Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section RM 15 — Changes in credit balances
RM 15 Changes in credit balances Credit balance reduced (1) A credit balance is treated as reduced by the amount of a refund or transfer as described in sections RM 13 and RM 14 that is made earlier…
Section RP 15 — When employers have authorised transfers from accounts
RP 15 When employers have authorised transfers from accounts If a PAYE intermediary has been given an authorisation by an employer under section RP 2(1) , the intermediary must direct that, at or…
Section YB 15 — Exceptions for employee trusts
YB 15 Exceptions for employee trusts Beneficiaries (1) Section YB 6(1) does not apply if— (a) the trust is only for the benefit of employees of an employer; and (b) neither the beneficiary nor any…
Section YC 15 — Directors’ knowledge of failure to meet requirements of continuity provision
YC 15 Directors’ knowledge of failure to meet requirements of continuity provision When this section applies (1) This section applies if— (a) for a company at a time, the requirements of a continuity…
Section EW 15B — Applying IFRSs to financial arrangements
EW 15B Applying IFRSs to financial arrangements When sections EW 15C to EW 15I apply (1) Sections EW 15C to EW 15I apply when a person who is a party to a financial arrangement uses IFRSs to prepare…
Section GB 15B — Supplies affecting default test for non-attributing active CFC
GB 15B Supplies affecting default test for non-attributing active CFC When this section applies (1) This section applies when a CFC makes a supply— (a) to a person who would not meet the requirements…
Section EW 15C — Preparing and reporting methods
EW 15C Preparing and reporting methods Who this section applies to (1) A person who uses IFRSs to prepare financial statements and to report for financial arrangements must use 1 of the following…
Section GB 15C — Arrangements related to accounting test for non-attributing active CFC
GB 15C Arrangements related to accounting test for non-attributing active CFC When this section applies (1) This section applies when a person (the party ) enters an arrangement having a purpose,…
Section EW 15D — IFRS financial reporting method
EW 15D IFRS financial reporting method General IFRS rules (1) Under the IFRS financial reporting method, a person must allocate an amount to an income year under IFRS rules modified, as applicable,…
Section EW 15E — Determination alternatives
EW 15E Determination alternatives When this section applies (1) This section applies when— (a) a person chooses in a return of income to use a determination alternative to IFRS for a financial…
Section EW 15F — Expected value method
EW 15F Expected value method When this section applies (1) This section applies when— (a) a person has entered into a financial arrangement in the ordinary course of their business and the person is…
Section EW 15G — Modified fair value method
EW 15G Modified fair value method When this section applies (1) This section applies when— (a) a person has entered into a financial arrangement in the ordinary course of their business and the…
Section EW 15H — Mandatory use of some determinations
EW 15H Mandatory use of some determinations Required methods (1) Section EW 15C(1) does not apply when any of the following determinations apply to a person and a financial arrangement: (a)…
Section EW 15I — Mandatory use of yield to maturity method for some arrangements
EW 15I Mandatory use of yield to maturity method for some arrangements When this section applies (1) This section applies and section EW 15C(1) does not apply when— (a) a person is not required to…
Section CB 16 — Residential exclusion from sections CB 6 to CB 11
CB 16 Residential exclusion from sections CB 6 to CB 11 Exclusion (1) Sections CB 6 to CB 11 do not apply if— (a) the person— (i) acquired the land with a dwellinghouse on it; or (ii) acquired the…
Section CD 16 — Certain dividends not increased by tax credits
CD 16 Certain dividends not increased by tax credits When this section applies (1) This section applies when a unit trust manager, in the ordinary course of their management activities for a unit…
Section CS 16 — Superannuation scheme becomes superannuation fund
CS 16 Superannuation scheme becomes superannuation fund [Repealed] Section CS 16: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver,…
Section CU 16 — Recovery of reinvestment profit on repayment of loans
CU 16 Recovery of reinvestment profit on repayment of loans When this section applies (1) This section applies when— (a) a company (the lender company ) makes a loan to a mining company or a mining…
Section CV 16 — Non-resident shippers
CV 16 Non-resident shippers When this section applies (1) This section applies when a ship that belongs to, or is chartered by, a non-resident person carries outside New Zealand cargo, mail, or…
Section CW 16 — Allowance of Governor-General and other benefits and privileges
CW 16 Allowance of Governor-General and other benefits and privileges The following are exempt income: (a) the allowance of the Governor-General, paid under section 6 of the Governor-General Act…
Section CX 16 — Contributions to life or health insurance
CX 16 Contributions to life or health insurance When fringe benefit arises (1) A fringe benefit arises when an employer pays a specified insurance premium or makes a contribution to the insurance…
Section CZ 16 — Interest payable to exiting company: 2001
CZ 16 Interest payable to exiting company: 2001 Interest payable under schedule 4, clause 12 of the Dairy Industry Restructuring Act 2001 to an exiting company, as defined in section 5 of the Act, as…
Section DB 16 — Share-lending collateral under share-lending arrangements
DB 16 Share-lending collateral under share-lending arrangements No deduction (1) A person is denied a deduction for the amount of expenditure incurred as share-lending collateral under a…
Section DT 16 — Removal or restoration operations
DT 16 Removal or restoration operations Deduction (1) A petroleum miner is allowed a deduction for expenditure that they incur on removal or restoration operations. Timing of deduction (2) The…
Section DV 16 — Consolidated groups: intra-group transactions
DV 16 Consolidated groups: intra-group transactions When this section applies (1) This section applies in relation to a consolidated group of companies for the purposes of section FM 10 (Expenditure:…
