Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section OC 31 — Payment of further income tax when company no longer New Zealand resident
OC 31 Payment of further income tax when company no longer New Zealand resident Liability (1) An FDPA company is liable to pay further income tax for a debit balance in the company's FDP account when…
Section OP 31 — Consolidated ICA amount applied to pay other taxes
OP 31 Consolidated ICA amount applied to pay other taxes Debit (1) A consolidated imputation group has an imputation debit for an amount of overpaid income tax that is applied to pay an amount due…
Section RC 31 — Consolidated groups using GST ratio method
RC 31 Consolidated groups using GST ratio method Sections RC 8 , RC 9(6) , RC 11 , and RC 15 to RC 19 apply to a consolidated group of companies with the following modifications: (a) if a…
Section RD 31 — Motor vehicle test period
RD 31 Motor vehicle test period Recording details for test period (1) To establish the value of the benefit provided through a motor vehicle being made available to an employee for their private use,…
Section RM 31 — Treatment of amounts not refunded
RM 31 Treatment of amounts not refunded When this section applies (1) This section applies when, through the application of sections RM 28 and RM 29 , an overpayment of income tax by a PCA person is…
Section Sch31 — Annualised equivalent amount for Part M
Schedule 31 Annualised equivalent amount for Part M ss MF 3 , MF 7 Column 1 Column 2 Annual amount, calculated in accordance with section MF 3(2)(a) Annualised equivalent amount for section MF…
Section FE 31B — Worldwide group for excess debt outbound companies
FE 31B Worldwide group for excess debt outbound companies Members of worldwide group (1) For an income year, a worldwide group for an excess debt outbound company is made up of— (a) the company; and…
Section FE 31C — CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g)
FE 31C CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g) When this section applies (1) This section applies when a natural person or trustee described in section…
Section CB 32 — Property obtained by theft
CB 32 Property obtained by theft Income (1) If a person obtains possession or control of property without claim of right, an amount equal to the market value of the property is income of the person.…
Section CD 32 — Employee benefits
CD 32 Employee benefits FBT rules (1) A fringe benefit subject to fringe benefit tax is not a dividend. Board (2) An amount that is employment income under section CE 1(1B) (Amounts derived in…
Section CW 32 — Maintenance payments
CW 32 Maintenance payments The following are exempt income: (a) child support or spousal maintenance under the Child Support Act 1991 : (b) a payment in the nature of maintenance out of money…
Section CX 32 — Services provided to superannuation fund
CX 32 Services provided to superannuation fund A fringe benefit does not arise if services are provided to a superannuation fund to the extent to which the superannuation fund would have been allowed…
Section DB 32 — Bad debts owed to estates
DB 32 Bad debts owed to estates When this section applies (1) This section applies when— (a) a debt owing to a person at the date of their death is, in an income year,— (i) assessable income of the…
Section EC 32 — Application of sections EC 33 to EC 37
EC 32 Application of sections EC 33 to EC 37 Sections EC 33 to EC 37 (1) Sections EC 33 to EC 37 set out the rules for valuing high-priced livestock. Person chooses valuation method (2) A person may…
Section EE 32 — Election in relation to certain depreciable property acquired on or after 1 April 2005
EE 32 Election in relation to certain depreciable property acquired on or after 1 April 2005 When this section applies (1) This section applies when a person acquired an item of depreciable property…
Section EH 32 — Kind of person entitled to tax credit
EH 32 Kind of person entitled to tax credit A person in the following circumstances is entitled to a tax credit: (a) the person’s income in the accounting year in question includes a refund of the…
Section EW 32 — Consideration for agreement for sale and purchase of property or services, hire purchase agreement, specified option, or finance lease
EW 32 Consideration for agreement for sale and purchase of property or services, hire purchase agreement, specified option, or finance lease When this section applies (1) This section applies when an…
Section EX 32 — Exemption for Australian unit trusts with adequate turnover or distributions
EX 32 Exemption for Australian unit trusts with adequate turnover or distributions Exemption (1) A person's rights in a FIF in an income year are not an attributing interest if— (a) the rights are a…
Section EY 32 — Mortality profit formula: when partial reinsurance exists
EY 32 Mortality profit formula: when partial reinsurance exists [Repealed] Section EY 32: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and…
Section EZ 32 — Terminating exemption for grey list FIF investing in Australasian listed equities
EZ 32 Terminating exemption for grey list FIF investing in Australasian listed equities [Repealed] Section EZ 32: repealed, on 2 November 2012, by section 62 of the Taxation (Annual Rates, Returns…
Section FE 32 — Joint venture parties
FE 32 Joint venture parties What this section applies to (1) This section applies to a company (the joint venture company ) in a worldwide group under section FE 31 or FE 31B if— (a) a person (the…
Section FM 32 — Restriction on membership of consolidated groups
FM 32 Restriction on membership of consolidated groups A company is not eligible to be in more than 1 consolidated group at a particular time. If circumstances arise in which a company would, apart…
Section GB 32 — Benefits provided to employee’s associates
GB 32 Benefits provided to employee’s associates When this section applies (1) This section applies when— (a) a benefit is provided to a person who is associated with an employee of an employer; and…
Section HA 32 — Revocation of shareholders’ elections: by notice
HA 32 Revocation of shareholders’ elections: by notice Notice (1) A person who, as a shareholder in a company, has made an election under section HA 5 , may revoke it by notifying both the company…
Section HC 32 — Liability of trustee as agent
HC 32 Liability of trustee as agent When this section applies (1) This section applies in an income year when a beneficiary of a trust derives an amount of beneficiary income or a taxable…
