Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section RM 24 — Increase in credit balances
RM 24 Increase in credit balances A credit balance is treated as increased by an amount equal to a debit to the Maori authority credit account under section OK 15 (MACA debit for loss of shareholder…
Section Sch24 — International tax rules: grey list countries
Schedule 24 International tax rules: grey list countries ss DZ 11 , YA 1 Schedule 24 heading: amended (with effect on 30 June 2009), on 6 October 2009, by section 584 of the Taxation (International…
Section CB 25 — Disposal of land with standing timber
CB 25 Disposal of land with standing timber When this section applies (1) This section applies when a person disposes of land with standing timber on it. Exclusions (2) This section does not apply…
Section CD 25 — Treasury stock acquisitions
CD 25 Treasury stock acquisitions Treasury stock generally (1) An amount paid by a company in acquiring any of its shares is not a dividend if— (a) the acquisition is treated as not resulting in the…
Section CU 25 — Meaning of mining operations
CU 25 Meaning of mining operations Meaning (1) Mining operations means operations that— (a) are carried on by a mining company on a mining property in New Zealand for the purpose of deriving income;…
Section CW 25 — Value of board for religious society members
CW 25 Value of board for religious society members The value of personal board and lodging and other basic personal necessities received by a member of a religious society or order is exempt income…
Section CX 25 — Benefits provided by charitable organisations
CX 25 Benefits provided by charitable organisations When not fringe benefit (1) A charitable organisation that provides a benefit to an employee does not provide a fringe benefit except to the extent…
Section CZ 25 — Land and buildings as revenue account property affected by Canterbury earthquakes and replaced—insurance or compensation, Government purchase
CZ 25 Land and buildings as revenue account property affected by Canterbury earthquakes and replaced—insurance or compensation, Government purchase When this section applies (1) This section applies…
Section DB 25 — Cancellation of shares held as revenue account property
DB 25 Cancellation of shares held as revenue account property When this section applies (1) This section applies for the purposes of section FA 4(3)(b) (Recharacterisation of shareholder’s base:…
Section EC 25 — Cost price, replacement price, or market value
EC 25 Cost price, replacement price, or market value Election (1) A person may choose to value specified livestock under the cost price method, subject to the restrictions described in section EC 10…
Section EE 25 — Depreciation loss for plant variety rights application granted in 2005–06 or later income year
EE 25 Depreciation loss for plant variety rights application granted in 2005–06 or later income year When this section applies (1) This section applies when— (a) plant variety rights are granted to a…
Section EH 25 — Refund on liquidation
EH 25 Refund on liquidation When this section applies (1) This section applies when a person— (a) has a main income equalisation account; and (b) is put into liquidation. Refund (2) The Commissioner…
Section EW 25 — Consistency of use of straight-line method and market valuation method
EW 25 Consistency of use of straight-line method and market valuation method Straight-line method for all financial arrangements (1) A person using the straight-line method in an income year for a…
Section EX 25 — Change of CFC’s balance date
EX 25 Change of CFC’s balance date Application of this section (1) This section applies when a person— (a) has an income interest in a CFC; and (b) has calculated attributed CFC income or loss or…
Section EY 25 — Premium smoothing reserving amount: non-participation policies not annuities
EY 25 Premium smoothing reserving amount: non-participation policies not annuities Calculation of reserving amount (1) For an income year (the current year ), a life insurer has a premium smoothing…
Section EZ 25 — Meaning of New Zealand-new asset
EZ 25 Meaning of New Zealand-new asset Meaning (1) New Zealand-new asset means an item of property that a person owns to which subsections (2) to (5) apply. Not new (2) The item is not a new asset.…
Section FE 25 — New Zealand group for excess debt entity that is a company
FE 25 New Zealand group for excess debt entity that is a company Steps to determine membership (1) The following steps are used to determine the membership of the New Zealand group of an excess debt…
Section FM 25 — Reduction in payments for foreign dividends
FM 25 Reduction in payments for foreign dividends [Repealed] Section FM 25: repealed (with effect on 1 April 2009), on 6 October 2009, by section 231(1) of the Taxation (International Taxation, Life…
Section GB 25 — Close company remuneration to shareholders, directors, or relatives
GB 25 Close company remuneration to shareholders, directors, or relatives When this section applies (1) This section applies when— (a) a close company provides remuneration for services to a person…
Section HA 25 — Treatment of certain foreign losses
HA 25 Treatment of certain foreign losses [Repealed] Section HA 25: 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…
Section HC 25 — Foreign-sourced amounts: non-resident trustees
HC 25 Foreign-sourced amounts: non-resident trustees When this section applies (1) This section applies when a non-resident trustee derives, as trustee income, in an income year a foreign-sourced…
Section HD 25 — Persons remitting amounts outside New Zealand
HD 25 Persons remitting amounts outside New Zealand Absentee landlords, mortgagors, or creditors (1) A person is treated as an agent if they are a tenant, mortgagor, or other person who remits an…
Section HL 25 — Optional payments of tax by portfolio tax rate entities
HL 25 Optional payments of tax by portfolio tax rate entities [Repealed] Section HL 25: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation…
Section HM 25 — When entity no longer meets investment or investor requirements
HM 25 When entity no longer meets investment or investor requirements Effect (1) An entity loses PIE status if,— (a) on the last day of a quarter (the first quarter ),— (i) the entity no longer meets…
Section OB 25 — ICA reversal of tax advantage arrangement
