Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CU 12 — Application of sections to resident mining operators
CU 12 Application of sections to resident mining operators Sections in this subpart applying to resident mining operators (1) Sections CU 1 to CU 8 , CU 10 , and CU 11 apply, with any necessary…
Section CV 12 — Trustees: amounts received after person’s death
CV 12 Trustees: amounts received after person’s death To the extent to which section HC 8 (Amounts received after person’s death) applies to an amount that a trustee of an estate of a deceased person…
Section CW 12 — Proceeds of share disposal by qualifying foreign equity investor
CW 12 Proceeds of share disposal by qualifying foreign equity investor Exempt income: proceeds from disposal of share in resident company (1) An amount that a person derives from the sale or other…
Section CX 12 — Services for members of Parliament
CX 12 Services for members of Parliament A fringe benefit arises when travel, accommodation, attendance, and communications services are exempt income under section CW 31 (Services for members of…
Section CZ 12 — General insurance with risk period straddling 1 July 1993
CZ 12 General insurance with risk period straddling 1 July 1993 When this section applies (1) This section applies when— (a) a company carries on a business of providing general insurance or…
Section DB 12 — Base price adjustment under old financial arrangements rules
DB 12 Base price adjustment under old financial arrangements rules Deduction (1) A person is allowed a deduction for an amount that is a deduction under section EZ 37(6) (Cash basis holder) or EZ…
Section DC 12 — Loans to employees under share purchase schemes
DC 12 Loans to employees under share purchase schemes Deduction (1) An employing company that provides financial assistance to an employee by way of an interest-free loan under a share purchase…
Section DE 12 — Mileage rate method
DE 12 Mileage rate method Using mileage rates (1) If a person’s business travel is 5,000 kilometres or less in an income year, they may use the mileage rate method to calculate the expenditure or…
Section DO 12 — Improvements to aquacultural business
DO 12 Improvements to aquacultural business When this section applies (1) This section applies when— (a) a person carries on an aquacultural business in New Zealand; and (b) the aquacultural business…
Section DT 12 — Damage to assets
DT 12 Damage to assets Deduction (1) A petroleum miner is allowed a deduction for the cost of repairing a damaged asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining…
Section DU 12 — Amount written off by holding company
DU 12 Amount written off by holding company Deduction (1) A holding company of a mining company is allowed a deduction for an amount written off a loan it made to the mining company. Exclusions (2)…
Section DV 12 — Maori authorities: donations
DV 12 Maori authorities: donations Deduction (1) A Maori authority is allowed a deduction for— (a) a donation that it makes to a Maori association, as defined in the Maori Community Development Act…
Section DZ 12 — Mineral mining: 1954–2005
DZ 12 Mineral mining: 1954–2005 Section CU 4(1)(b)(ii) (1) For the purposes of section CU 4(1)(b)(ii) (Compensation for lost, destroyed, or damaged assets),— (a) for a mining company, the deduction…
Section EB 12 — Valuing closing stock consistently
EB 12 Valuing closing stock consistently In determining the value of closing stock at cost, discounted selling price, or replacement price, a person must comply with the consistency and disclosure…
Section EC 12 — Interests in livestock
EC 12 Interests in livestock Joint election of valuation method (1) When specified livestock is owned jointly by 2 or more persons, the owners must choose a valuation method. For the election to be…
Section EE 12 — Depreciation methods
EE 12 Depreciation methods Meaning of depreciation method (1) Depreciation method means— (a) a method that a person may use to calculate an amount of depreciation loss: (b) a rate determined by the…
Section EH 12 — Application for refund by person, trustee of estate, Official Assignee, or liquidator
EH 12 Application for refund by person, trustee of estate, Official Assignee, or liquidator Who may apply (1) The following may apply to the Commissioner for a refund of some or all of the amount in…
Section EJ 12 — Petroleum development expenditure: default allocation rule
EJ 12 Petroleum development expenditure: default allocation rule When this section applies (1) This section applies to a petroleum miner's petroleum development expenditure that relates to petroleum…
Section EK 12 — Refund if request or excess balance
EK 12 Refund if request or excess balance When this section applies (1) This section applies when— (a) a person wants a refund of some or all of the amount in the person’s environmental restoration…
Section EW 12 — When use of spreading method required
EW 12 When use of spreading method required A party to a financial arrangement must use 1 of the spreading methods to calculate an amount of income or expenditure under the arrangement for each…
Section EX 12 — Reduction of total income interests
EX 12 Reduction of total income interests Application of this section (1) This section applies when the total income interests for a CFC for an accounting period would be more than 100%, because…
Section EY 12 — Meaning of life reinsurance
EY 12 Meaning of life reinsurance Meaning (1) Life reinsurance — (a) means a contract of insurance between a life insurer and another person ( person C ) under which the life insurer is secured,…
Section EZ 12 — Amount of depreciation loss for item acquired from associated person on or before 23 September 1997
EZ 12 Amount of depreciation loss for item acquired from associated person on or before 23 September 1997 When this section applies (1) This section applies when, on or before 23 September 1997, a…
Section FA 12 — Recharacterisation of amounts derived under hire purchase agreements
FA 12 Recharacterisation of amounts derived under hire purchase agreements When a person (the seller ) provides personal property other than livestock or bloodstock to another person (the buyer )…
Section FB 12 — Pension payments to former partners
