Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section FM 26 — Using tax losses to pay FDP
FM 26 Using tax losses to pay FDP [Repealed] Section FM 26: repealed (with effect on 1 April 2009), on 6 October 2009, by section 231(1) of the Taxation (International Taxation, Life Insurance, and…
Section GB 26 — Arrangements involving repatriation of commercial bills
GB 26 Arrangements involving repatriation of commercial bills When this section applies (1) This section applies when— (a) a commercial bill has been issued by— (i) a New Zealand resident who does…
Section HA 26 — Attribution when balance dates differ
HA 26 Attribution when balance dates differ [Repealed] Section HA 26: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 74(1) of the Taxation (GST…
Section HC 26 — Foreign-sourced amounts: resident trustees
HC 26 Foreign-sourced amounts: resident trustees Exempt income (1) A foreign-sourced amount that a New Zealand resident trustee derives in an income year is exempt income under section CW 54…
Section HD 26 — Agency in relation to non-residents generally
HD 26 Agency in relation to non-residents generally What sections HD 27 and HD 28 do (1) Sections HD 27 and HD 28 apply for the purposes of this Act to treat a person as an agent in relation to the…
Section HL 26 — Portfolio investor allocated income and portfolio investor allocated loss
HL 26 Portfolio investor allocated income and portfolio investor allocated loss [Repealed] Section HL 26: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section…
Section HM 26 — Starting life insurance business
HM 26 Starting life insurance business An entity that is not a life fund PIE loses PIE status immediately if it starts to carry on the business of life insurance. Defined in this Act: business , life…
Section OB 26 — ICA elimination of double debit
OB 26 ICA elimination of double debit When this section applies (1) This section applies when an imputation debit in an ICA company’s imputation credit account under section OB 41 has the effect of…
Section OC 26 — FDPA final balance
OC 26 FDPA final balance Debit (1) An FDPA company has an FDP debit for a credit balance in the FDP account when the company stops being an FDPA company. Table reference (2) The FDP debit in…
Section OP 26 — Consolidated ICA payment of amount of tax for schedular payment
OP 26 Consolidated ICA payment of amount of tax for schedular payment Credit (1) A consolidated imputation group that includes an Australian ICA company has an imputation credit for the amount of tax…
Section RC 26 — Registering for GST or cancelling registration
RC 26 Registering for GST or cancelling registration When this section applies (1) This section applies if a person who uses the standard or estimation method to determine the amount of provisional…
Section RD 26 — Liability for FBT
RD 26 Liability for FBT Liability (1) An employer who provides a fringe benefit to an employee is liable to pay FBT under sections RD 27 to RD 57 , choosing a method of payment described in…
Section RE 26 — Payment by proxy
RE 26 Payment by proxy An RWT proxy who is required to withhold RWT in relation to a payment of resident passive income is treated as having withheld the amount from the payment at the time the…
Section RM 26 — Treatment of further income tax paid
RM 26 Treatment of further income tax paid When this section applies (1) This section applies for the purposes of sections RM 2 and RM 4 to RM 6 when a Maori authority pays further income tax under…
Section Sch26 — Low tax jurisdictions or territories
Schedule 26 Low tax jurisdictions or territories s LZ 1 Schedule 26: repealed, on 2 November 2012, by section 165 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012…
Section EC 26B — Entering partners' cost base
EC 26B Entering partners' cost base When this section applies (1) This section applies when an entering partner has acquired specified livestock that includes female breeding livestock for which…
Section CB 27 — Income equalisation schemes
CB 27 Income equalisation schemes Income derived by a person, as timed and quantified under any of the following provisions, is income of the person: (a) sections EH 11 , EH 14 , EH 16 , EH 18 , EH…
Section CD 27 — Property made available intra-group
CD 27 Property made available intra-group When this section applies (1) This section applies when— (a) a transfer of value is made by a company (the first company ) to another company (the associated…
Section CU 27 — Meaning of resident mining operator
CU 27 Meaning of resident mining operator Meaning (1) Resident mining operator means a person who— (a) is resident in New Zealand; and (b) is not a mining company or a petroleum mining company; and…
Section CW 27 — Certain income derived by transitional resident
CW 27 Certain income derived by transitional resident Income derived by a person who is a transitional resident is exempt income if the income is a foreign-sourced amount that is none of the…
Section CX 27 — Assistance with tax returns
CX 27 Assistance with tax returns An employer’s assistance with the preparation of an employee’s income statement or return of income is not a fringe benefit when the expenditure incurred in…
Section DB 27 — Amount from major development or division and not already in income
DB 27 Amount from major development or division and not already in income When this section applies (1) This section applies when a person derives income under section CB 13 (Disposal: amount from…
Section EC 27 — Some definitions
EC 27 Some definitions In this subpart,— long-term bailment is a bailment or lease under which, at the time a person delivers livestock, the person does not expect to have the same livestock…
Section EE 27 — Economic rate for certain depreciable property
EE 27 Economic rate for certain depreciable property What this section is about (1) This section is about setting the economic depreciation rate that applies to a kind of item of depreciable…
Section EH 27 — Amendment of assessment
EH 27 Amendment of assessment Despite the time bar, the Commissioner may amend an assessment at any time in order to give effect to section EH 18 or EH 21 or EH 22 . Defined in this Act: assessment ,…
Section EW 27 — Spreading method adjustment formula
EW 27 Spreading method adjustment formula Calculation of spreading method adjustment (1) A person calculates a spreading method adjustment using the formula in subsection (3). What formula applies to…
Section EX 27 — Anti-avoidance rule: stapled stock
EX 27 Anti-avoidance rule: stapled stock When this section applies (1) This section applies when— (a) a New Zealand resident holds rights (the stapled rights ) that give rise to an income interest or…
Section EY 27 — Capital guarantee reserving amount: non-participation policies not annuities
EY 27 Capital guarantee reserving amount: non-participation policies not annuities Calculation of reserving amount (1) For an income year (the current year ), a life insurer has a reserving amount…
Section EZ 27 — Meaning of qualifying improvement
EZ 27 Meaning of qualifying improvement Meaning (1) Qualifying improvement , for a person’s income year, means an improvement of an item that the person owns, if all the following apply: (a) the…
Section FE 27 — Establishing companies under parent’s control
FE 27 Establishing companies under parent’s control Choosing threshold (1) A control threshold that the New Zealand parent of an excess debt entity chooses under this section must apply consistently…
Section FM 27 — Refunds of FDP
FM 27 Refunds of FDP When this section applies (1) This section applies when a company becomes entitled in a tax year to a refund of a FDP paid by it to the Commissioner in an earlier tax year in…
Section GB 27 — Attribution rule for income from personal services
GB 27 Attribution rule for income from personal services Application of section GB 29 (1) An amount of income in an income year of a person (the associated entity ) is attributed to another person…
Section HA 27 — Attribution when loss results in reduction in value of shares
HA 27 Attribution when loss results in reduction in value of shares [Repealed] Section HA 27: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section…
Section HC 27 — Who is a settlor?
