Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section RD 29 — Private use of motor vehicle: formulas
RD 29 Private use of motor vehicle: formulas What this section does (1) This section sets out the formulas for calculating the value of the benefit that an employer provides to an employee by making…
Section RE 29 — Establishing whether person holds certificate
RE 29 Establishing whether person holds certificate When this section applies (1) This section applies for the purposes of section RE 5(2) to set out the ways available to person A to establish…
Section RM 29 — Limits on refunds when person no longer PCA person
RM 29 Limits on refunds when person no longer PCA person When this section applies (1) This section applies when a person stops being a PCA person and is entitled to a refund as described in section…
Section Sch29 — Portfolio investment entities: listed investors
Schedule 29 Portfolio investment entities: listed investors ss HM 21 , HM 22 Schedule 29: inserted, on 1 April 2010, by section 588 of the Taxation (International Taxation, Life Insurance, and…
Section CB 30 — Sale of patent applications or patent rights
CB 30 Sale of patent applications or patent rights If a person derives an amount from the sale of a patent application with a complete specification or from the sale of patent rights, the amount is…
Section CD 30 — Transfer by unit trust of legal interest after beneficial interest vests
CD 30 Transfer by unit trust of legal interest after beneficial interest vests If money or property of a unit trust is a dividend under section CD 9 for a unit holder, a transfer to the unit holder…
Section CW 30 — Annuities from Crown Bank Accounts
CW 30 Annuities from Crown Bank Accounts An annuity is exempt income if— (a) it is granted by the Executive Council of New Zealand; and (b) it is paid from the Crown Bank Account; and (c) it is not…
Section CX 30 — Distinctive work clothing
CX 30 Distinctive work clothing When not fringe benefit (1) Distinctive work clothing that an employer provides to an employee is not a fringe benefit, whether provided by sale or otherwise. Meaning…
Section DB 30 — Cost of non-specified mineral
DB 30 Cost of non-specified mineral When this section applies (1) This section applies when— (a) an amount of cost of a mineral is treated by a person under generally accepted accounting practice as…
Section EC 30 — Closing value methods
EC 30 Closing value methods A person may choose 1 of the following methods to value non-specified livestock on hand at the end of an income year: (a) its cost price: (b) its replacement price: (c)…
Section EE 30 — Economic rate for plant, equipment, or building, with high residual value
EE 30 Economic rate for plant, equipment, or building, with high residual value What this section is about (1) This section is about setting the economic depreciation rate that applies to items of a…
Section EH 30 — When person entitled to tax credit
EH 30 When person entitled to tax credit A person who is given a refund is entitled to a tax credit if— (a) the refund is of the kind and amount described in section EH 31 ; and (b) the person is of…
Section EW 30 — When calculation of base price adjustment not required
EW 30 When calculation of base price adjustment not required Cash basis person who ceases to be temporary New Zealand resident (1) A cash basis person who ceases to be a New Zealand resident before…
Section EX 30 — Direct income interests in FIFs
EX 30 Direct income interests in FIFs Categories of direct income interest (1) A person has a direct income interest in a foreign company at any time if they hold— (a) any of the shares in the…
Section EY 30 — Transitional adjustments: life risk
EY 30 Transitional adjustments: life risk When this section applies: treatment of old and new policies (1) This section applies to life insurance policies described in subsections (2) to (4). For the…
Section EZ 30 — Base premium for 1998–99 premium year under Accident Insurance Act 1998
EZ 30 Base premium for 1998–99 premium year under Accident Insurance Act 1998 Discount payment date (1) An amount of base premium for the 1998–99 premium year that is paid on or before the discount…
Section FE 30 — Ownership interests in companies outside New Zealand group
FE 30 Ownership interests in companies outside New Zealand group When this section applies (1) This section applies when— (a) a New Zealand group is in existence; and (b) a particular excess debt…
Section FM 30 — Application of certain provisions to consolidated groups
FM 30 Application of certain provisions to consolidated groups When subsections (2) and (3) apply (1) Subsections (2) and (3) apply when a consolidated group has a policyholder credit account and an…
Section GB 30 — Arrangements to avoid taxation of restrictive covenant payments
GB 30 Arrangements to avoid taxation of restrictive covenant payments When this section applies (1) This section applies if a person enters into an arrangement that has an effect of avoiding section…
Section HA 30 — When elections take effect
HA 30 When elections take effect When election takes effect (1) In a notice of election made under section HA 5 , an income year later than the year of notice may be nominated as the year in which…
Section HC 30 — Treatment of foreign trusts when settlor becomes resident
HC 30 Treatment of foreign trusts when settlor becomes resident What this section applies to (1) This section applies for the purposes of section HC 15 and the definition of taxable distribution…
Section HL 30 — Portfolio entity formation loss
HL 30 Portfolio entity formation loss [Repealed] Section HL 30: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation,…
Section HM 30 — When foreign PIE equivalent no longer meets requirements
HM 30 When foreign PIE equivalent no longer meets requirements Commencing New Zealand residence Continued failure (1) A foreign PIE equivalent loses its status immediately if— (a) it becomes resident…
Section OB 30 — ICA payment of dividend
OB 30 ICA payment of dividend Debit (1) An ICA company has an imputation debit for the amount of an imputation credit attached to a dividend paid by the company. Table reference (2) The imputation…
Section OC 30 — Payment of further income tax for closing debit balance
OC 30 Payment of further income tax for closing debit balance Liability (1) An FDPA company or consolidated FDP group is liable to pay further income tax for a closing debit balance in the FDP…