FB 12 Pension payments to former partners When this section applies (1) This section applies for the purposes of section DC 3 (Pension payments to former partners) when a person is entitled to the…
Section FE 12 — Calculation of debt percentages
FE 12 Calculation of debt percentages Requirement for New Zealand group (1) An excess debt entity must calculate the debt percentage of its New Zealand group under the rules set out in sections FE 14…
Section FM 12 — Expenditure when deduction would be denied to consolidated group
FM 12 Expenditure when deduction would be denied to consolidated group When this section applies (1) This section applies when a company incurs expenditure or loss or an amount of depreciation loss…
Section FN 12 — Company no longer eligible or entitled to membership
FN 12 Company no longer eligible or entitled to membership When this section applies (1) This section applies when a company is no longer eligible to be part of an imputation group or, if it is not…
Section FO 12 — Financial arrangements: resident’s restricted amalgamation, companies in wholly-owned group
FO 12 Financial arrangements: resident’s restricted amalgamation, companies in wholly-owned group When this section applies (1) This section applies, despite sections EW 42 and GB 21 (which relate to…
Section GB 12 — Temporary reductions in totals for control interest categories
GB 12 Temporary reductions in totals for control interest categories When this section applies (1) This section applies when,— (a) before the end of a quarter, a reduction in the total of direct…
Section GC 12 — Effect on person's withholding obligations
GC 12 Effect on person's withholding obligations An adjustment under any of sections GC 7 to GC 10 has no effect on an obligation of the taxpayer to withhold under Part R (General collection rules)…
Section HA 12 — Avoidance arrangements
HA 12 Avoidance arrangements When this section applies (1) This section applies in an income year in which a company is an LAQC. Failure to meet requirements (2) If a share in the company is or has…
Section HB 12 — Limitation on deductions by owners of look-through companies: carry-forward
HB 12 Limitation on deductions by owners of look-through companies: carry-forward When this section applies (1) This section applies when, for an income year, a person is denied a deduction under…
Section HC 12 — Non-complying trusts
HC 12 Non-complying trusts A trust is a non-complying trust in relation to a distribution if it is neither a complying trust nor a foreign trust. Defined in this Act: complying trust , distribution ,…
Section HD 12 — Trusts
HD 12 Trusts Beneficiary income and taxable distributions (1) If a beneficiary of a trust, other than a beneficiary of a community trust, derives an amount of beneficiary income or taxable…
Section HG 12 — Limitation on deductions by partners in limited partnerships: carry-forward
HG 12 Limitation on deductions by partners in limited partnerships: carry-forward When this section applies (1) This section applies when, for an income year, a partner is denied a deduction under…
Section HL 12 — Unlisted company choosing to become portfolio listed company
HL 12 Unlisted company choosing to become portfolio listed company [Repealed] Section HL 12: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 12 — Income types
HM 12 Income types Nature of income (1) Income derived by the entity, to the extent of 90% or more, must— (a) be derived from property referred to in section HM 11 ; and (b) consist of the following:…
Section IC 12 — Bad debts or decline in value of shares
IC 12 Bad debts or decline in value of shares When this section applies (1) This section applies to companies that are part of a group of companies in a tax year when— (a) a company ( company C ) in…
Section LC 12 — Assessment when person is non-resident
LC 12 Assessment when person is non-resident [Repealed] Section LC 12: repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 6(1)(j) of the Taxation (Budget Measures)…
Section LH 12 — Internal software development: associated internal software developer with different income year
LH 12 Internal software development: associated internal software developer with different income year [Repealed] Section LH 12: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent…
Section LK 12 — Treatment of credits when companies amalgamate
LK 12 Treatment of credits when companies amalgamate On an amalgamation, for the purposes of determining whether a credit carried forward is available under section LK 5 or whether the requirements…
Section LZ 12 — Meaning of increase in savings
LZ 12 Meaning of increase in savings Meaning (1) In sections LZ 9 to LZ 11 , increase in savings , in relation to a special home ownership account of a person and a tax year, means the total of— (a)…
Section MB 12 — Family scheme income from non-residents' foreign-sourced income
MB 12 Family scheme income from non-residents' foreign-sourced income The family scheme income of a person for an income year includes the non-residents' foreign-sourced income for the income year of…
Section MD 12 — Calculation of parental tax credit
MD 12 Calculation of parental tax credit Entitlement (1) A person who meets the requirements of section MD 11 is entitled to a parental tax credit calculated using the formula in subsection (2).…
Section MK 12 — Using tax credits
MK 12 Using tax credits [Repealed] Section MK 12: repealed, on 1 April 2009, by section 54 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section OA 12 — CTR account on resident’s restricted amalgamation
OA 12 CTR account on resident’s restricted amalgamation [Repealed] Section OA 12: repealed (with effect on 30 June 2009), on 6 October 2009, by section 377(1) of the Taxation (International Taxation,…
Section OB 12 — ICA transfer from FDP account
OB 12 ICA transfer from FDP account Credit (1) An ICA company has an imputation credit for an amount equal to the amount of an FDP debit transferred from its FDP account under section OC 18 (FDPA…
Section OC 12 — FDPA reversal of tax advantage arrangement
OC 12 FDPA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an FDP credit in an FDPA company’s FDP account was incorrectly…
Section OD 12 — CTRA transfer to group account
OD 12 CTRA transfer to group account [Repealed] Section OD 12: 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…