Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section Sch1-1 — Taxable income: general
1 Taxable income: general To the extent to which a person does not have a basic rate under clauses 2 to 8 , the basic rate of income tax for the person on each dollar of the person’s taxable income…
Section Sch1-1-dup2 — Amount of tax for section RD 67(a)
1 Amount of tax for section RD 67(a) For the purposes of section RD 67(a) , the amount of tax is determined by applying the relevant rate given by table 1 to each dollar of an employer’s…
Section Sch1-10 — Taxable income: New Zealand Superannuation Fund
10 Taxable income: New Zealand Superannuation Fund The basic rate of income tax on each dollar of taxable income derived by the Crown through the New Zealand Superannuation Fund is the rate applying…
Section Sch1-2 — Taxable income: companies
2 Taxable income: companies To the extent to which a company does not have a basic rate under clauses 3 to 9 , the basic rate of income tax for the company on each dollar of the company’s taxable…
Section Sch1-2-dup2 — Amount of tax for section RD 67(b)
2 Amount of tax for section RD 67(b) [Repealed] Schedule 1 part D clause 2: repealed, on 1 April 2012, by section 14(d) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section Sch1-3 — Taxable income: trustees
3 Taxable income: trustees To the extent to which a trustee does not have a basic rate under clause 4 , 5 or 6 , the basic rate of income tax for the trustee on each dollar of the trustee’s taxable…
Section Sch1-3-dup2 — Interest: general
3 Interest: general If clause 4 does not apply, the payment rate for a payment of resident passive income that consists of interest is set out in table 2. Table 2 Row Conditions Payment rate 1 The…
Section Sch1-4 — Taxable distribution: non-complying trust
4 Taxable distribution: non-complying trust The basic rate of income tax on each dollar of a taxable distribution made by a non-complying trust is 0.45.
Section Sch1-4-dup2 — Interest: most companies
4 Interest: most companies The payment rate for a payment of resident passive income that consists of interest is set out in table 3 if the recipient of the payment is a company that is not a trustee…
Section Sch1-5 — Schedular taxable income: category A income
5 Schedular taxable income: category A income The basic rate of income tax for a trustee on each dollar of the trustee’s schedular taxable income that is for category A income is 0.28. Schedule 1…
Section Sch1-5-dup2 — Dividends and replacement payments
5 Dividends and replacement payments The payment rate for a payment of resident passive income that consists of a dividend, or a replacement payment under a share-lending arrangement, is 0.33.…
Section Sch1-6 — Taxable income: trustees of certain funds
6 Taxable income: trustees of certain funds To the extent to which a trustee does not have a basic rate under clause 4 or 5 , the basic rate of income tax on each dollar of taxable income is 0.28 if…
Section Sch1-6-dup2 — Taxable Maori authority distributions
6 Taxable Maori authority distributions The payment rate for a payment of resident passive income that consists of a taxable Maori authority distribution is set out in table 4. Table 4 Row Conditions…
Section Sch1-7 — Taxable income: Maori authorities
7 Taxable income: Maori authorities The basic rate of income tax for a Maori authority on each dollar of the Maori authority’s taxable income is 0.175. Schedule 1 part A clause 7: amended, on 1 April…
Section Sch1-7-dup2 — Retirement scheme contributions
7 Retirement scheme contributions The payment rate for an amount of a retirement scheme contribution made by a retirement scheme contributor for a person is set out in table 5. Table 5 Row Conditions…
Section Sch1-8 — Schedular taxable income: schedular policyholder base income
8 Schedular taxable income: schedular policyholder base income The basic rate of income tax for a person on each dollar of the person’s schedular taxable income that is for schedular policyholder…
Section Sch1-9 — Investment income from portfolio investment entities
9 Investment income from portfolio investment entities The basic rate of income tax for a person who is an investor in a PIE on each dollar of income attributed by the PIE is the rate set out in…
Section YZ 1 — Source rule for interest
YZ 1 Source rule for interest Application from 29 July 1983 (1) Section YD 4(11)(a) and (b) (Classes of income treated as having New Zealand source) applies to— (a) interest derived from money lent…
Section ZA 1 — Repeals
ZA 1 Repeals Schedule 48 (1) The enactments listed in schedule 48 (Enactments repealed) are repealed. Repeals effective only for 2008–09 income year and later (2) However, unless the context requires…
Section DT 1A — Ring-fenced allocations
DT 1A Ring-fenced allocations When this section applies (1) This section applies to an amount of a person's deductions for expenditure and loss for an income year to the extent to which it is— (a)…
Section IQ 1A — When this subpart applies
IQ 1A When this subpart applies This subpart applies when, for a country or territory and a tax year, a person has— (a) an amount of attributed CFC net loss or FIF net loss— (i) for the tax year:…
Section CW 1B — Treaty of Waitangi claim settlements: rights to take timber
CW 1B Treaty of Waitangi claim settlements: rights to take timber When this section applies (1) This section applies when a person's right to take timber (the old right ) is extinguished, and new…
Section ED 1B — Valuation of emissions units issued for zero price
ED 1B Valuation of emissions units issued for zero price What this section applies to (1) This section applies to emissions units held by a person in an income year that— (a) are transferred to the…
Section IQ 1B — Losses carried forward to tax year
IQ 1B Losses carried forward to tax year An attributed CFC net loss or a FIF net loss or both may be carried forward to a tax year. Section IA 5 (Restrictions on companies' loss balances carried…
Section A 2 — Commencement
A 2 Commencement 1 April 2008 (1) This Act comes into force on 1 April 2008. Charitable entities (1B) Despite subsection (1), sections CW 41(2) and CW 42(1)(b) come into force on 1 July 2008. Act…
