Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section OE 12 — BETA payment of FDP
OE 12 BETA payment of FDP [Repealed] Section OE 12: repealed (with effect on 30 June 2009), on 6 October 2009, by section 433(1) the Taxation (International Taxation, Life Insurance, and Remedial…
Section OJ 12 — Choosing to become PCA person
OJ 12 Choosing to become PCA person [Repealed] Section OJ 12: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009…
Section OK 12 — MACA refund of income tax
OK 12 MACA refund of income tax Debit (1) A Maori authority has a Maori authority debit for the amount of a refund of income tax paid to the Maori authority. Subsections (2) and (4) override this…
Section OP 12 — Consolidated ICA dividend derived with imputation credit
OP 12 Consolidated ICA dividend derived with imputation credit Credit (1) A consolidated imputation group has an imputation credit for the amount of an imputation credit attached to a dividend…
Section OZ 12 — Tax credits for non-resident investors
OZ 12 Tax credits for non-resident investors When this section applies (1) This section applies when— (a) a company pays or derives a dividend with an imputation credit attached in the transitional…
Section RA 12 — Adjustment to correct errors: certain excess amounts
RA 12 Adjustment to correct errors: certain excess amounts When this section applies (1) This section applies when— (a) a person (the payer ) is required to withhold and pay to the Commissioner an…
Section RC 12 — Voluntary payments
RC 12 Voluntary payments A person who is liable to pay provisional tax may at any time make a voluntary payment of an amount of provisional tax that— (a) relates to their income tax liability for a…
Section RD 12 — Multiple payments of salary or wages
RD 12 Multiple payments of salary or wages When this section applies (1) This section applies when an employee receives more than 1 payment of salary or wages in a week or part of a week that ends on…
Section RE 12 — Interest
RE 12 Interest When this section applies (1) This section applies when a person makes a payment of resident passive income that consists of interest. Calculation of amount of tax (2) The amount of…
Section RF 12 — Interest paid by approved issuers or transitional residents
RF 12 Interest paid by approved issuers or transitional residents When this section applies (1) This section applies in relation to an amount of non-resident passive income that consists of— (a)…
Section RM 12 — Reduction in provisional tax liability
RM 12 Reduction in provisional tax liability When this section applies (1) This section applies when the amount of provisional tax payable for a tax year is reduced by the person liable to pay the…
Section RP 12 — When payments made directly to employees
RP 12 When payments made directly to employees Despite sections RP 9 and RP 10 , an employer may pay an employee’s salary or wages directly to the employee in the following circumstances: (a) the…
Section Sch12 — Old banded rates of depreciation
Schedule 12 Old banded rates of depreciation ss DB 46 , EC 34 , EC 35 , EE 30 , EZ 23 Column 1 Diminishing value depreciation rate (%) Column 2 Straight-line equivalent (%) 2 1.5 4 3 6 4 7.5 5.5 9.5…
Section YB 12 — Partnership and partner
YB 12 Partnership and partner Association (1) A partnership and a partner in the partnership are associated persons. Limited partnerships (2) Subsection (1) does not apply if the partner is a limited…
Section YC 12 — Public unit trusts
YC 12 Public unit trusts When this section applies (1) This section applies in relation to a public unit trust if the public unit trust chooses to apply it. Unit holders treated as notional single…
Section EJ 12B — Petroleum development expenditure: reserve depletion method
EJ 12B Petroleum development expenditure: reserve depletion method When this section applies (1) This section applies to a petroleum miner's petroleum development expenditure that relates to…
Section FE 12B — Calculations for group for test and apportionment using interest-income ratio
FE 12B Calculations for group for test and apportionment using interest-income ratio Application of rules (1) The rules in this section apply to the calculation, for an entity's New Zealand group or…
Section RF 12B — Interest derived jointly with residents
RF 12B Interest derived jointly with residents When payment derived jointly with resident (1) If a person makes a payment of non-resident passive income that consists of interest derived by 2 or more…
Section RF 12C — Amount derived from non-resident life insurer becoming resident
RF 12C Amount derived from non-resident life insurer becoming resident When this section applies (1) This section applies when an amount of non-resident passive income is— (a) derived by a life…
Section CB 13 — Disposal: amount from major development or division and not already in income
CB 13 Disposal: amount from major development or division and not already in income Income (1) An amount that a person derives from disposing of land is income of the person if— (a) the amount is not…
Section CC 13 — Amounts paid in income years after hire purchase agreement ends
CC 13 Amounts paid in income years after hire purchase agreement ends When this section applies (1) This section applies for the purposes of section FA 18 (Treatment of amounts paid in income years…
Section CD 13 — Notional distributions of producer boards and co-operative companies
CD 13 Notional distributions of producer boards and co-operative companies Notional distributions of producer boards (1) A notional distribution of a statutory producer board is a dividend if the…
Section CS 13 — Investment by superannuation fund in another superannuation fund
CS 13 Investment by superannuation fund in another superannuation fund [Repealed] Section CS 13: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings…
Section CU 13 — Application of sections to non-resident mining operators
CU 13 Application of sections to non-resident mining operators Sections in this subpart applying to non-resident mining operators (1) Sections CU 3 to CU 11 apply, with any necessary modifications,…
Section CV 13 — Amounts derived from trusts
CV 13 Amounts derived from trusts An amount derived by a person is income of the person if it is— (a) beneficiary income to which sections HC 6 (Beneficiary income) and HC 17 (Amounts derived as…
