Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EB 14 — Low-turnover valuation methods
EB 14 Low-turnover valuation methods The low-turnover valuation methods are— (a) cost for low-turnover traders; and (b) discounted selling price for low-turnover traders; and (c) replacement price…
Section EC 14 — Herd scheme
EC 14 Herd scheme Election to use herd scheme (1) A person may choose to value specified livestock of any type and class under the herd scheme. Election of other method (2) A person who has chosen to…
Section EE 14 — Diminishing value or straight-line method: calculating amount of depreciation loss
EE 14 Diminishing value or straight-line method: calculating amount of depreciation loss Most depreciable property (1) The amount of depreciation loss that the person has for an income year for an…
Section EH 14 — Income when refund given on request
EH 14 Income when refund given on request Year of income (1) A refund under section EH 13 is income, under section CB 27 (Income equalisation schemes), derived by the person and is allocated to the…
Section EJ 14 — Spreading deduction backwards
EJ 14 Spreading deduction backwards When this section applies (1) This section applies when a petroleum miner has a deduction whose amount has been reduced under section IS 5 (Petroleum miners’ tax…
Section EK 14 — Application for transfer
EK 14 Application for transfer Who may apply (1) A person may apply to the Commissioner for a transfer under section EK 15 from the amount in the person’s environmental restoration account.…
Section EW 14 — What spreading methods do
EW 14 What spreading methods do Description (1) The spreading methods are methods of calculating and allocating income and expenditure under a financial arrangement over the arrangement’s term.…
Section EX 14 — Attribution: 10% threshold, not PIE
EX 14 Attribution: 10% threshold, not PIE Persons with attributed CFC income or loss (1) A person has attributed CFC income or loss from a CFC only if the person— (a) has an income interest in the…
Section EY 14 — Life insurance and life reinsurance: how sections relate
EY 14 Life insurance and life reinsurance: how sections relate Life insurance definitions (1) Sections EY 8 to EY 11 define terms relating to life insurance. Life reinsurance definitions (2) Sections…
Section EZ 14 — Pre-1993 depreciation rate
EZ 14 Pre-1993 depreciation rate Scope of election (1) A person may choose the pre-1993 depreciation rate for all items, or any item, that they acquire before the end of their 1994–95 income year…
Section FA 14 — Deductibility of expenditure or loss under hire purchase agreement
FA 14 Deductibility of expenditure or loss under hire purchase agreement Buyer treated as owner (1) The buyer in section FA 12 is treated as the owner of the property for the purposes of subpart EE…
Section FB 14 — Specified livestock
FB 14 Specified livestock When this section applies (1) This section applies for the purposes of sections EC 6 to EC 26 (which relate to the valuation of specified livestock) when— (a) specified…
Section FE 14 — Consolidation of debts and assets
FE 14 Consolidation of debts and assets Company calculation (1) For an excess debt entity that is a company, the debt percentage of a New Zealand group is calculated under generally accepted…
Section FM 14 — Part-year financial statements
FM 14 Part-year financial statements When this section applies (1) This section applies in an income year when— (a) a company joins or leaves a consolidated group during the income year; or (b) a…
Section FN 14 — Effect of liquidation of company
FN 14 Effect of liquidation of company If a company is no longer part of an imputation group because it is liquidated, sections FN 11 and FN 12 do not apply to treat the company as leaving the…
Section FO 14 — Financial arrangements: resident’s restricted amalgamation, other cases
FO 14 Financial arrangements: resident’s restricted amalgamation, other cases When this section applies (1) This section applies in an income year in which a financial arrangement belonging to an…
Section GB 14 — When combination of changes increases loss
GB 14 When combination of changes increases loss When this section applies (1) This section applies when,— (a) before the end of a quarter, either— (i) a person directly or indirectly acquires a…
Section GC 14 — Definitions for sections GC 6 to GC 13
GC 14 Definitions for sections GC 6 to GC 13 In sections GC 6 to GC 13 ,— acquisition — (a) includes obtaining the availability of anything; but (b) does not include the mere receipt or retention by…
Section HA 14 — Dividends paid by qualifying companies
HA 14 Dividends paid by qualifying companies When this section applies (1) This section applies when a qualifying company pays a dividend to a person resident in New Zealand. General treatment (2)…
Section HC 14 — Distributions from trusts
HC 14 Distributions from trusts Transfers of value (1) A trustee makes a distribution when the trustee transfers value to a person because the person is a beneficiary of the trust. Transfers to other…
Section HD 14 — Companies issuing debentures
HD 14 Companies issuing debentures Agency (1) A company is treated as an agent of a person if— (a) the company has issued a debenture; and (b) the person, as a debenture holder, derives income from…
Section HL 14 — Tax consequences from transition
HL 14 Tax consequences from transition [Repealed] Section HL 14: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International…
Section HM 14 — Minimum number of investors
HM 14 Minimum number of investors Requirement for entities other than listed companies (1) If the entity is not a listed PIE, each investor class must include 20 or more persons. Requirements for…
Section LH 14 — Treatment of depreciation loss for certain depreciable property
LH 14 Treatment of depreciation loss for certain depreciable property [Repealed] Section LH 14: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act…
Section LK 14 — Use by amalgamated company of credits carried forward