Section HL 32 — Treatment of portfolio class taxable loss and portfolio class land loss for tax year
HL 32 Treatment of portfolio class taxable loss and portfolio class land loss for tax year [Repealed] Section HL 32: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by…
Section HM 32 — Rules for and treatment of investors in multi-rate PIEs
HM 32 Rules for and treatment of investors in multi-rate PIEs Tax rates (1) An investor in a multi-rate PIE must notify the PIE of a tax rate applying to their investment income or have a default…
Section OB 32 — ICA refund of income tax
OB 32 ICA refund of income tax Debit (1) An ICA company has an imputation debit for the amount of a refund of income tax paid to the company. Subsection (2) overrides this subsection. No debit (2) A…
Section OC 32 — Reduction of further income tax
OC 32 Reduction of further income tax Debit at previous year-end (1) An FDPA company's liability for further income tax under section OC 30 or OC 31 may be reduced under subsection (2) if— (a) a…
Section OP 32 — Consolidated ICA refund from tax pooling account
OP 32 Consolidated ICA refund from tax pooling account When this section applies (1) This section applies for a consolidated imputation group when— (a) the group has an entitlement to an amount in a…
Section RC 32 — Wholly-owned groups of companies
RC 32 Wholly-owned groups of companies When this section applies (1) This section applies for the purposes of the provisional tax rules and Part 7 of the Tax Administration Act 1994 in relation to a…
Section RD 32 — Replacement motor vehicles
RD 32 Replacement motor vehicles For the purposes of section RD 31 , a replacement motor vehicle is treated in the same way as the vehicle it replaces if the result ascertained in the test period is…
Section RM 32 — Application of sections RM 13 to RM 17 to qualifying companies
RM 32 Application of sections RM 13 to RM 17 to qualifying companies Sections RM 13 to RM 17 do not apply to an overpayment of tax by a qualifying company that may be refunded to or allocated by the…
Section Sch32 — Recipients of charitable or other public benefit gifts
Schedule 32 Recipients of charitable or other public benefit gifts ss DB 41 , DV 12 , LD 3 , YA 1 Adventist Development and Relief Agency African Enterprise (New Zealand) Aid and Development Fund…
Section CB 32B — Owners of look-through companies
CB 32B Owners of look-through companies A person who has an effective look-through interest for a look-through company has an amount of income to the extent to which an amount of income results from…
Section EZ 32B — Transitional rule for IFRS reporting
EZ 32B Transitional rule for IFRS reporting [Repealed] Section EZ 32B: repealed (with effect on 1 April 2008), on 6 October 2009, by section 196 of the Taxation (International Taxation, Life…
Section CB 32C — Income for first year of look-through company
CB 32C Income for first year of look-through company Income (1) A person has an amount of income for an income year equal to the amount given by the formula in subsection (3) if the income year is…
Section EZ 32C — Treatment in section EX 20C of currency effects on CFC's borrowing
EZ 32C Treatment in section EX 20C of currency effects on CFC's borrowing [Repealed] Section EZ 32C: repealed (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on…
Section EZ 32D — Value of asset fraction: CFC with excessive debt funding and loan entered before 21 June 2012
EZ 32D Value of asset fraction: CFC with excessive debt funding and loan entered before 21 June 2012 When this section applies (1) This section applies when a CFC is excessively debt funded under…
Section EZ 32E — Change in section EX 20B for income of CFC insurer: interest on terminal tax
EZ 32E Change in section EX 20B for income of CFC insurer: interest on terminal tax When section applies (1) This section applies when a person has a liability for terminal tax (the resulting…
Section CB 33 — Amounts derived by mutual associations
CB 33 Amounts derived by mutual associations When this section applies (1) This section applies when an association enters into a transaction of a kind described in section HE 2 (Classes of mutual…
Section CD 33 — Payments corresponding to notional distributions of producer boards and co-operative companies
CD 33 Payments corresponding to notional distributions of producer boards and co-operative companies Statutory producer board payments (1) An amount paid by a statutory producer board to a person in…
Section CW 33 — Allowances and benefits
CW 33 Allowances and benefits Exempt income (1) The following are exempt income: (a) a monetary benefit under the Social Security Act 1964 , except an income-tested benefit: (b) a payment under Part…
Section CX 33 — Goods provided at discount by third parties
CX 33 Goods provided at discount by third parties When this section applies (1) This section applies when an employer and a person who is not associated with the employer have an arrangement through…
Section DB 33 — Scientific research
DB 33 Scientific research Deduction: scientific research (1) A person is allowed a deduction for expenditure they incur in connection with scientific research that they carry on for the purpose of…
Section EC 33 — Determining depreciation percentages
EC 33 Determining depreciation percentages Determined by Commissioner (1) The Commissioner must determine a depreciation percentage for an income year for each type, class, or category of high-priced…
Section EE 33 — Annual rate for fixed life intangible property
EE 33 Annual rate for fixed life intangible property What this section is about (1) This section is about the annual rate that applies to an item of fixed life intangible property, not including— (a)…
Section EH 33 — Amount of tax credit
EH 33 Amount of tax credit The amount of a tax credit to which a person is entitled under section EH 30 is the amount by which the extra tax, as described in section EH 32(c) , is more than the tax…
Section EW 33 — Consideration for hire purchase agreement or finance lease
EW 33 Consideration for hire purchase agreement or finance lease When this section applies (1) This section applies when a party to a hire purchase agreement or a finance lease pays or is paid…
Section EX 33 — Exemption for Australian regulated superannuation savings
EX 33 Exemption for Australian regulated superannuation savings A person’s rights in a FIF are not an attributing interest if— (a) the person is a natural person; and (b) the FIF is a foreign…