Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CS 15 — Superannuation fund becomes foreign superannuation scheme
CS 15 Superannuation fund becomes foreign superannuation scheme [Repealed] Section CS 15: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability,…
Section CU 15 — Recovery of reinvestment profit not used for mining purposes
CU 15 Recovery of reinvestment profit not used for mining purposes When subsections (2) and (3) apply (1) Subsections (2) and (3) apply when some or all of a company’s reinvestment profit— (a) is…
Section CV 15 — Amounts derived from trusts while person absent from New Zealand
CV 15 Amounts derived from trusts while person absent from New Zealand To the extent to which section HC 23 (Temporary absences of beneficiaries) applies to an amount of beneficiary income or taxable…
Section CW 15 — Dividends paid by qualifying companies
CW 15 Dividends paid by qualifying companies Exempt income of shareholder (1) To the extent to which the amount of a dividend that a qualifying company pays to a person resident in New Zealand is…
Section CX 15 — Contributions to funeral trusts
CX 15 Contributions to funeral trusts A fringe benefit arises when an employer makes a contribution to a fund in the circumstances described in section CW 45 (Funeral trusts). Defined in this Act:…
Section CZ 15 — Accident insurance contracts before 1 July 2000
CZ 15 Accident insurance contracts before 1 July 2000 A premium or contribution referred to in section CX 16(2) (Contributions to life or health insurance) is— (a) a premium or contribution paid for…
Section DB 15 — Sureties
DB 15 Sureties When this section applies (1) This section applies when a surety incurs expenditure or loss under a security arrangement. No deduction (with exceptions) (2) Neither the surety nor a…
Section DC 15 — Some definitions
DC 15 Some definitions Definitions (1) In this section, and in sections DC 12 to DC 14 ,— employee — (a) means a person that— (i) is employed by a company: (ii) is not a corporation sole, a body…
Section DT 15 — Persons associated with petroleum miner
DT 15 Persons associated with petroleum miner When this section applies (1) This section applies to a person associated with a petroleum miner when— (a) the petroleum miner has some or all of an…
Section DV 15 — Amalgamated companies: property passing on resident’s restricted amalgamation
DV 15 Amalgamated companies: property passing on resident’s restricted amalgamation When this section applies (1) This section results from sections FO 8 and FO 10 (which relate to resident’s…
Section DZ 15 — Patent applications before 1 April 2005
DZ 15 Patent applications before 1 April 2005 When this section applies (1) This section applies when— (a) a patent is granted to a person in their 2005–06 income year or a later income year; and (b)…
Section EB 15 — Cost for low-turnover traders
EB 15 Cost for low-turnover traders A low-turnover trader may determine the value of their closing stock at cost. If the low-turnover trader chooses this method, they must include and allocate costs…
Section EC 15 — Determining national average market values
EC 15 Determining national average market values Determined by Commissioner (1) The Commissioner must determine a national average market value for an income year for each class of specified…
Section EE 15 — Amount of adjusted tax value
EE 15 Amount of adjusted tax value For the purposes of the comparison of amounts required by section EE 14(1) and (2) , the amount dealt with in this section is the item’s adjusted tax value at the…
Section EH 15 — Refund for development or recovery
EH 15 Refund for development or recovery Refund for development: application of subsection (2) (1) Subsection (2) applies when a person wants a refund of some or all of the amount in their main…
Section EJ 15 — Disposal of petroleum mining asset
EJ 15 Disposal of petroleum mining asset When this section applies (1) This section applies when a petroleum miner disposes of a petroleum mining asset. Amount, and timing, of deduction (2) Part of a…
Section EK 15 — Transfer on request
EK 15 Transfer on request When this section applies (1) This section applies when— (a) a person applies under section EK 14 for a transfer of some or all of the amount in their environmental…
Section EW 15 — What is included when spreading methods used
EW 15 What is included when spreading methods used Consideration and amounts (1) A person using a spreading method must include, for the purpose of calculating and allocating income and expenditure…
Section EX 15 — Associates and 10% threshold
EX 15 Associates and 10% threshold Associates included (1) For the purpose of applying the 10% threshold in sections CD 45 , CQ 2 , EX 14 , EX 21 , EX 34 , and EX 58 , a person's income interest in a…
Section EY 15 — Policyholder base income: non-participation policies
EY 15 Policyholder base income: non-participation policies What is included (1) For an income year, a life insurer's income is included as their policyholder base income if it relates to life…
Section EZ 15 — Annual rate for excluded depreciable property: 1992–93 tax year
EZ 15 Annual rate for excluded depreciable property: 1992–93 tax year What this section is about (1) This section is about the annual rate that applies to an item of excluded depreciable property.…
Section FA 15 — Treatment when agreement ends: seller acquiring property
FA 15 Treatment when agreement ends: seller acquiring property When this section applies (1) This section applies, subject to sections FA 16 and FA 17 , when— (a) a hire purchase agreement described…
Section FB 15 — Specified livestock valued under herd scheme
FB 15 Specified livestock valued under herd scheme When this section applies (1) This section applies for the purposes of sections EC 8 to EC 26 (which relate to the valuation of specified livestock)…
Section FE 15 — Total group debt
FE 15 Total group debt Meaning (1) In this subpart, for a New Zealand group, total group debt means the sum of the outstanding balances of— (a) financial arrangements entered into by a natural…
Section FM 15 — Amortising property and revenue account property
FM 15 Amortising property and revenue account property When this section applies (1) This section applies— (a) when property is transferred from a company ( company A ) to another company ( company B…
