Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CX 28 — Accommodation
CX 28 Accommodation The value of accommodation that an employer provides to an employee in connection with the employment or services is not a fringe benefit. Defined in this Act: accommodation ,…
Section DB 28 — Amount from land affected by change and not already in income
DB 28 Amount from land affected by change and not already in income When this section applies (1) This section applies when a person derives income under section CB 14 (Disposal: amount from land…
Section EC 28 — Application of sections EC 29 to EC 31
EC 28 Application of sections EC 29 to EC 31 Sections EC 29 to EC 31 set out the rules for valuing non-specified livestock. Defined in this Act: non-specified livestock , Compare: 2004 No 35 s EC 28
Section EE 28 — Economic rate for buildings
EE 28 Economic rate for buildings What this section is about (1) This section is about setting the economic depreciation rate that applies to a kind of item of depreciable property that is a building…
Section EH 28 — Minimum refund
EH 28 Minimum refund The Commissioner must not give a refund under any of sections EH 10 , EH 13 , EH 15 , EH 17 , EH 19 , EH 22(3) , EH 23 , and EH 25 that is less than the lesser of— (a) $200; and…
Section EW 28 — How base price adjustment calculated
EW 28 How base price adjustment calculated A party to a financial arrangement who must calculate a base price adjustment, as described in sections EW 29 and EW 30 , calculates it using the formula in…
Section EX 28 — Meaning of FIF
EX 28 Meaning of FIF A foreign investment fund , or FIF , is any of the following (a) a foreign company: (b) a foreign superannuation scheme: (c) an insurer under a life insurance policy, but not if…
Section EY 28 — Shareholder base other profit: profit participation policies that are existing business
EY 28 Shareholder base other profit: profit participation policies that are existing business Calculation of income (1) For an income year, a life insurer has an amount, for profit participation…
Section EZ 28 — Meaning of qualifying asset
EZ 28 Meaning of qualifying asset Qualifying asset means— (a) a new asset, other than a building, that a person owns in an income year and for which they are allowed a deduction for depreciation…
Section FE 28 — Identifying members of New Zealand group
FE 28 Identifying members of New Zealand group New Zealand parent's group (1) A New Zealand group is made up of an excess debt entity, the entity's New Zealand parent, and a company— (a) that is— (i)…
Section FM 28 — Refund when consolidated group has loss
FM 28 Refund when consolidated group has loss When this section applies (1) This section applies when— (a) a company has paid FDP to the Commissioner in an income year and, at the time the dividend…
Section GB 28 — Interpretation of terms used in section GB 27
GB 28 Interpretation of terms used in section GB 27 When this section applies (1) This section applies for the purposes of section GB 27 . Associated persons (2) A person is treated as being…
Section HA 28 — Elections by trustee shareholders
HA 28 Elections by trustee shareholders If a shareholder referred to in section HA 5 is acting as trustee, they must make an election together with— (a) 1 or more beneficiaries of the trust who are…
Section HC 28 — Activities treated as those of settlor
HC 28 Activities treated as those of settlor When this section applies (1) This section applies for the purposes of the trust rules to describe certain activities of a person that result in the…
Section HD 28 — Government pensions and payments under superannuation schemes
HD 28 Government pensions and payments under superannuation schemes If a non-resident person who has an income tax liability derives a pension or annuity from the government of New Zealand or under…
Section HL 28 — Treatment of portfolio investor allocated loss for other investors
HL 28 Treatment of portfolio investor allocated loss for other investors [Repealed] Section HL 28: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of…
Section HM 28 — When listed PIE no longer meets crediting requirement
HM 28 When listed PIE no longer meets crediting requirement A listed PIE loses PIE status immediately if it fails to meet the requirements of section HM 19 . Defined in this Act: listed PIE , PIE…
Section OB 28 — ICA payment of amount of tax for schedular payment
OB 28 ICA payment of amount of tax for schedular payment Credit (1) An Australian ICA company has an imputation credit for an amount equal to the amount of tax for a schedular payment paid to the…
Section OC 28 — FDPA benchmark dividend rules
OC 28 FDPA benchmark dividend rules When this section applies (1) This section applies when an FDPA company pays a dividend on more than 1 occasion during a tax year. Subsection (2) overrides this…
Section OP 28 — Consolidated ICA payment of dividend
OP 28 Consolidated ICA payment of dividend Debit (1) A consolidated imputation group has an imputation debit for an amount that equals the amount of an imputation credit attached to a dividend paid…
Section RC 28 — Provisional tax rules and consolidated groups
RC 28 Provisional tax rules and consolidated groups Single company (1) The provisional tax rules apply, modified as necessary, to a consolidated group of companies as if it were a single company.…
Section RD 28 — Private use of motor vehicle: calculation methods
RD 28 Private use of motor vehicle: calculation methods What this section does (1) This section limits the way an employer may use a method for calculating the value of the benefit that they provide…
Section RE 28 — When certificates expire
RE 28 When certificates expire When this section applies (1) This section applies in a month when a person’s RWT exemption certification expires. But the section does not apply if the person…
Section RM 28 — Limits on refunds for PCA persons
RM 28 Limits on refunds for PCA persons When this section applies (1) This section applies when a PCA person is entitled to a refund of income tax under sections RM 2 and RM 4 to RM 6 . Amount of…
Section Sch28 — Requirements for complying fund rules
Schedule 28 Requirements for complying fund rules RD 66 Schedule 28: inserted, on 1 April 2008, by section 136 of the Taxation (KiwiSaver) Act 2007 (2007 No 110). KiwiSaver rules 1 The first…
