Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section OC 23 — FDPA breach of FDP ratio by PCA company
OC 23 FDPA breach of FDP ratio by PCA company [Repealed] Section OC 23: repealed, on 1 July 2010, by section 411(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section OD 23 — FDP payable for CTR debits
OD 23 FDP payable for CTR debits [Repealed] Section OD 23: repealed (with effect on 30 June 2009), on 6 October 2009, by section 428(1) of the Taxation (International Taxation, Life Insurance, and…
Section OK 23 — Further income tax paid satisfying liability for income tax
OK 23 Further income tax paid satisfying liability for income tax Election (1) A Maori authority that is liable for income tax or provisional tax may choose to satisfy the liability through a payment…
Section OP 23 — Consolidated ICA elimination of double debit
OP 23 Consolidated ICA elimination of double debit When this section applies (1) This section applies when an imputation debit in a consolidated imputation group’s imputation credit account under…
Section RA 23 — Application of other provisions for purposes of ESCT rules and NRWT rules
RA 23 Application of other provisions for purposes of ESCT rules and NRWT rules References (1) For the purposes of the ESCT rules and the NRWT rules, sections 167 and 169 of the Tax Administration…
Section RC 23 — Calculating instalments in transitional years: estimation method
RC 23 Calculating instalments in transitional years: estimation method When this section applies (1) This section applies to a person liable to pay provisional tax using the estimation method in…
Section RD 23 — Bonds given by employers of certain non-resident employees
RD 23 Bonds given by employers of certain non-resident employees When this section applies (1) This section applies if it cannot reasonably be determined at the time an employer or PAYE intermediary…
Section RE 23 — When amount of tax treated as FDP credit
RE 23 When amount of tax treated as FDP credit When this section applies (1) This section applies when a company withholds RWT for resident passive income consisting of a dividend other than a…
Section RM 23 — Limits on refunds when Maori authority stops being Maori authority
RM 23 Limits on refunds when Maori authority stops being Maori authority When this section applies (1) This section applies when a Maori authority stops being a Maori authority and is entitled to a…
Section CB 23B — Land partially sold or sold with other land
CB 23B Land partially sold or sold with other land Sections CB 6 to CB 23 apply to an amount derived from the disposal of land if the land is— (a) part of the land to which the relevant section…
Section CD 23B — Returns of capital: shares repurchased under profit distribution plans
CD 23B Returns of capital: shares repurchased under profit distribution plans When this section applies (1) This section applies when a company has issued a share to a shareholder under a profit…
Section EZ 23B — Property acquired after depreciable property affected by Canterbury earthquakes
EZ 23B Property acquired after depreciable property affected by Canterbury earthquakes When this section applies (1) This section applies for a person and an income year (the current year ) before…
Section EZ 23C — Insurance for Canterbury earthquake damage of property: deemed sale and purchase
EZ 23C Insurance for Canterbury earthquake damage of property: deemed sale and purchase When this section applies (1) This section applies for a person and an item of depreciable property and an…
Section EZ 23D — Insurance for Canterbury earthquake damage of property: limit on depreciation recovery income
EZ 23D Insurance for Canterbury earthquake damage of property: limit on depreciation recovery income When this section applies (1) This section applies for a person and an item of depreciable…
Section EZ 23E — Item treated as available for use if access restricted due to Canterbury earthquake
EZ 23E Item treated as available for use if access restricted due to Canterbury earthquake An item of depreciable property is treated for an income year as being available for use while access to the…
Section EZ 23F — Insurance for Canterbury earthquake damage causing disposal: optional timing rule for income, deductions
EZ 23F Insurance for Canterbury earthquake damage causing disposal: optional timing rule for income, deductions When this section applies (1) This section applies for a person and an item of…
Section EZ 23G — Insurance for repairs of Canterbury earthquake damage: optional timing rule for income, deductions
EZ 23G Insurance for repairs of Canterbury earthquake damage: optional timing rule for income, deductions When this section applies (1) This section applies for a person and an item of depreciable…
Section CB 24 — Disposal of timber or right to take timber
CB 24 Disposal of timber or right to take timber Income (1) An amount is income of a person if they derive it from— (a) disposing of timber; or (b) disposing of a right to take timber. Whether or not…
Section CD 24 — Returns of capital: on-market share cancellations
CD 24 Returns of capital: on-market share cancellations Companies acquiring own shares (1) An amount paid by a company in acquiring any of its shares in an on-market cancellation is not a dividend.…
Section CU 24 — Meaning of mining exploration expenditure
CU 24 Meaning of mining exploration expenditure Meaning (1) Mining exploration expenditure means expenditure that a mining company incurs in exploring or searching in New Zealand for a specified…
Section CW 24 — Deferred military pay for active service
CW 24 Deferred military pay for active service Exempt income (1) Deferred military pay that is granted or paid under the Defence Act 1990 to a person for service in the New Zealand armed forces in an…
Section CX 24 — Benefits related to health or safety
CX 24 Benefits related to health or safety A benefit that an employer provides to an employee is not a fringe benefit to the extent to which it— (a) is related to the employee’s health or safety; and…
Section CZ 24 — Employee benefits for Canterbury earthquake relief: not fringe benefits
CZ 24 Employee benefits for Canterbury earthquake relief: not fringe benefits When this section applies (1) This section applies when an employee receives from an employer a benefit that— (a) would…
Section DB 24 — Share losses
DB 24 Share losses When this section applies (1) This section applies when— (a) a company ( company A ) acquires a share in another company ( company B ); and (b) the share declines in value; and (c)…