Section FO 15 — Financial arrangements: amalgamation other than resident’s restricted amalgamation
FO 15 Financial arrangements: amalgamation other than resident’s restricted amalgamation When this section applies (1) This section applies when an obligation that an amalgamating company has in…
Section GB 15 — CFC income or loss: arrangements related to quarterly measurement
GB 15 CFC income or loss: arrangements related to quarterly measurement When this section applies (1) This section applies when— (a) an income interest in a CFC is transferred by a person to an…
Section HA 15 — Fully imputed distributions
HA 15 Fully imputed distributions When this section applies (1) This section applies when a qualifying company with an imputation credit account or foreign dividend payment (FDP) account pays a…
Section HC 15 — Taxable distributions from non-complying and foreign trusts
HC 15 Taxable distributions from non-complying and foreign trusts When subsection (2) applies (1) Subsection (2) applies for a trust that is a non-complying trust at the time a distribution to a…
Section HD 15 — Asset stripping of companies
HD 15 Asset stripping of companies When this section applies (1) This section applies when— (a) an arrangement has been entered into in relation to a company; and (b) an effect of the arrangement is…
Section HL 15 — Ceasing to be portfolio investment entity
HL 15 Ceasing to be portfolio investment entity [Repealed] Section HL 15: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International…
Section HM 15 — Maximum investor interests
HM 15 Maximum investor interests Requirement for investors' interests (1) An investor in an investor class must not hold more than 20% of the total investor interests in the class. Exceptions (2)…
Section LH 15 — Listed research providers
LH 15 Listed research providers [Repealed] Section LH 15: repealed, on 1 October 2009, by section 19(1)(d) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section LK 15 — Use of amalgamating company’s credits
LK 15 Use of amalgamating company’s credits When this section applies (1) This section applies when a company has a tax credit under this subpart arising in whole or in part before an amalgamation.…
Section MD 15 — Family scheme income for purposes of section MD 14
MD 15 Family scheme income for purposes of section MD 14 For the purposes of section MD 14 , in the calculation of family scheme income,— (a) section MB 1(1)(a) and (b) (Adjustments for calculation…
Section MK 15 — Groups of persons
MK 15 Groups of persons For the purposes of this subpart, a group of persons described in 1 of the following paragraphs is treated as 1 employer: (a) 2 or more companies, if the companies are a group…
Section OA 15 — When credits or debits due to consolidated group but not recorded
OA 15 When credits or debits due to consolidated group but not recorded When this section applies (1) This section applies on a resident’s restricted amalgamation referred to in section OA 14 when,…
Section OB 15 — ICA payment of tax on joining wholly-owned group
OB 15 ICA payment of tax on joining wholly-owned group Credit (1) An ICA company has an imputation credit for a payment of imputation additional tax for which it is liable under section OB 72 ,…
Section OC 15 — FDPA overpayment of FDP
OC 15 FDPA overpayment of FDP Debit (1) An FDPA company has an FDP debit for the amount of an overpayment of FDP that is applied to pay an amount due under the Inland Revenue Acts. Subsection (3)…
Section OD 15 — CTRA break in shareholding chain for company
OD 15 CTRA break in shareholding chain for company [Repealed] Section OD 15: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by…
Section OE 15 — BETA debit for loss of shareholder continuity
OE 15 BETA debit for loss of shareholder continuity [Repealed] Section OE 15: repealed (with effect on 30 June 2009), on 6 October 2009, by section 434(1) the Taxation (International Taxation, Life…
Section OJ 15 — PCA person’s credit for transfer of life insurance business
OJ 15 PCA person’s credit for transfer of life insurance business [Repealed] Section OJ 15: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and…
Section OK 15 — MACA debit for loss of shareholder continuity
OK 15 MACA debit for loss of shareholder continuity Debit (1) A Maori authority has a Maori authority debit for the amount of a Maori authority credit retained in the Maori authority credit account…
Section OP 15 — Consolidated ICA replacement payment to company under share-lending arrangement
OP 15 Consolidated ICA replacement payment to company under share-lending arrangement Credit (1) A consolidated imputation group has an imputation credit for the amount of an imputation credit…
Section OZ 15 — Attaching imputation credits and notional distributions: modifying amounts
OZ 15 Attaching imputation credits and notional distributions: modifying amounts When this section applies (1) This section applies when— (a) a statutory producer board or a co-operative company…
Section RA 15 — Payment dates for interim and other tax payments
RA 15 Payment dates for interim and other tax payments When this section applies (1) This section applies when a person is required— (a) to withhold under section RA 5 an amount of tax for a payment…
Section RC 15 — Choosing to use GST ratio
RC 15 Choosing to use GST ratio A person who meets the requirements of section RC 16(2) and (3) for a tax year may choose to use a GST ratio for the corresponding income year if they inform the…
Section RD 15 — Payments of salary or wages in pay periods
RD 15 Payments of salary or wages in pay periods Payment for part of period (1) If an employee who is in regular full-time employment is paid salary or wages for part of a pay period, the payment is…
Section RE 15 — Bonus issues in lieu and shares issued under profit distribution plans
RE 15 Bonus issues in lieu and shares issued under profit distribution plans When this section applies (1) This section applies when a person makes a payment of resident passive income that consists…
Section RF 15 — Commissioner’s power to vary amounts of tax
RF 15 Commissioner’s power to vary amounts of tax Special circumstances (1) For the purposes of meeting the special circumstances of a case or class of cases, the Commissioner may— (a) relieve a…