OB 25 ICA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an imputation credit in an ICA company’s imputation credit account was…
Section OC 25 — FDPA tax advantage arrangement
OC 25 FDPA tax advantage arrangement Debit (1) An FDPA company has an FDP debit for the amount of a debit for a tax advantage arrangement determined under sections GB 35 and GB 36 (which relate to…
Section OD 25 — Refunds on transfers to CTR account
OD 25 Refunds on transfers to CTR account [Repealed] Section OD 25: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section…
Section OP 25 — Consolidated ICA non-resident withholding tax withheld
OP 25 Consolidated ICA non-resident withholding tax withheld Credit (1) A consolidated imputation group that includes an Australian ICA company has an imputation credit for an amount of non-resident…
Section RC 25 — Consequences of change in balance date
RC 25 Consequences of change in balance date Continuing frequency (1) This section applies to a person liable to pay provisional tax who changes their balance date. Continuing to use instalment dates…
Section RD 25 — FBT rules and their application
RD 25 FBT rules and their application Meaning (1) The FBT rules means— (a) sections CX 2 to CX 38 (which relate to fringe benefits); and (b) sections GA 2 , GB 31 , and GB 32 (which relate to FBT);…
Section RE 25 — When amount of tax treated as imputation credit
RE 25 When amount of tax treated as imputation credit When this section applies (1) This section applies when a share user under a share-lending arrangement withholds under the RWT rules an amount of…
Section RM 25 — Treatment of amounts not refunded
RM 25 Treatment of amounts not refunded When this section applies (1) This section applies when, through the application of sections RM 22 and RM 23 , an overpayment of income tax by a Maori…
Section Sch25 — Foreign investment funds
Schedule 25 Foreign investment funds ss CQ 5 , DN 6 , EX 28 , EX 29 , EX 31 , EX 32 , EX 35–EX 39 , EX 46 , EZ 32 Schedule 25 heading: amended (with effect on 1 April 2008), on 6 October 2009, by…
Section EW 25B — Consistency of use of IFRS method
EW 25B Consistency of use of IFRS method Consistency (1) A person who uses a method for IFRS under section EW 15C for a financial arrangement must use the method for— (a) the remaining term of the…
Section GB 25B — Excessive effective look-through interests
GB 25B Excessive effective look-through interests When this section applies (1) This section applies to the extent to which, for an income year,–– (a) a person (an owner ) has an effective…
Section CB 26 — Disposal of certain shares by portfolio investment entities
CB 26 Disposal of certain shares by portfolio investment entities When this section applies (1) This section applies when— (a) the income from the disposal by a person (the entity ) of the share is…
Section CD 26 — Capital distributions on liquidation or emigration
CD 26 Capital distributions on liquidation or emigration When this section applies (1) This section applies when a shareholder— (a) is paid an amount in relation to a share on the liquidation of the…
Section CU 26 — Meaning of mining venture
CU 26 Meaning of mining venture Meaning (1) Mining venture means a venture that— (a) is carried on, or is proposed to be carried on,— (i) in New Zealand; and (ii) as a business; and (iii) under an…
Section CW 26 — Jurors’ and witnesses’ fees
CW 26 Jurors’ and witnesses’ fees Fees paid by the Crown to jurors and to witnesses, other than expert witnesses, are exempt income. Defined in this Act: exempt income , pay , Compare: 2004 No 35 s…
Section CX 26 — Non-liable payments
CX 26 Non-liable payments A benefit received by an employee is not a fringe benefit to the extent to which it is received in a quarter or in an income year in which they derive 1 or more…
Section CZ 26 — Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 12 overridden for Government purchase
CZ 26 Land and buildings affected by Canterbury earthquakes—sections CB 9 to CB 12 overridden for Government purchase Sections CB 9 to CB 12 (which relate to disposals within 10 years of acquisition)…
Section DB 26 — Amount from profit-making undertaking or scheme and not already in income
DB 26 Amount from profit-making undertaking or scheme and not already in income When this section applies (1) This section applies when a person derives income under section CB 3 (Profit-making…
Section EC 26 — Bailee’s treatment of livestock
EC 26 Bailee’s treatment of livestock When this section applies (1) This section applies when, under a bailment, lease, or other agreement,— (a) a person ( person A ) has the use of specified…
Section EE 26 — Setting of economic depreciation rate
EE 26 Setting of economic depreciation rate Relevant provisions (1) The economic depreciation rate that applies to a kind of item of depreciable property is set under— (a) section EE 27 , for items…
Section EH 26 — Income when refund given on liquidation
EH 26 Income when refund given on liquidation A refund under section EH 25 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before the liquidation…
Section EW 26 — Change of spreading method
EW 26 Change of spreading method Requirements for change from straight-line and market value method (1) A person may change from the straight-line method or the market value method if they change to…
Section EX 26 — Use of quarterly measurement
EX 26 Use of quarterly measurement Interests held at end of quarter (1) In order to simplify the process of calculating a person’s control interest or income interest in a foreign company, the person…
Section EY 26 — Unearned premium reserving amount: non-participation policies not annuities
EY 26 Unearned premium reserving amount: non-participation policies not annuities Calculation of reserving amount (1) For an income year (the current year ), a life insurer has an unearned premium…
Section EZ 26 — Meaning of qualifying capital value
EZ 26 Meaning of qualifying capital value Meaning (1) Qualifying capital value means, for an income year,— (a) for a qualifying asset that a person owns, the amount calculated for the income year…
Section FE 26 — Identifying New Zealand parent
FE 26 Identifying New Zealand parent Identifying resident company (1) The New Zealand parent of an excess debt entity is the entity identified in whichever is applicable of subsections (2) to (6).…