Section DV 24 — Losses for QCs becoming sole traderships
DV 24 Losses for QCs becoming sole traderships When this section applies (1) This section applies to a person when,–– (a) for an income year, the person's sole tradership has effectively replaced a…
Section EB 24 — Apportionment on disposal of business assets that include trading stock
EB 24 Apportionment on disposal of business assets that include trading stock When this section applies (1) This section applies when a person disposes of trading stock together with other assets of…
Section EC 24 — Methods for determining costs using national standard cost scheme
EC 24 Methods for determining costs using national standard cost scheme Determination of methods for calculation of cost (1) The Commissioner must determine the methods for calculating the cost of…
Section EE 24 — Property ceasing to qualify for pool
EE 24 Property ceasing to qualify for pool If a person starts using an item of property included in a pool in such a way as to cause the item to cease to meet the requirements of section EE 66(4) ,…
Section EH 24 — Income when refund given on bankruptcy
EH 24 Income when refund given on bankruptcy A refund under section EH 23 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before the bankruptcy starts.…
Section EW 24 — Consistency of use of spreading method
EW 24 Consistency of use of spreading method Consistency required (1) A person must use the same spreading method for financial arrangements that are the same as, or similar to, the arrangements for…
Section EX 24 — Companies moving to or from New Zealand
EX 24 Companies moving to or from New Zealand Companies becoming foreign (1) If a company becomes a foreign company, an accounting period of the company starts on the day when the company becomes a…
Section EY 24 — Outstanding claims reserving amount: non-participation policies not annuities
EY 24 Outstanding claims reserving amount: non-participation policies not annuities Calculation of reserving amount (1) For an income year (the current year ), a life insurer has an outstanding…
Section EZ 24 — Meaning of new asset
EZ 24 Meaning of new asset Meaning (1) New asset means an item of property that a person owns to which subsections (2) to (4) apply and to which subsection (5) does not apply. Acquisition date (2)…
Section FE 24 — Regulations
FE 24 Regulations When this section applies (1) This section applies for the purposes of sections FE 21 and FE 22 . Specifications (2) The Governor-General may, from time to time, by Order in…
Section FM 24 — General treatment of foreign dividends
FM 24 General treatment of foreign dividends [Repealed] Section FM 24: repealed (with effect on 1 April 2009), on 6 October 2009, by section 231(1) of the Taxation (International Taxation, Life…
Section GB 24 — Exemption for genuine contracts
GB 24 Exemption for genuine contracts When section GB 23 does not apply (1) Section GB 23 does not apply if the relevant contract of employment, engagement, or partnership is a genuine contract. When…
Section HA 24 — Treatment of tax losses other than certain foreign losses
HA 24 Treatment of tax losses other than certain foreign losses [Repealed] Section HA 24: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 74(1) of…
Section HC 24 — Trustees’ obligations
HC 24 Trustees’ obligations Liability as individual for trustee income (1) A trustee must satisfy the income tax liability for their taxable income as if they were an individual beneficially entitled…
Section HD 24 — Shipping businesses
HD 24 Shipping businesses A person is treated as an agent if they are the master of a ship owned by or under charter to an absentee who carries on a business carrying goods or passengers. Defined in…
Section HL 24 — Payments of tax by portfolio tax rate entity choosing to make payments when investor leaves
HL 24 Payments of tax by portfolio tax rate entity choosing to make payments when investor leaves [Repealed] Section HL 24: repealed, on 1 April 2010 (applying for the 2010–11 and later income…
Section HM 24 — Immediate loss of PIE status
HM 24 Immediate loss of PIE status An entity loses PIE status immediately if it does not meet— (a) the residence requirements of section HM 8 : (b) the requirements of section HM 9 about the nature…
Section OB 24 — ICA credit on resident’s restricted amalgamation
OB 24 ICA credit on resident’s restricted amalgamation Credit (1) An ICA company has an imputation credit for the amount of a credit that arises on or after a resident’s restricted amalgamation in…
Section OC 24 — FDPA debit for loss of shareholder continuity
OC 24 FDPA debit for loss of shareholder continuity Debit (1) An FDPA company has an FDP debit for the amount equal to the amount of an FDP credit retained in the FDP account and unused at the time…
Section OD 24 — FDP payable on resident’s restricted amalgamation
OD 24 FDP payable on resident’s restricted amalgamation [Repealed] Section OD 24: repealed (with effect on 30 June 2009), on 6 October 2009, by section 429(1) of the Taxation (International Taxation,…
Section OK 24 — Income tax paid satisfying liability for further income tax
OK 24 Income tax paid satisfying liability for further income tax Election (1) A Maori authority that is liable for further income tax may choose to satisfy the liability through a payment of income…
Section OP 24 — Consolidated ICA reversal of tax advantage arrangement
OP 24 Consolidated ICA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an imputation credit in a consolidated imputation group’s…
Section RA 24 — Application of other provisions for purposes of RSCT rules
RA 24 Application of other provisions for purposes of RSCT rules For the purposes of the RSCT rules, sections 170(2) , 171 , and 172 of the Tax Administration Act 1994, modified as necessary, apply…
Section RC 24 — Calculating instalments in transitional years: GST ratio method
RC 24 Calculating instalments in transitional years: GST ratio method What this section applies to (1) This section applies to a person liable to pay provisional tax using a GST ratio in relation to…
Section RD 24 — Exemption certificates for non-resident contractors
RD 24 Exemption certificates for non-resident contractors When this section applies (1) This section applies when— (a) a non-resident contractor derives an amount from a contract activity or service…
Section RE 24 — When amount of tax treated as Maori authority credit
RE 24 When amount of tax treated as Maori authority credit When this section applies (1) This section applies when a Maori authority withholds an amount of tax for a taxable Maori authority…