Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EB 20 — Replacement price for low-turnover traders
EB 20 Replacement price for low-turnover traders Financial statements prepared (1) A low-turnover trader who prepares financial statements may determine the value of their closing stock at its…
Section EC 20 — Herd livestock disposed of before values determined
EC 20 Herd livestock disposed of before values determined When this section applies (1) This section applies when, in an income year, a person— (a) stops deriving income from specified livestock; and…
Section EE 20 — Application of sections EE 21 to EE 24
EE 20 Application of sections EE 21 to EE 24 Sections EE 21 to EE 24 apply to the calculation of the amount of depreciation loss that a person using the pool method has. Defined in this Act: amount ,…
Section EH 20 — Income when refund given on death
EH 20 Income when refund given on death Year of income (1) A refund under section EH 19 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before their…
Section EJ 20 — Meaning of petroleum mining development
EJ 20 Meaning of petroleum mining development Meaning (1) In sections EJ 12 and EJ 12B , petroleum mining development means a place where 1 or more of the activities described in subsection (2) is…
Section EK 20 — Environmental restoration account of consolidated group company
EK 20 Environmental restoration account of consolidated group company Company with environmental restoration account (1) A company that is part of a consolidated group may have an environmental…
Section EW 20 — Determination method or alternative
EW 20 Determination method or alternative Who may use determination method (1) A person who is a party to a financial arrangement may use a determination method, that is, a method in a determination…
Section EX 20 — Reduction in attributed CFC loss
EX 20 Reduction in attributed CFC loss Application of this section: no economic loss (1) This section applies when— (a) a person has an amount of attributed CFC loss; and (b) the person suffers no,…
Section EY 20 — Shareholder base allowable deductions: non-participation policies
EY 20 Shareholder base allowable deductions: non-participation policies What is included (1) For an income year, a life insurer's deduction is included as their shareholder base allowable deduction…
Section EZ 20 — Adjusted tax value for software acquired before 1 April 1993
EZ 20 Adjusted tax value for software acquired before 1 April 1993 What this section applies to (1) This section applies to any of the following items for the acquisition of which a person was…
Section FB 20 — Mining assets
FB 20 Mining assets When this section applies (1) This section applies when a resident mining operator transfers on a settlement of relationship property an asset that they used immediately before…
Section FE 20 — Financial value and regulatory value
FE 20 Financial value and regulatory value Financial value (1) In sections FE 19 , and FE 21 to FE 23 , the financial value of an item for a New Zealand banking group at a time is the amount recorded…
Section FM 20 — Financial arrangements: transfer at market value
FM 20 Financial arrangements: transfer at market value When this section applies (1) This section applies in an income year in which a company ( company A ) transfers a financial arrangement to…
Section FO 20 — Calculation of outstanding accrued balance: amounts remitted
FO 20 Calculation of outstanding accrued balance: amounts remitted Formula (1) In section FO 18(3) , the outstanding accrued balance is calculated using the formula— consideration + prior income +…
Section GB 20 — Arrangements involving petroleum mining
GB 20 Arrangements involving petroleum mining When this section applies (1) This section applies if the requirements of both of the following paragraphs are met: (a) an arrangement includes— (i) a…
Section HA 20 — Attribution of tax losses
HA 20 Attribution of tax losses [Repealed] Section HA 20: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 74(1) of the Taxation (GST and Remedial…
Section HC 20 — Distributions from complying trusts
HC 20 Distributions from complying trusts An amount that a person derives in an income year is exempt income of the person under section CW 53 (Distributions from complying trusts) if— (a) the amount…
Section HD 20 — Persons carrying on business for absentees
HD 20 Persons carrying on business for absentees A person is treated as an agent if they carry on in New Zealand a business for an absentee, whether or not the income is received by the agent.…
Section HL 20 — Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period
HL 20 Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period [Repealed] Section HL 20: repealed, on 1 April 2010 (applying for the 2010–11 and later income…
Section HM 20 — Re-entering as PIE: 5-year rule
HM 20 Re-entering as PIE: 5-year rule If an entity loses PIE status through the application of sections HM 24 to HM 29 , it cannot choose to become a PIE again until 5 years have passed from the date…
Section OB 20 — ICA distribution with Maori authority credit
OB 20 ICA distribution with Maori authority credit Credit (1) An ICA company has an imputation credit for the amount of a Maori authority credit attached to a distribution received by the company.…
Section OC 20 — Debit for policyholder base FDP credits
OC 20 Debit for policyholder base FDP credits Debit (1) An FDP company has an FDP debit for the amount of an FDP credit attached to a dividend derived by the company, to the extent to which it is…
Section OD 20 — CTR credits attached to dividends
OD 20 CTR credits attached to dividends [Repealed] Section OD 20: 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)…
Section OE 20 — BETA person’s payment of income tax
OE 20 BETA person’s payment of income tax Election (1) On meeting the requirements of subsection (4), a BETA person may choose to use some or all of a credit balance in their branch equivalent tax…
Section OK 20 — MACA benchmark distribution rules
OK 20 MACA benchmark distribution rules When this section applies (1) This section applies when a Maori authority pays a taxable Maori authority distribution on more than 1 occasion during a tax…
Section OP 20 — Consolidated ICA transfer from group company’s policyholder credit account
