life insurance unless it is a life fund PIE. Defined in this Act: life fund PIE , life insurance Compare: 2007 No…
Section HR 10 — What happens when vehicle stops being financial institution special purpose vehicle?
HR 10 What happens when vehicle stops being financial institution special purpose vehicle? Property transferred and parties reconstituted (1) When a company or a trustee of a trust (the vehicle )…
Section IA 10 — Amended assessments
IA 10 Amended assessments When this section applies (1) This section applies if, in a tax year, the Commissioner amends under section 113 of the Tax Administration Act 1994 a person’s assessment for…
Section IC 10 — When companies have different balance dates
IC 10 When companies have different balance dates When this section applies (1) This section applies in a tax year when company A and company B do not have the same balance date. Extensions for…
Section LA 10 — Meaning of tax credit
LA 10 Meaning of tax credit An amount is a tax credit of a person if it is their tax credit under a provision in this Part. Defined in this Act: amount , tax credit , Compare: 2004 No 35 s BC 9
Section LC 10 — Adjustment for change in return date
LC 10 Adjustment for change in return date [Repealed] Section LC 10: repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 6(1)(j) of the Taxation (Budget Measures) Act…
Section LE 10 — When income tax unpaid
LE 10 When income tax unpaid When this section applies (1) This section applies when— (a) a person has a tax credit under section LE 1 and an imputation credit is attached to a dividend; and (b) the…
Section LF 10 — Evidential requirements
LF 10 Evidential requirements If a person who has a tax credit under section LF 1 does not meet the evidential requirements of section 78D of the Tax Administration Act 1994, the person’s credit may…
Section LH 10 — Internal software development: no associated internal software developer
LH 10 Internal software development: no associated internal software developer [Repealed] Section LH 10: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual…
Section LK 10 — When group membership lacking in tax year in which credit arises
LK 10 When group membership lacking in tax year in which credit arises When this section applies (1) This section applies when a company that is part of a consolidated group of companies has a credit…
Section LP 10 — Limitation on deductions
LP 10 Limitation on deductions Limitation on total annual deductions (1) Despite section BD 4 (Allocation of deductions to particular income years), the annual total deduction of a supplementary…
Section LZ 10 — Maximum amount for 1 special home ownership account for 1 tax year
LZ 10 Maximum amount for 1 special home ownership account for 1 tax year For the purpose of calculating the amount of a credit under section LZ 9 , the maximum amount of a single increase in savings…
Section MB 10 — Family scheme income from certain pensions and annuities
MB 10 Family scheme income from certain pensions and annuities When this section applies (1) This section applies for the purpose of determining the amount that represents the family scheme income of…
Section MC 10 — Principal caregiver
MC 10 Principal caregiver General meaning (1) A principal caregiver , for a dependent child,— (a) means the person, whether or not a parent of the child, who the Commissioner considers has the…
Section MD 10 — Calculation of in-work tax credit
MD 10 Calculation of in-work tax credit Entitlement (1) A person who meets the requirements of section MD 4 is entitled to an in-work tax credit calculated using the formula in subsection (2).…
Section MK 10 — Amount of credit
MK 10 Amount of credit [Repealed] Section MK 10: repealed, on 1 April 2009, by section 54 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section OA 10 — When credits or debits due to amalgamating company but not recorded
OA 10 When credits or debits due to amalgamating company but not recorded When this section applies (1) This section applies on a resident’s restricted amalgamation if, at the time of the…
Section OB 10 — ICA dividend derived with FDP credit
OB 10 ICA dividend derived with FDP credit Credit (1) An ICA company has an imputation credit for the amount of an FDP credit attached to a dividend derived by the company when it is not a foreign…
Section OC 10 — FDPA payment of FDP for conduit debit balance
OC 10 FDPA payment of FDP for conduit debit balance [Repealed] Section OC 10: repealed (with effect on 30 June 2009), on 6 October 2009, by section 408(1) of the Taxation (International Taxation,…
Section OD 10 — CTRA payment of dividend
OD 10 CTRA payment of dividend [Repealed] Section OD 10: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 99(1) of the…
Section OE 10 — BETA credit for loss of shareholder continuity
OE 10 BETA credit for loss of shareholder continuity [Repealed] Section OE 10: repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 109(1) of the Taxation…
Section OJ 10 — PCA transfer to group account
OJ 10 PCA transfer to group account [Repealed] Section OJ 10: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009…
Section OK 10 — MACA distribution
OK 10 MACA distribution Debit (1) A Maori authority has a Maori authority debit for the amount of a Maori authority credit attached to a distribution made by the Maori authority. Table reference (2)…
Section OP 10 — Consolidated ICA allocation from company with overpaid provisional tax
OP 10 Consolidated ICA allocation from company with overpaid provisional tax Credit (1) A consolidated imputation group has an imputation credit for an amount allocated under section RC 32…
Section OZ 10 — Modifying ratios for imputation credits and FDP credits
OZ 10 Modifying ratios for imputation credits and FDP credits When this section applies (1) This section applies when— (a) a person derives a dividend in the period from 1 October 2010 to 31 March…
Section RA 10 — When obligations not met
RA 10 When obligations not met When this section applies (1) This section applies when— (a) a person liable to withhold an amount of tax for a PAYE income payment, an employer's superannuation cash…
Section RC 10 — Calculating amount of instalment under standard and estimation methods
RC 10 Calculating amount of instalment under standard and estimation methods When this section applies (1) This section applies for the purposes of— (a) section RC 5(2), (3), and (5) (which relates…
Section RD 10 — Amounts of tax for PAYE income payments
RD 10 Amounts of tax for PAYE income payments PAYE income payments other than schedular payments (1) The amount of tax for a PAYE income payment that a person must withhold and pay to the…
Section RE 10 — Special rule relating to payments of interest
RE 10 Special rule relating to payments of interest Threshold for amounts of interest (1) This section applies to a person who— (a) pays resident passive income consisting of interest; and (b) either…
Section RF 10 — Non-cash dividends
RF 10 Non-cash dividends When subsections (2) to (5) apply (1) Subsections (2) to (5) apply when a person makes a payment of non-resident passive income that consists of a non-cash dividend to the…