LK 14 Use by amalgamated company of credits carried forward When this section applies (1) This section applies when an amalgamated company has a tax credit under this subpart for a tax year before…
Section MD 14 — Person receiving protected family tax credit
MD 14 Person receiving protected family tax credit Requirements (1) For the purposes of section MD 13(3)(b) , a person who receives protected family tax credit for a calendar month in an entitlement…
Section MK 14 — Employees opting out
MK 14 Employees opting out [Repealed] Section MK 14: repealed, on 1 April 2009, by section 54 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section OA 14 — Continuity of shareholding when group companies amalgamate
OA 14 Continuity of shareholding when group companies amalgamate What this section does (1) This section and sections OA 15 to OA 17 apply when all the companies in a consolidated group or…
Section OB 14 — ICA payment of tax on leaving wholly-owned group
OB 14 ICA payment of tax on leaving wholly-owned group Credit (1) An ICA company has an imputation credit for a payment of imputation additional tax that it chooses to pay under section OB 71 ,…
Section OC 14 — FDPA refund of FDP
OC 14 FDPA refund of FDP Debit (1) An FDPA company has an FDP debit for the amount of a refund of FDP paid to the company. Subsection (3) overrides this subsection. Table reference (2) The FDP debit…
Section OD 14 — CTRA break in shareholding chain for group company
OD 14 CTRA break in shareholding chain for group company [Repealed] Section OD 14: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012,…
Section OE 14 — BETA refund of income tax
OE 14 BETA refund of income tax [Repealed] Section OE 14: repealed (with effect on 30 June 2009), on 6 October 2009, by section 434(1) the Taxation (International Taxation, Life Insurance, and…
Section OJ 14 — PCA person’s equivalent credit
OJ 14 PCA person’s equivalent credit [Repealed] Section OJ 14: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OK 14 — MACA refund of FDP
OK 14 MACA refund of FDP Debit (1) A Maori authority has a Maori authority debit for the amount of a refund of FDP paid to the Maori authority when it is not an FDPA company. Table reference (2) The…
Section OP 14 — Consolidated ICA payment of FDP
OP 14 Consolidated ICA payment of FDP [Repealed] Section OP 14: repealed (with effect on 30 June 2009), on 6 October 2009, by section 448(1) of the Taxation (International Taxation, Life Insurance,…
Section OZ 14 — Dividends from qualifying companies
OZ 14 Dividends from qualifying companies When this section applies (1) This section applies when— (a) a qualifying company pays a dividend in the transitional period; and (b) section OZ 8 applies to…
Section RA 14 — Payment dates for provisional tax
RA 14 Payment dates for provisional tax A person must pay their provisional tax for a tax year under section RC 9 (Provisional tax payable in instalments) according to the relevant cycle of…
Section RC 14 — Paying 1 instalment for tax year
RC 14 Paying 1 instalment for tax year Who this section applies to (1) This section applies for a tax year to— (a) a person with an initial provisional tax liability whose first business day occurs…
Section RD 14 — Changes to tax rates for salary or wages
RD 14 Changes to tax rates for salary or wages When subsection (2) applies (1) Subsection (2) applies when a change occurs to the amounts of tax for PAYE income payments set out in schedule 2 (Basic…
Section RE 14 — Non-cash dividends other than certain share issues
RE 14 Non-cash dividends other than certain share issues When this section applies (1) This section applies when a person makes a payment of resident passive income that consists of a non-cash…
Section RF 14 — Treatment of FDP credits
RF 14 Treatment of FDP credits A person who is required under the NRWT rules to withhold NRWT for non-resident passive income consisting of a dividend is treated as having withheld the amount of tax…
Section RM 14 — Limits on refunds when company stops being ICA company
RM 14 Limits on refunds when company stops being ICA company When this section applies (1) This section applies when a company stops being an ICA company and is entitled to have a refund or to make a…
Section RP 14 — Collection, payment, and information requirements
RP 14 Collection, payment, and information requirements A PAYE intermediary must— (a) calculate and withhold the amount of tax for a payment of salary or wages, and pay the amount to the Commissioner…
Section Sch14 — Depreciable intangible property
Schedule 14 Depreciable intangible property ss DZ 11 , EE 43 , EE 2 , EZ 12 Schedule 14 heading: amended, on 1 April 2008, by section 557 of the Taxation (Business Taxation and Remedial Matters) Act…
Section YB 14 — Tripartite relationship
YB 14 Tripartite relationship Test (1) Two persons ( person A and person B ) are associated persons if— (a) person B is associated with a third person ( person C ) under any of sections YB 2 to YB 13…
Section YC 14 — Disregarding concessionary rules
YC 14 Disregarding concessionary rules When this section applies (1) As the provisions of sections YC 10 to YC 13 are intended to have concessionary effect, subsection (2) applies if— (a) at a time,…
Section LH 14B — Recovery of overpaid tax credit
LH 14B Recovery of overpaid tax credit When this section applies (1) This section applies when the Commissioner considers the amount of a tax credit under this subpart that is used under sections LA…
Section OK 14B — MACA refund of tax credit
OK 14B MACA refund of tax credit Debit (1) A Maori authority has a Maori authority debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits: PAYE, RWT, and…
Section CB 15 — Transactions between associated persons
CB 15 Transactions between associated persons Income (1) An amount that a person (the transferee ) derives from disposing of land is income of the transferee under whichever is applicable of sections…
Section CD 15 — Tax credits linked to dividends
CD 15 Tax credits linked to dividends Imputation and FDP credits (1) The amount of a dividend is increased by— (a) an imputation credit attached to the dividend: (b) a foreign dividend payment (FDP)…