Section AA 2 — Interpretation
AA 2 Interpretation Aids to interpretation (1) Diagrams, flowcharts, readers’ notes, and the lists of defined terms following sections are included in this Act only as interpretational aids. If there…
Section BB 2 — Main obligations
BB 2 Main obligations Income tax liability (1) A person's income tax liability for a tax year must be calculated, and satisfied by the person, under subpart BC (Calculating and satisfying income tax…
Section BC 2 — Annual gross income
BC 2 Annual gross income A person's annual gross income for a tax year is the total of their assessable income that is allocated to the corresponding income year. Defined in this Act: annual gross…
Section BD 2 — Deductions
BD 2 Deductions An amount is a deduction of a person if they are allowed a deduction for the amount under Part D (Deductions). Defined in this Act: amount , deduction , Compare: 2004 No 35 s BD 2
Section CA 2 — Amounts that are exempt income or excluded income
CA 2 Amounts that are exempt income or excluded income What this section does (1) This section identifies the subparts in this Act that deal with exempt income and excluded income. Exempt income (2)…
Section CB 2 — Amounts received on disposal of business assets that include trading stock
CB 2 Amounts received on disposal of business assets that include trading stock When this section applies (1) This section applies in an income year when— (a) a person ( person A ) who owns or…
Section CC 2 — Non-compliance with covenant for repair
CC 2 Non-compliance with covenant for repair When this section applies (1) This section applies when a person who is a lessor of land derives an amount for non-compliance by the lessee with an…
Section CD 2 — Distribution excluded from being dividend
CD 2 Distribution excluded from being dividend A distribution, derived by a member of a co-operative company, that is excluded by section CD 34B from being a dividend is income of the member. Defined…
Section CE 2 — Value and timing of benefits under share purchase agreements
CE 2 Value and timing of benefits under share purchase agreements What this section does (1) This section determines the value of a benefit that an employee receives under a share purchase agreement…
Section CF 2 — Remission of specified suspensory loans
CF 2 Remission of specified suspensory loans When this section applies (1) This section applies when a public authority— (a) grants a loan to a person for a business that the person carries on; and…
Section CG 2 — Remitted amounts
CG 2 Remitted amounts When this section applies (1) This section applies when— (a) a person is allowed a deduction in an income year of an amount that the person is liable to pay; and (b) the…
Section CH 2 — Adjustment for prepayments
CH 2 Adjustment for prepayments When this section applies (1) This section applies when a person has, under section EA 3 (Prepayments), an unexpired amount of expenditure at the end of an income…
Section CQ 2 — When attributed CFC income arises
CQ 2 When attributed CFC income arises General rule (1) A person has attributed CFC income from a foreign company in an income year if— (a) the foreign company is a CFC at any time during 1 of its…
Section CR 2 — Shareholder base income of life insurer
CR 2 Shareholder base income of life insurer If, but for this section, a life insurer has an amount of shareholder base income for an income year, and that amount is not income under this Part, the…
Section CS 2 — Exclusions of withdrawals of various kinds
CS 2 Exclusions of withdrawals of various kinds [Repealed] Section CS 2: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and…
Section CT 2 — Damage to assets
CT 2 Damage to assets The consideration that a petroleum miner derives for damage to an asset of the kind described in section CT 7(1)(b) or (c) is income of the petroleum miner. Defined in this Act:…
Section CU 2 — Mining company that processes or manufactures
CU 2 Mining company that processes or manufactures When this section applies (1) This section applies when— (a) a mining company— (i) obtains specified minerals from its mining operations; or (ii)…
Section CV 2 — Consolidated groups: income of company in group
CV 2 Consolidated groups: income of company in group When this section applies (1) This section applies for the purposes of section FM 8 (Transactions between group companies: income) to an amount…
Section CW 2 — Forestry encouragement agreements
CW 2 Forestry encouragement agreements When this section applies (1) This section applies when a person makes a forestry encouragement agreement under the Forestry Encouragement Act 1962 . Exempt…
Section CX 2 — Meaning of fringe benefit
CX 2 Meaning of fringe benefit Meaning (1) A fringe benefit is a benefit that— (a) is provided by an employer to an employee in connection with their employment; and (b) either— (i) arises in a way…
Section CZ 2 — Mining company’s 1970–71 tax year
CZ 2 Mining company’s 1970–71 tax year When this section applies (1) This section applies when— (a) section 152 or 153 of the Land and Income Tax Act 1954 (as in force before the commencement of…
Section DA 2 — General limitations
DA 2 General limitations Capital limitation (1) A person is denied a deduction for an amount of expenditure or loss to the extent to which it is of a capital nature. This rule is called the capital…
Section DB 2 — Goods and services tax
DB 2 Goods and services tax No deduction (1) A registered person is denied a deduction for the following: (a) input tax on a supply of goods or services to them: (b) goods and services tax (GST)…
Section DC 2 — Pension payments to former employees
DC 2 Pension payments to former employees When subsection (2) applies (1) Subsection (2) applies when— (a) a person, other than a close company, carries on a business; and (b) a former employee has…
Section DD 2 — Limitation rule
DD 2 Limitation rule What rule applies to (1) The expenditure to which the limitation rule applies is expenditure on the forms of entertainment described in subsections (2) to (6). Corporate boxes…