HC 27 Who is a settlor? When this section applies (1) This section applies for the purposes of— (a) the trust rules; and (b) the consolidation rules; and (c) section CW 59 (New Zealand companies…
Section HD 27 — Employers
HD 27 Employers Employment of non-resident persons (1) An employer who employs a non-resident person with an income tax liability is treated as an agent in relation to the employment income derived…
Section HL 27 — Treatment of portfolio investor allocated loss for zero-rated portfolio investors and investors with portfolio investor exit period
HL 27 Treatment of portfolio investor allocated loss for zero-rated portfolio investors and investors with portfolio investor exit period [Repealed] Section HL 27: repealed, on 1 April 2010 (applying…
Section HM 27 — When multi-rate PIE no longer meets investor interest adjustment requirements
HM 27 When multi-rate PIE no longer meets investor interest adjustment requirements A multi-rate PIE loses PIE status immediately if it fails to meet a requirement of section HM 48 . Defined in this…
Section OB 27 — ICA non-resident withholding tax withheld
OB 27 ICA non-resident withholding tax withheld Credit (1) An Australian ICA company has an imputation credit for an amount of tax withheld by the payer of non-resident passive income. Table…
Section OC 27 — FDP credits attached to dividends
OC 27 FDP credits attached to dividends Attaching FDP credits (1) When an FDPA company pays a dividend, it may attach an FDP credit to the dividend. Subsection (2) overrides this subsection.…
Section OP 27 — Consolidated ICA payment of schedular income tax
OP 27 Consolidated ICA payment of schedular income tax Credit (1) A consolidated imputation group that includes an Australian ICA company has an imputation credit for the amount of a payment by the…
Section RC 27 — Payment of provisional tax instalments when GST cycle changed
RC 27 Payment of provisional tax instalments when GST cycle changed When subsection (2) applies (1) Subsection (2) applies in a tax year to a person liable to pay provisional tax who— (a) uses the…
Section RD 27 — Determining fringe benefit values
RD 27 Determining fringe benefit values What sections RD 28 to RD 53 do (1) Sections RD 28 to RD 53 set out the rules for determining the value of a fringe benefit provided by an employer to an…
Section RE 27 — RWT exemption certificates
RE 27 RWT exemption certificates Application (1) A person may apply to the Commissioner for an RWT exemption certificate if— (a) they are a person listed in section 32E(2) of the Tax Administration…
Section RM 27 — Application when no credits arise
RM 27 Application when no credits arise Sections RM 22 to RM 26 do not apply in relation to an amount of tax paid for which no credit arises under section OK 2 (MACA payment of tax). Defined in this…
Section Sch27 — Countries and types of income with unrecognised tax
Schedule 27 Countries and types of income with unrecognised tax ss LJ 1 , LK 2 Schedule 27 heading: amended (with effect on 30 June 2009), on 6 October 2009, by section 586 of the Taxation…
Section CB 27B — Entering partners’ livestock income
CB 27B Entering partners’ livestock income [Repealed] Section CB 27B: repealed (with effect on 1 April 2009), on 6 October 2009, by section 9(1) of the Taxation (International Taxation, Life…
Section CB 28 — Environmental restoration accounts
CB 28 Environmental restoration accounts Income from refund (1) A person who receives a refund for a tax year under section EK 12 (Refund if request or excess balance) derives for the person’s…
Section CD 28 — Transfers of certain excepted financial arrangements within wholly-owned groups
CD 28 Transfers of certain excepted financial arrangements within wholly-owned groups When section ED 2 (Transfers of certain excepted financial arrangements within wholly-owned groups) applies to a…
Section CU 28 — Meaning of specified mineral
CU 28 Meaning of specified mineral Meaning (1) Specified mineral — (a) means alumina minerals (for example, bauxite, corundum, diaspore, and gibbsite), aluminous refractory clays containing over 30%…
Section CW 28 — Pensions
CW 28 Pensions Exempt income (1) The following are exempt income: (a) a pension or allowance under the War Pensions Act 1954 , other than a veteran’s pension: (b) a pension or allowance of any other…