Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EE 21 — Pool method: calculating amount of depreciation loss
EE 21 Pool method: calculating amount of depreciation loss Amount of depreciation loss subtracted from pool’s value (1) The amount of depreciation loss that a person has for an income year for a pool…
Section EH 21 — Income when refund given on death, and election to allocate amount to earlier year
EH 21 Income when refund given on death, and election to allocate amount to earlier year When this section applies (1) This section applies when— (a) a refund under section EH 19 includes a deposit…
Section EJ 21 — Contributions to employees’ superannuation schemes
EJ 21 Contributions to employees’ superannuation schemes When this section applies (1) This section applies when an employer is allowed a deduction for a superannuation contribution to an employee’s…
Section EK 21 — Notices in electronic format
EK 21 Notices in electronic format The Commissioner may require a person to provide a notice under this subpart in an electronic format that the Commissioner prescribes under section 36BC of the Tax…
Section EW 21 — Financial reporting method
EW 21 Financial reporting method A person who is a party to a financial arrangement may use a financial reporting method if–– (a) the person cannot use the yield to maturity method or an alternative;…
Section EX 21 — Attributable CFC amount and net attributable CFC income or loss: calculation rules
EX 21 Attributable CFC amount and net attributable CFC income or loss: calculation rules Calculation rules for CFC (1) The rules in this section apply for the purposes of— (a) calculating the…
Section EY 21 — Shareholder base income: profit participation policies
EY 21 Shareholder base income: profit participation policies What is included (1) For an income year, a life insurer has shareholder base income to the extent to which they have an amount for profit…
Section EZ 21 — Sections EE 45 and EE 47: permanent removal: allowance before 1 April 1995
EZ 21 Sections EE 45 and EE 47: permanent removal: allowance before 1 April 1995 Section EE 45(11) (1) For the purposes of section EE 45(11) (Consideration for purposes of section EE 44 ), the…
Section FB 21 — Depreciable property
FB 21 Depreciable property When this section applies (1) This section applies when a person who is allowed a deduction for an amount of depreciation loss for an item of property transfers the item on…
Section FE 21 — Banking group’s New Zealand net equity
FE 21 Banking group’s New Zealand net equity Formula (1) A reporting bank must calculate the New Zealand net equity of its New Zealand banking group for an income year using the formula— equity value…
Section FM 21 — Property transfers when companies leave consolidated groups
FM 21 Property transfers when companies leave consolidated groups When this section applies (1) This section applies to the extent to which a transfer of property has not previously been taken into…
Section GB 21 — Dealing that defeats intention of financial arrangements rules
GB 21 Dealing that defeats intention of financial arrangements rules When this section applies (1) This section applies if the Commissioner considers that the parties to a financial arrangement were…
Section HA 21 — Loss balances not carried forward
HA 21 Loss balances not carried forward In an income year in which a company that is not a qualifying company becomes a qualifying company, subparts IA (General rules for tax losses) and IQ…
Section HC 21 — Distributions from community trusts
HC 21 Distributions from community trusts What this section applies to (1) This section applies when a community trust distributes an amount other than beneficiary income to a person. Exclusion (2)…
Section HD 21 — Companies
HD 21 Companies Paying dividends (1) A company incorporated in New Zealand is an agent of an absentee to whom it pays or credits dividends as a shareholder, or as a holder of a debenture to which…
Section HL 21 — Portfolio entity tax liability and tax credits of portfolio tax rate entity for period
HL 21 Portfolio entity tax liability and tax credits of portfolio tax rate entity for period [Repealed] Section HL 21: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by…
Section HM 21 — Exceptions for certain investors
HM 21 Exceptions for certain investors Investor classes (1) The rule for a minimum number of investors in section HM 14(1) does not apply if— (a) an investor class of the entity includes at least 1…
Section OB 21 — ICA balance of Maori authority credit account
OB 21 ICA balance of Maori authority credit account Credit (1) An ICA company has an imputation credit for an amount equal to the amount of a Maori authority debit under section OK 18 (MACA final…
Section OC 21 — FDPA transfer to group account
OC 21 FDPA transfer to group account Debit (1) An FDPA company has an FDP debit for an amount equal to the amount of an FDP credit under section OP 59 (Consolidated FDPA group company’s credit) for…
Section OD 21 — CTRA benchmark dividend rules
OD 21 CTRA benchmark dividend rules [Repealed] Section OD 21: 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) of…
Section OE 21 — BETA person’s refund of income tax
OE 21 BETA person’s refund of income tax Debit (1) A BETA person has a branch equivalent tax debit for an income year for the amount of a refund of income tax attributable to income tax paid for the…
Section OK 21 — Further income tax for closing debit balance
OK 21 Further income tax for closing debit balance Liability (1) A Maori authority is liable to pay further income tax for the amount of a debit balance in its Maori authority credit account at the…
Section OP 21 — Consolidated ICA transfer from group’s policyholder credit account
OP 21 Consolidated ICA transfer from group’s policyholder credit account [Repealed] Section OP 21: repealed, on 1 July 2010, by section 451(1) of the Taxation (International Taxation, Life Insurance,…
Section RA 21 — Regulations
RA 21 Regulations PAYE income payments (1) The Governor-General may make regulations by Order in Council to— (a) declare a particular payment, or particular class of payments, to be included in, or…
Section RC 21 — Paying provisional tax in transitional years
RC 21 Paying provisional tax in transitional years Total amount payable (1) A person liable to pay provisional tax in a transitional year must pay the sum of all instalments of provisional tax…