Section OP 30 — Consolidated ICA refund of income tax
OP 30 Consolidated ICA refund of income tax Debit (1) A consolidated imputation group has an imputation debit for the amount of a refund of income tax or provisional tax paid to the group. Subsection…
Section RC 30 — Consolidated groups using estimation method
RC 30 Consolidated groups using estimation method When subsection (2) applies (1) Subsection (2) applies for the purposes of the provisional tax rules if a company is part of a consolidated group of…
Section RD 30 — Private use of motor vehicle: 24-hour period
RD 30 Private use of motor vehicle: 24-hour period When this section applies (1) This section applies for the purposes of a calculation of the value of a benefit under section RD 29 . Meaning of day…
Section RE 30 — When unincorporated bodies hold certificates
RE 30 When unincorporated bodies hold certificates When this section applies (1) This section applies when— (a) an unincorporated body that is carrying on a taxable activity holds an RWT exemption…
Section RM 30 — Changes in credit balances
RM 30 Changes in credit balances A credit balance is treated as reduced by the amount of an earlier refund paid to the person during the same tax year within the limits imposed by sections RM 28 and…
Section CB 31 — Sale of business: transferred employment income obligations
CB 31 Sale of business: transferred employment income obligations When this section applies (1) This section applies when section DC 10 (Sale of business: transferred employment income obligations)…
Section CD 31 — Flat-owning companies
CD 31 Flat-owning companies Occupation rights (1) If a flat-owning company makes residential property available to a person, that is not a dividend. Meaning of flat-owning company (2) In this…
Section CW 31 — Services for members of Parliament
CW 31 Services for members of Parliament Travel, accommodation, attendance, and communication services, as defined in section 20A(7) of the Civil List Act 1979, are exempt income if they— (a) are—…
Section CX 31 — Contributions to income protection insurance
CX 31 Contributions to income protection insurance An employer who satisfies a liability to pay, or contribute to the payment of, a premium for income protection insurance for the benefit of an…
Section DB 31 — Bad debts
DB 31 Bad debts No deduction (with exception) (1) A person is denied a deduction in an income year for a bad debt, except to the extent to which— (a) the debt is written off as bad in the income…
Section EC 31 — Enhanced production
EC 31 Enhanced production When this section applies (1) This section applies when a person who derives income from non-specified livestock— (a) enhances production in an income year by— (i) starting,…
Section EE 31 — Annual rate for item acquired in person’s 1995–96 or later income year
EE 31 Annual rate for item acquired in person’s 1995–96 or later income year What this section is about (1) This section is about the annual rate that applies to an item of depreciable property that…
Section EH 31 — Kind and amount of refund that entitles person to tax credit
EH 31 Kind and amount of refund that entitles person to tax credit Kind (1) A refund that entitles a person to a tax credit is 1 to which both the following apply: (a) the refund is given under any…
Section EW 31 — Base price adjustment formula
EW 31 Base price adjustment formula Calculation of base price adjustment (1) A person calculates a base price adjustment using the formula in subsection (5). When formula applies (2) The person…
Section EX 31 — Exemption for ASX-listed Australian companies
EX 31 Exemption for ASX-listed Australian companies Exemption (1) A person's rights in a FIF in an income year are not an attributing interest if— (a) the rights are a share; and (b) the share is not…
Section EY 31 — Annuities
EY 31 Annuities When this section applies (1) This section applies when a life insurance policy is an annuity. Adjustment (2) For the income year, a life insurer has an amount calculated for the…
Section EZ 31 — Disclosure restrictions on grey list CFCs before 2011–12
EZ 31 Disclosure restrictions on grey list CFCs before 2011–12 [Repealed] Section EZ 31: repealed (with effect on 30 June 2009), on 6 October 2009, by section 195(1) of the Taxation (International…
Section FE 31 — Worldwide group for corporate excess debt entity if not excess debt outbound company
FE 31 Worldwide group for corporate excess debt entity if not excess debt outbound company Members of worldwide group (1) For an income year, for an excess debt entity that is a company and is not an…
Section FM 31 — Eligibility rules
FM 31 Eligibility rules When company eligible (1) A company is eligible to form, join, and continue as part of a consolidated group at a particular time if, at the time,— (a) it is resident in New…
Section GB 31 — FBT arrangements: general
GB 31 FBT arrangements: general When this section applies (1) This section applies when— (a) 2 or more persons enter into an arrangement; and (b) a purpose or effect of the arrangement is to defeat…
Section HA 31 — Revocation of directors’ elections
HA 31 Revocation of directors’ elections Revoking election (1) An election by directors under section HA 5 may be revoked only by a resolution of the board of directors. The board must advise the…
Section HC 31 — When existing trusts come into tax base
HC 31 When existing trusts come into tax base When this section applies (1) This section applies if, through a change in circumstances, an amount derived by a trustee of a trust on a day in an income…
Section HL 31 — Portfolio class taxable income and portfolio class taxable loss for tax year
HL 31 Portfolio class taxable income and portfolio class taxable loss for tax year [Repealed] Section HL 31: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section…
Section HM 31 — Rules for multi-rate PIEs
HM 31 Rules for multi-rate PIEs Rules (1) A multi-rate PIE must— (a) attribute income arising from the proceeds of an investment to an investor, and pay tax on the income based on the investor's tax…
Section OB 31 — ICA allocation of provisional tax
OB 31 ICA allocation of provisional tax Debit (1) An ICA company has an imputation debit for an amount of provisional tax allocated by the company under section RC 32 (Wholly-owned groups of…