Section CB 29 — Disposal of minerals
CB 29 Disposal of minerals Income (1) An amount that a person derives from disposing of minerals taken from land is income of the person. Whether or not person owns land (2) Subsection (1) applies…
Section CD 29 — Non-taxable bonus issues
CD 29 Non-taxable bonus issues A non-taxable bonus issue is not a dividend. Defined in this Act: dividend , non-taxable bonus issue Compare: 2004 No 35 s CD 21
Section CU 29 — Other definitions
CU 29 Other definitions In this Act,— associated mining operations means operations that— (a) are carried on in New Zealand in association with mining operations; and (b) consist of the accumulation,…
Section CW 29 — Reinvested amounts from foreign superannuation schemes in Australia
CW 29 Reinvested amounts from foreign superannuation schemes in Australia An amount of income derived in an income year by a natural person as a withdrawal from a foreign superannuation scheme is…
Section CX 29 — Entertainment
CX 29 Entertainment When not fringe benefit (1) A benefit in a form of entertainment described in section DD 2 (Limitation rule) that an employer provides to an employee is not a fringe benefit. This…
Section DB 29 — Apportionment when land acquired with other property
DB 29 Apportionment when land acquired with other property If a person derives income under sections CB 6 to CB 14 (which relate to the disposal of land) from the disposal of land, and the land is…
Section EC 29 — Determining standard values
EC 29 Determining standard values Determined by Commissioner (1) The Commissioner may determine a standard value for an income year for a type or category of non-specified livestock. Application to…
Section EE 29 — Economic rate for certain aircraft and motor vehicles
EE 29 Economic rate for certain aircraft and motor vehicles What this section does (1) This section gives the economic depreciation rate for certain aircraft and motor vehicles. Rate for certain…
Section EH 29 — Deposits from which refunds come
EH 29 Deposits from which refunds come Each refund a person is given is treated as coming from the total amount of their deposits in the order in which the person made the deposits. Defined in this…
Section EW 29 — When calculation of base price adjustment required
EW 29 When calculation of base price adjustment required Ceasing to be New Zealand resident (1) A party to a financial arrangement who ceases to be a New Zealand resident must calculate a base price…
Section EX 29 — Attributing interests in FIFs
EX 29 Attributing interests in FIFs Three categories (1) A person has an attributing interest in a FIF if— (a) the person holds rights in 1 of the categories of rights described in subsections (2) to…
Section EY 29 — Shareholder base other profit: profit participation policies that are new business
EY 29 Shareholder base other profit: profit participation policies that are new business Calculation of income (1) For an income year, a life insurer has an amount, for profit participation policies…
Section EZ 29 — Private insurers under Accident Insurance Act 1998
EZ 29 Private insurers under Accident Insurance Act 1998 When this section applies (1) This section applies when an insurer, as defined in paragraph (a) of the definition of insurer in section 13 of…
Section FE 29 — Combining New Zealand groups owned by natural persons and trustees
FE 29 Combining New Zealand groups owned by natural persons and trustees When this section applies (1) This section applies when a natural person or trustee described in section FE 2(1)(g) has–– (a)…
Section FM 29 — Treatment of credit balance in consolidated group’s FDP account
FM 29 Treatment of credit balance in consolidated group’s FDP account When this section applies (1) This section applies when a consolidated group has a credit balance in its FDP account at the end…
Section GB 29 — Attribution rule: calculation
GB 29 Attribution rule: calculation Amount attributed (1) A working person is treated as deriving income in an income year equal to the least of the following amounts: (a) the associated entity’s net…
Section HA 29 — Elections by majority shareholders
HA 29 Elections by majority shareholders When this section applies (1) This section applies when 1 or more shareholders (the majority ) in a company have, at the time of making an election, effective…
Section HC 29 — Settlors’ liability to income tax
HC 29 Settlors’ liability to income tax When this section applies (1) This section applies to a person who makes a settlement to or for the benefit of a trust after 17 December 1987, and the settlor…
Section HD 29 — Persons buying goods from overseas
HD 29 Persons buying goods from overseas Who this section applies to (1) This section applies, in relation to a purchase of goods, to— (a) a person in New Zealand ( person A ); and (b) person A’s…
Section HL 29 — Credits received by portfolio tax rate entity or portfolio investor proxy
HL 29 Credits received by portfolio tax rate entity or portfolio investor proxy [Repealed] Section HL 29: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section…
Section HM 29 — Choosing to cancel status
HM 29 Choosing to cancel status An entity loses PIE status if it chooses to cancel PIE status by notifying the Commissioner under section 31B of the Tax Administration Act 1994. Section HM 72(3)…
Section OB 29 — ICA payment of schedular income tax
OB 29 ICA payment of schedular income tax Credit (1) An Australian ICA company has an imputation credit for a payment of income tax relating to the company’s schedular income tax liability for income…
Section OC 29 — FDP credits and imputation credits attached to dividends
OC 29 FDP credits and imputation credits attached to dividends Attaching combined credits (1) When an FDPA company pays a dividend, it may attach both an FDP credit and an imputation credit to the…
Section OP 29 — Consolidated ICA allocation of provisional tax
OP 29 Consolidated ICA allocation of provisional tax Debit (1) A consolidated imputation group has an imputation debit for an amount of provisional tax allocated by the group under section RC 32…
Section RC 29 — Residual income tax of consolidated groups
RC 29 Residual income tax of consolidated groups When this section applies (1) This section applies for the purposes of the provisional tax rules if a company is part of a consolidated group of…