Section RD 21 — When amounts of tax not withheld or payment insufficient
RD 21 When amounts of tax not withheld or payment insufficient Employees’ obligations (1) If, for any reason, some or all of the amount of tax for a PAYE income payment is not withheld at the time it…
Section RE 21 — Basis for payment of RWT
RE 21 Basis for payment of RWT When this section applies (1) Subsections (2) to (5) apply for the purposes of section RA 6(1) (Withholding and payment obligations for passive income) to a person who…
Section RM 21 — Refunds when loss balances used to reduce net income
RM 21 Refunds when loss balances used to reduce net income When subsection (2) applies (1) Subsection (2) applies when a company that is liable to pay FDP to the Commissioner has a loss balance that…
Section RP 21 — Refunds from tax pooling accounts
RP 21 Refunds from tax pooling accounts A tax pooling intermediary may ask the Commissioner to refund some or all of the balance in their tax pooling account. Defined in this Act: Commissioner ,…
Section Sch21 — Expenditure and activities related to research and development
Schedule 21 Expenditure and activities related to research and development LH 3(1) , LH 5(3), (4) , LH 7(2) , LH 8 [Repealed] Schedule 21: repealed, on 1 October 2009, by section 22 of the Taxation…
Section YB 21 — Transparency of nominees
YB 21 Transparency of nominees Treatment of nominee (1) In this Act, unless the context otherwise requires, if a person holds something or does something as a nominee for another person, the other…
Section EX 21B — Non-attributing active CFCs
EX 21B Non-attributing active CFCs Non-attributing active CFC (1) Non-attributing active CFC , for an accounting period and a person (the interest holder ), means a CFC— (a) for which the interest…
Section EX 21C — Applicable accounting standards for section EX 21E
EX 21C Applicable accounting standards for section EX 21E Applicable accounting standards (1) In applying EX 21E to determine whether a CFC is a non-attributing active CFC for a person (the interest…
Section EX 21D — Non-attributing active CFC: default test
EX 21D Non-attributing active CFC: default test CFC as part of test group (1) A person (the interest holder ) with an interest in a CFC may choose to apply this section for the CFC as a member of a…
Section EX 21E — Non-attributing active CFC: test based on accounting standard
EX 21E Non-attributing active CFC: test based on accounting standard Applicable accounting standard (1) A person (the interest holder ) who chooses to determine under this section whether a CFC is a…
Section CB 22 — Farm land exclusion from section CB 14
CB 22 Farm land exclusion from section CB 14 Exclusion (1) Section CB 14 does not apply if— (a) the person ( person A ) acquired the land, and they, their spouse, civil union partner or de facto…
Section CD 22 — Returns of capital: off-market share cancellations
CD 22 Returns of capital: off-market share cancellations When this section applies (1) This section applies when a company pays an amount to a shareholder because of the off-market cancellation of a…
Section CU 22 — Meaning of mining company
CU 22 Meaning of mining company Meaning (1) Mining company means a company incorporated in New Zealand to which 1 of the following applies: (a) the company’s only source of income is the business…
Section CW 22 — Amounts derived by overseas experts and trainees in New Zealand by government arrangement
CW 22 Amounts derived by overseas experts and trainees in New Zealand by government arrangement Exempt income: personal services (1) Income that a non-resident person derives from performing personal…
Section CX 22 — Benefits to non-executive directors
CX 22 Benefits to non-executive directors A transfer of value to a non-executive director that is a dividend under section CD 20(2) (Benefits of shareholder-employees or directors) is not a fringe…
Section CZ 22 — Geothermal wells between 31 March 2003 and 17 May 2006
CZ 22 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 is— (i) both started and completed…
Section DB 22 — Amounts paid for non-compliance and change in use
DB 22 Amounts paid for non-compliance and change in use When this section applies (1) This section applies when— (a) a person who is a lessor receives an amount for non-compliance with a covenant for…
Section DV 22 — Owners of look-through companies
DV 22 Owners of look-through companies A person who has an effective look-through interest for a look-through company has a deduction to the extent to which a deduction results from the application…
Section EB 22 — Valuing closing stock consistently for low-turnover traders
EB 22 Valuing closing stock consistently for low-turnover traders Traders complying with generally accepted accounting practice (1) In determining the value of closing stock at cost, discounted…
Section EC 22 — National standard cost scheme
EC 22 National standard cost scheme Election to use national standard cost scheme (1) A person may choose to value specified livestock under the national standard cost scheme , subject to the…
Section EE 22 — Cases affecting pool
EE 22 Cases affecting pool Acquired item included (1) If a person chooses in an income year to include in a pool an item of poolable property that they acquire in the income year, the pool’s adjusted…
Section EH 22 — Income when refund given on death, and election to allocate amount to later year or years
EH 22 Income when refund given on death, and election to allocate amount to later year or years When this section applies (1) This section applies when— (a) the trustee of the person’s estate does…
Section EJ 22 — Deductions for market development: product of research, development
EJ 22 Deductions for market development: product of research, development When this section applies (1) This section applies when a person is allowed a deduction for expenditure under section DB 34…
Section EK 22 — Meaning of maximum payment
EK 22 Meaning of maximum payment Maximum payment (1) In this subpart, maximum payment means the maximum payment that under subsection (2) a person may make to the person’s environmental restoration…
Section EW 22 — Default method
EW 22 Default method A person who is a party to a financial arrangement may use a default method if— (a) the person cannot use the yield to maturity method or an alternative; and (b) the person— (i)…