Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EX 22 — Non-attributing Australian CFCs
EX 22 Non-attributing Australian CFCs Criteria (1) A CFC is a non-attributing Australian CFC for an accounting period if— (a) at all times in the accounting period the CFC is— (i) resident in…
Section EY 22 — Shareholder base allowable deductions: profit participation policies
EY 22 Shareholder base allowable deductions: profit participation policies For an income year, a life insurer has shareholder base allowable deductions equal to the amount they would have, for profit…
Section EZ 22 — Base value and total deductions in section EE 56: before 1 April 1995
EZ 22 Base value and total deductions in section EE 56: before 1 April 1995 Base value in section EE 56 when section 108 of the Income Tax Act 1976 applies (1) For the purposes of section EE 56…
Section FE 22 — Notional offshore investment
FE 22 Notional offshore investment When this section applies (1) This section applies for the purposes of section FE 21(14) to determine an amount of notional offshore investment for a New Zealand…
Section FM 22 — Arrangements to avoid consolidation rules
FM 22 Arrangements to avoid consolidation rules When this section applies (1) This section applies when— (a) a company joins a consolidated group and at the time holds property that it later…
Section GB 22 — Arrangements involving trust beneficiary income
GB 22 Arrangements involving trust beneficiary income When this section applies (1) This section applies when— (a) an arrangement involves a trustee transferring property, or providing services or…
Section HA 22 — Group companies using tax losses
HA 22 Group companies using tax losses When this section applies (1) This section applies if a qualifying company is in the same group of companies as a company with a tax loss ( company A ). When…
Section HC 22 — Use of tax losses to reduce taxable distributions from non-complying trusts
HC 22 Use of tax losses to reduce taxable distributions from non-complying trusts When this section applies (1) This section applies in an income year when a person— (a) has, for the corresponding…
Section HD 22 — Banking companies
HD 22 Banking companies Receiving deposit in course of business activities (1) A person, including a banking or other company, or a local authority or public authority, is treated as an agent if in…
Section HL 22 — Payments of tax by portfolio tax rate entity making no election
HL 22 Payments of tax by portfolio tax rate entity making no election [Repealed] Section HL 22: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the…
Section HM 22 — Exceptions for certain funds
HM 22 Exceptions for certain funds Public unit trust (1) Sections HM 14(1) and HM 15 do not apply to an investor class of an entity if, treating the class as a unit trust, it would meet the…
Section OB 22 — ICA replacement payment to company under share-lending arrangement
OB 22 ICA replacement payment to company under share-lending arrangement Credit (1) An ICA company has an imputation credit for the amount of an imputation credit attached under section OB 64 , or…
Section OC 22 — FDPA breach of FDP ratio
OC 22 FDPA breach of FDP ratio Debit (1) An FDPA company has an FDP debit for a breach of the benchmark dividend rules in section OC 28(4) for an amount calculated using the formula— net dividends ×…
Section OD 22 — CTR credits and imputation credits attached to dividends
OD 22 CTR credits and imputation credits attached to dividends [Repealed] Section OD 22: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May…
Section OE 22 — BETA person’s final balance
OE 22 BETA person’s final balance Debit (1) A BETA person has a branch equivalent tax debit for a credit balance in the branch equivalent tax account when the person stops being resident in New…
Section OK 22 — Further income tax paid when Maori authority no longer Maori authority
OK 22 Further income tax paid when Maori authority no longer Maori authority Liability (1) A Maori authority is liable to pay further income tax for a debit balance in its Maori authority credit…
Section OP 22 — Consolidated ICA group company’s credit
OP 22 Consolidated ICA group company’s credit Credit (1) A consolidated imputation group has an imputation credit for the amount of a credit that arises when— (a) an imputation credit described in a…
Section RA 22 — Limits on application of other provisions for purposes of PAYE rules
RA 22 Limits on application of other provisions for purposes of PAYE rules Amounts not separated (1) For an amount of tax not withheld and paid to the Commissioner, the provisions listed in…
Section RC 22 — Calculating instalments in transitional years: standard method
RC 22 Calculating instalments in transitional years: standard method When this section applies (1) This section applies to a person liable to pay provisional tax using the standard method in relation…
Section RD 22 — Returns for amounts of tax paid to Commissioner
RD 22 Returns for amounts of tax paid to Commissioner Paying amount withheld with returns (1) An employer or a PAYE intermediary who withholds an amount of tax from a PAYE income payment must pay the…
Section RE 22 — When payment treated as non-resident passive income
RE 22 When payment treated as non-resident passive income When this section applies (1) This section applies when— (a) a person ( person A ) is required to pay an amount that would be treated as…
Section RM 22 — Limits on refunds for Maori authorities
RM 22 Limits on refunds for Maori authorities When this section applies (1) This section applies when a Maori authority is entitled to a refund of income tax under sections RM 2 and RM 4 to RM 6 .…
Section CB 23 — Investment exclusion from sections CB 12 and CB 13
CB 23 Investment exclusion from sections CB 12 and CB 13 Sections CB 12 and CB 13 do does not apply if— (a) the work involved in the undertaking or scheme is to create or effect a development,…
Section CD 23 — Ordering rule and slice rule
CD 23 Ordering rule and slice rule Ordering rule (1) Under the ordering rule , the available subscribed capital per share is calculated for a share using the formula— available subscribed capital of…
Section CU 23 — Meaning of mining development expenditure
CU 23 Meaning of mining development expenditure Meaning (1) Mining development expenditure means development expenditure that a mining company incurs in its mining operations or associated mining…