OP 20 Consolidated ICA transfer from group company’s policyholder credit account [Repealed] Section OP 20: repealed, on 1 July 2010, by section 450(1) of the Taxation (International Taxation, Life…
Section RA 20 — Amalgamation of companies
RA 20 Amalgamation of companies Amalgamated company's obligation (1) If an amalgamating company ends its existence on a resident’s restricted amalgamation, an unsatisfied obligation that the…
Section RC 20 — Calculating residual income tax in transitional years
RC 20 Calculating residual income tax in transitional years Calculation for transitional year (1) This section applies for the purposes of section RC 5(2) and (3) and the calculation of a person’s…
Section RD 20 — Schedular payments to subcontractors
RD 20 Schedular payments to subcontractors When this section applies (1) This section applies when a contractor is paid a schedular payment for services provided under a contract, and a subcontractor…
Section RE 20 — Paying RWT
RE 20 Paying RWT A person who is required under the RWT rules to withhold RWT must pay the amount of tax to the Commissioner under sections RA 15 and RA 16 (which relate to payment dates and the…
Section RM 20 — Treatment of amounts not refunded
RM 20 Treatment of amounts not refunded When this section applies (1) This section applies when, through the application of section RM 18(1) , an overpayment is not refunded. Satisfying liabilities…
Section RP 20 — Declining, amending, or reversing transfers
RP 20 Declining, amending, or reversing transfers When this section applies (1) This section applies when a tax pooling intermediary asks to transfer an amount under section RP 19 . Tax avoidance (2)…
Section Sch20 — Expenditure on farming, horticultural, aquacultural, and forestry improvements
Schedule 20 Expenditure on farming, horticultural, aquacultural, and forestry improvements ss DO 4 , DO 5 , DO 11 , DO 12 , DO 13 , DP 3 , DZ 17 , DZ 18 , YA 1 Improvement Percentage of diminished…
Section YB 20 — Some definitions
YB 20 Some definitions [Repealed] Section YB 20: repealed, on 1 April 2010, by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section YC 20 — Credit account continuity provisions: excluded fixed rate securities
YC 20 Credit account continuity provisions: excluded fixed rate securities When this section applies (1) This section applies for the purposes of the credit account continuity provisions. Counting…
Section EX 20B — Attributable CFC amount
EX 20B Attributable CFC amount Attributable CFC amount (1) Attributable CFC amount , for an accounting period and a CFC, means the amount calculated under the rules in section EX 21 using the…
Section HD 20B — General partners and partners carrying on with or managing business involving absentees
HD 20B General partners and partners carrying on with or managing business involving absentees Who this section applies to (1) This section applies to a person who— (a) in New Zealand carries on a…
Section EX 20C — Net attributable CFC income or loss
EX 20C Net attributable CFC income or loss CFC's net attributable CFC income or loss (1) For the purpose of calculating the attributed CFC income or loss for an accounting period of a person (the…
Section EX 20D — Adjustment of cost fraction for excessively debt funded CFC
EX 20D Adjustment of cost fraction for excessively debt funded CFC When this section applies (1) This section applies for the purposes of the item (the CFC's cost fraction ) in section EX 20C(11) to…
Section EX 20E — Relative debt-asset ratio for CFC
EX 20E Relative debt-asset ratio for CFC What this section does (1) This section determines the relative debt-asset ratio of a CFC for the purposes of section EX 20D(2)(b) by determining an amount…
Section CB 21 — Farm land exclusion from sections CB 12 and CB 13
CB 21 Farm land exclusion from sections CB 12 and CB 13 Exclusion (1) Sections CB 12 and CB 13 do not apply if— (a) the land is a lot resulting from the division of a larger area of land into 2 or…
Section CD 21 — Attributed repatriations from controlled foreign companies
CD 21 Attributed repatriations from controlled foreign companies [Repealed] Section CD 21: repealed (with effect on 30 June 2009), on 6 October 2009, by section 14(1) of the Taxation (International…
Section CU 21 — Meaning of income from mining
CU 21 Meaning of income from mining Meaning (1) Income from mining means the part of the income of a mining company that is derived in an income year from the company’s mining operations or…
Section CW 21 — Amounts derived by visiting crew of pleasure craft
CW 21 Amounts derived by visiting crew of pleasure craft Exempt income (1) Income that a non-resident crew member derives from performing services in New Zealand relating to a pleasure craft while it…
Section CX 21 — Business tools
CX 21 Business tools When use of business tool not fringe benefit (1) The private use of a business tool that an employer provides to an employee, and the availability for private use of such a…
Section CZ 21 — Superannuation fund loans made to members before 1 April 1989
CZ 21 Superannuation fund loans made to members before 1 April 1989 When this section applies (1) This section applies for the purposes of section CS 18 (Value of loan treated as fund income) in the…
Section DB 21 — Amounts paid for non-compliance with covenant for repair
DB 21 Amounts paid for non-compliance with covenant for repair When this section applies (1) This section applies when— (a) a person who is a lessee of land uses it to derive income; and (b) the…
Section DV 21 — Losses for QCs entering partnership regime
DV 21 Losses for QCs entering partnership regime When this section applies (1) This section applies to a person when,–– (a) for an income year, a person's partnership (the partnership ) has…
Section EB 21 — Market selling value for low-turnover traders
EB 21 Market selling value for low-turnover traders Valuation at market selling value (1) A low-turnover trader may determine the value of their closing stock at its market selling value, whether…
Section EC 21 — Herd livestock on death before values determined
EC 21 Herd livestock on death before values determined When this section applies (1) This section applies when— (a) a person dies; and (b) herd livestock owned by the person is disposed of before the…