Section CW 13 — Proceeds from share or option acquired under venture investment agreement
CW 13 Proceeds from share or option acquired under venture investment agreement Exempt income: proceeds from share or option (1) An amount of income that a non-resident derives from the sale or other…
Section CX 13 — Contributions to superannuation schemes
CX 13 Contributions to superannuation schemes When fringe benefit arises (1) A fringe benefit arises when an employer contributes to a superannuation scheme for the benefit of an employee. Exclusion…
Section CZ 13 — Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996
CZ 13 Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996 Units and interests in unit trusts and group investment funds (1) All units in a unit…
Section DB 13 — Repayment of debt sold at discount to associate of debtor
DB 13 Repayment of debt sold at discount to associate of debtor Deduction (1) When section EW 49(5)(b) (Income and deduction when debt sold at discount to associate of debtor) applies, the debtor is…
Section DC 13 — Criteria for approval of share purchase schemes: before period of restriction ends
DC 13 Criteria for approval of share purchase schemes: before period of restriction ends What this section does (1) This section sets out the criteria, relating to the provisions of a share purchase…
Section DO 13 — Improvement destroyed or made useless
DO 13 Improvement destroyed or made useless When this section applies (1) This section applies when, in an income year of a person,— (a) the person carries on an aquacultural business in New Zealand—…
Section DT 13 — Disposal of ownership interests in controlled petroleum mining entities
DT 13 Disposal of ownership interests in controlled petroleum mining entities No deduction (1) A person who disposes of shares or trust interests in a controlled petroleum mining entity is denied a…
Section DV 13 — Group companies
DV 13 Group companies When this section applies (1) This section applies when,— (a) in an income year, a company ( company A ) that is part of a wholly-owned group of companies derives income under…
Section DZ 13 — Enhancements to land unamortised at end of 2004–05 year
DZ 13 Enhancements to land unamortised at end of 2004–05 year When this section applies (1) This section applies when— (a) a person is allowed a deduction under section DO 4(1) of the Income Tax Act…
Section EB 13 — Low-turnover valuation
EB 13 Low-turnover valuation Options (1) A person who is a low-turnover trader may value closing stock— (a) by a standard valuation method, as described in sections EB 6 to EB 12 ; or (b) by a…
Section EC 13 — Changes in partnership interests
EC 13 Changes in partnership interests When this section applies (1) This section applies when— (a) a partnership owns specified livestock (the old partnership ); and (b) a new partnership is formed…
Section EE 13 — Application of sections EE 14 to EE 19
EE 13 Application of sections EE 14 to EE 19 Sections EE 14 to EE 19 apply to the calculation of the amount of depreciation loss that a person using the diminishing value method or the straight-line…
Section EH 13 — Refund on request
EH 13 Refund on request When this section applies (1) This section applies when a person wants a refund of some or all of the amount in their main income equalisation account, and none of sections EH…
Section EJ 13 — Relinquishing petroleum mining permit
EJ 13 Relinquishing petroleum mining permit When this section applies (1) This section applies when a petroleum miner relinquishes a petroleum permit. Amount of deduction (2) The amount of the…
Section EK 13 — Income when refund given on request
EK 13 Income when refund given on request A refund under section EK 12 is income, of the amount given by section CB 28 (Environmental restoration accounts), derived by the person in the income year…
Section EW 13 — When use of spreading method not required
EW 13 When use of spreading method not required Base price adjustment year (1) A person does not use any of the spreading methods for a financial arrangement in the income year in which section EW 29…
Section EX 13 — Income interests of partners
EX 13 Income interests of partners [Repealed] Section EX 13: repealed, on 1 April 2008, by section 14(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).
Section EY 13 — Meaning of life reinsurance policy
EY 13 Meaning of life reinsurance policy Life reinsurance policy means a policy to the extent to which it states the terms under which life reinsurance is covered. Defined in this Act: life…
Section EZ 13 — Annual rate for item acquired on or after 1 April 1993 and before end of person’s 1994–95 income year
EZ 13 Annual rate for item acquired on or after 1 April 1993 and before end of person’s 1994–95 income year What this section is about (1) This section is about the annual rate that applies to an…
Section FA 13 — Agreements recharacterised as sale with finance provided
FA 13 Agreements recharacterised as sale with finance provided Value to seller (1) For a seller under a hire purchase agreement, the amount of the loan is determined under section EW 32…
Section FB 13 — Trading stock
FB 13 Trading stock When this section applies (1) This section applies for the purposes of subpart EB (Valuation of trading stock (including dealer’s livestock)) when trading stock is transferred on…
Section FE 13 — Financial arrangements entered into with persons outside group
FE 13 Financial arrangements entered into with persons outside group When this section applies (1) This section applies when a natural person, a member of a natural person's New Zealand group, an…
Section FM 13 — Capital expenditure
FM 13 Capital expenditure When this section applies (1) This section applies when a company that is part of a consolidated group incurs expenditure or loss that would, treating the consolidated group…
Section FN 13 — Imputation group with no nominated company
FN 13 Imputation group with no nominated company If, during a tax year, no nominated company exists for an imputation group and no replacement is made under section FN 6(6) , all companies in the…
Section FO 13 — Financial arrangements: resident’s restricted amalgamation, calculation method unchanged
FO 13 Financial arrangements: resident’s restricted amalgamation, calculation method unchanged When this section applies (1) This section applies, despite sections EW 42 and GB 21 (which relate to…