Section CW 23 — Income for military or police service in operational area
CW 23 Income for military or police service in operational area When this section applies (1) This section applies when a member of the New Zealand Defence Force or the police (the member ) derives…
Section CX 23 — Benefits provided on premises
CX 23 Benefits provided on premises When not fringe benefit (1) A benefit, other than free, discounted, or subsidised travel, accommodation, or clothing, is not a fringe benefit if the benefit is—…
Section CZ 23 — Insurance or compensation for buildings replaced as revenue account property affected by Canterbury earthquakes
CZ 23 Insurance or compensation for buildings replaced as revenue account property affected by Canterbury earthquakes [Repealed] Section CZ 23: repealed (with effect on 4 September 2010), on 2…
Section CZ 23-dup2 — Employee benefits for Canterbury earthquake relief: exempt income
CZ 23 Employee benefits for Canterbury earthquake relief: exempt income Exempt income (1) Income derived by an employee from an employer is exempt income to the extent given by subsection (2) if the…
Section DB 23 — Cost of revenue account property
DB 23 Cost of revenue account property Deduction (1) A person is allowed a deduction for expenditure that they incur as the cost of revenue account property. No deduction (2) Despite subsection (1),…
Section DV 23 — Losses for QCs entering look-through companies rules
DV 23 Losses for QCs entering look-through companies rules When this section applies (1) This section applies to a person who has an effective look-through interest for a look-through company (the…
Section EB 23 — Valuing closing stock under $10,000
EB 23 Valuing closing stock under $10,000 When this section applies (1) This section applies when a person, including a low-turnover trader,— (a) has a turnover of $1,300,000 or less in an income…
Section EC 23 — Determining national standard costs
EC 23 Determining national standard costs Determination of costs (1) The Commissioner must determine national standard costs for each category of specified livestock in schedule 18 (Categories of…
Section EE 23 — Combined pools
EE 23 Combined pools Combining pools allowed (1) A person using the pool method may at any time combine any number of pools to form a single pool. Consequences (2) When a person combines pools,— (a)…
Section EH 23 — Refund on bankruptcy
EH 23 Refund on bankruptcy When this section applies (1) This section applies when a person— (a) has a main income equalisation account; and (b) is bankrupt. Refund (2) The Commissioner must refund…
Section EJ 23 — Allocation of deductions for research, development, and resulting market development
EJ 23 Allocation of deductions for research, development, and resulting market development When this section applies (1) This section applies when a person has— (a) a deduction for expenditure…
Section EK 23 — Other definitions
EK 23 Other definitions Meaning of maximum account balance (1) In this subpart, maximum account balance for a person and an income year means— (a) if the person does not meet the requirements of…
Section EW 23 — Failure to use method for financial reporting purposes
EW 23 Failure to use method for financial reporting purposes When this section applies (1) This section applies when a person would be allowed to use a method but for the fact that the person does…
Section EX 23 — Tax concession grey list CFCs
EX 23 Tax concession grey list CFCs [Repealed] Section EX 23: repealed (with effect on 30 June 2009), on 6 October 2009, by section 164(1) of the Taxation (International Taxation, Life Insurance, and…
Section EY 23 — Reserving amounts for life insurers: non-participation policies
EY 23 Reserving amounts for life insurers: non-participation policies Reserves (1) Sections EY 24 to EY 27 apply to calculate a life insurer's reserving amounts for life insurance policies, other…
Section EZ 23 — Economic rate for plant or equipment acquired before 1 April 2005 and buildings acquired before 19 May 2005
EZ 23 Economic rate for plant or equipment acquired before 1 April 2005 and buildings acquired before 19 May 2005 What this section is about (1) This section is about setting the economic…
Section FE 23 — Banking group’s funding debt
FE 23 Banking group’s funding debt Formula (1) A reporting bank must calculate the funding debt of its New Zealand banking group for a tax year using the formula— total interest + interest deductions…
Section FM 23 — Arrangements for disposal of shares
FM 23 Arrangements for disposal of shares When this section applies (1) This section applies when— (a) 2 companies ( company A and company B ) are in the same consolidated group; and (b) the value of…
Section GB 23 — Excessive remuneration to relatives
GB 23 Excessive remuneration to relatives When this section applies: first case (1) This section applies when— (a) a person carries on a business or undertaking; and (b) the person employs or engages…
Section HA 23 — Treatment of tax losses on amalgamation
HA 23 Treatment of tax losses on amalgamation If a company that is not a qualifying company amalgamates with a qualifying company and ends its existence on the amalgamation, subpart IA (General rules…
Section HC 23 — Temporary absences of beneficiaries
HC 23 Temporary absences of beneficiaries When this section applies (1) This section applies when— (a) a person who is a beneficiary of a trust and who is resident in New Zealand stops being…
Section HD 23 — Trustees of group investment funds
HD 23 Trustees of group investment funds A person is treated as an agent if they are a trustee of a group investment fund and an absentee is an investor to whom a dividend is paid. Defined in this…
Section HL 23 — Payments of tax by portfolio tax rate entity choosing to pay provisional tax
HL 23 Payments of tax by portfolio tax rate entity choosing to pay provisional tax [Repealed] Section HL 23: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section…
Section HM 23 — Exceptions for foreign PIE equivalents
HM 23 Exceptions for foreign PIE equivalents Investor classes and investors' interests (1) If an investor in a PIE is a foreign PIE equivalent,— (a) the requirement for investor classes under section…
Section OB 23 — ICA credit transfer to company
OB 23 ICA credit transfer to company Credit (1) An ICA company has an imputation credit for the amount of an imputation credit shown in a credit transfer notice given to the company. Table reference…