Section DZ 16 — Geothermal wells between 31 March 2003 and 17 May 2006
DZ 16 Geothermal wells between 31 March 2003 and 17 May 2006 When this section applies (1) This section applies to a person’s geothermal well when— (a) the well’s geothermal energy proving period…
Section EB 16 — Cost allocation: cost-flow method for low-turnover traders
EB 16 Cost allocation: cost-flow method for low-turnover traders Section EB 7(1) to (5) applies to a low-turnover trader. Defined in this Act: cost , low-turnover trader , Compare: 2004 No 35 s EB 16
Section EC 16 — Valuation under herd scheme
EC 16 Valuation under herd scheme Closing value of herd livestock (1) The closing value of herd livestock in an income year is either its herd value for the income year or, if a herd value ratio is…
Section EE 16 — Amount resulting from standard calculation
EE 16 Amount resulting from standard calculation Amount (1) For the purposes of the comparison of amounts required by section EE 14(1) , the amount dealt with in this section is calculated using the…
Section EH 16 — Income when refund given for development or recovery
EH 16 Income when refund given for development or recovery Year of income (1) A refund under section EH 15 is income, under section CB 27 (Income equalisation schemes), derived by the person in the…
Section EJ 16 — Disposal of petroleum mining asset to associate
EJ 16 Disposal of petroleum mining asset to associate When this section applies (1) This section applies when, in an income year, a petroleum miner disposes of a petroleum mining asset to— (a) a…
Section EK 16 — Transfer on death, bankruptcy, or liquidation
EK 16 Transfer on death, bankruptcy, or liquidation When this section applies (1) This section applies when a person— (a) has an environmental restoration account; and (b) does 1 of the following:…
Section EW 16 — Yield to maturity method or alternative
EW 16 Yield to maturity method or alternative Who may use yield to maturity method (1) A person who is a party to a financial arrangement may use the yield to maturity method, if the person is not…
Section EX 16 — Income interests for certain purposes
EX 16 Income interests for certain purposes When this section applies (1) This section applies for the purposes of determining the attributed CFC income or loss of a person for a period if the person…
Section EY 16 — Policyholder base allowable deductions: non-participation policies
EY 16 Policyholder base allowable deductions: non-participation policies What is included (1) For an income year, a life insurer's deduction that relates to life insurance policies that are not…
Section EZ 16 — Amount of depreciation loss for plant or machinery additional to section EZ 15 amount
EZ 16 Amount of depreciation loss for plant or machinery additional to section EZ 15 amount When this section applies (1) This section applies when a person carrying on a business in New Zealand…
Section FA 16 — Treatment when agreement ends: when seller is cash basis person
FA 16 Treatment when agreement ends: when seller is cash basis person When this section applies (1) This section applies for the purposes of section FA 15 when the seller is a cash basis person.…
Section FB 16 — Non-specified livestock
FB 16 Non-specified livestock When subsections (2) to (4) apply (1) Subsections (2) to (4) apply for the purposes of section EC 31 (Enhanced production) in an income year when— (a) non-specified…
Section FE 16 — Total group assets
FE 16 Total group assets Meaning (1) In this subpart, for a New Zealand group, total group assets for an income year means the total assets of a natural person, or an excess debt entity, or another…
Section FM 16 — Land or business: certain farming or forestry expenditure
FM 16 Land or business: certain farming or forestry expenditure When this section applies (1) This section applies in an income year when 2 companies ( company A and company B ) are in the same…
Section FO 16 — Amortising property
FO 16 Amortising property When this section applies (1) This section applies in an income year in which amortising property belonging to an amalgamating company passes to the amalgamated company on a…
Section GB 16 — FIF income or loss: arrangements for measurement day concessions
GB 16 FIF income or loss: arrangements for measurement day concessions When this section applies (1) This section applies when— (a) an attributing interest in a foreign investment fund (FIF) is…
Section HA 16 — Dividends paid by qualifying companies to trustee shareholders
HA 16 Dividends paid by qualifying companies to trustee shareholders When this section applies (1) This section applies when a dividend referred to in section HA 14(2) is derived by a trustee to the…
Section HC 16 — Ordering rule for distributions from non-complying and foreign trusts
HC 16 Ordering rule for distributions from non-complying and foreign trusts When this section applies (1) This section applies for the purposes of the trust rules when a trustee of a non-complying…
Section HD 16 — Non-resident general insurers
HD 16 Non-resident general insurers When this section applies (1) This section applies when an insurer derives income under section CR 3 (Income of non-resident general insurer) to determine who is…
Section HL 16 — Portfolio allocation period and portfolio calculation period
HL 16 Portfolio allocation period and portfolio calculation period [Repealed] Section HL 16: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 16 — Associates combined
HM 16 Associates combined For the purposes of sections HM 14 and HM 15 , if a person is associated with an investor, the person and the investor are treated as 1 person, but only if both the person…
Section LH 16 — Industry research co-operatives
LH 16 Industry research co-operatives [Repealed] Section LH 16: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section MD 16 — Calculation of parental tax credit abatement
MD 16 Calculation of parental tax credit abatement When this section applies (1) This section applies when— (a) a person is entitled under section MD 11 to a parental tax credit for a parental…
Section MK 16 — Private domestic workers
MK 16 Private domestic workers For the purposes of this subpart, a private domestic worker who is an employer under paragraph (c) of the definition of employer in section 4 of the KiwiSaver Act 2006…