Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EY 33 — Mortality profit formula: individual result may be negative only in some cases
EY 33 Mortality profit formula: individual result may be negative only in some cases [Repealed] Section EY 33: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation,…
Section EZ 33 — Application of old financial arrangements rules
EZ 33 Application of old financial arrangements rules The old financial arrangements rules apply to financial arrangements entered into on or after the implementation date and before 20 May 1999.…
Section FE 33 — New Zealand banking group
FE 33 New Zealand banking group The following steps are used to determine the membership of a New Zealand banking group: (a) identifying the ultimate parent of a registered bank, see section FE 34 :…
Section FM 33 — When membership is reduced
FM 33 When membership is reduced A consolidated group continues to exist if the number of group companies is reduced to 1 company, but if the consolidated group has no company at any time, the…
Section GB 33 — Arrangements involving depreciation loss
GB 33 Arrangements involving depreciation loss When this section applies (1) This section applies when— (a) an asset of a person has been subject to an arrangement; and (b) the arrangement allows the…
Section HA 33 — Revocation of shareholders’ elections: by event
HA 33 Revocation of shareholders’ elections: by event Event (1) An election by a person as shareholder under section HA 5 is revoked if an event described in the following paragraphs occurs: (a) the…
Section HC 33 — Choosing to satisfy income tax liability of trustee
HC 33 Choosing to satisfy income tax liability of trustee Election to satisfy tax liability (1) A person who is a trustee, settlor, or beneficiary of a trust may choose to satisfy the income tax…
Section HL 33 — Portfolio investor proxies
HL 33 Portfolio investor proxies [Repealed] Section HL 33: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life…
Section HM 33 — Proxies for PIE investors
HM 33 Proxies for PIE investors Proxies (1) An entity may become a proxy for an investor in a multi-rate PIE for an attribution period if the entity— (a) holds an investor interest for the investor;…
Section OB 33 — ICA amount applied to pay other taxes
OB 33 ICA amount applied to pay other taxes Debit (1) An ICA company has an imputation debit for— (a) an amount of overpaid income tax applied to pay an amount due under the Inland Revenue Acts: (b)…
Section OC 33 — Income tax paid satisfying liability for further income tax
OC 33 Income tax paid satisfying liability for further income tax Election (1) On meeting the requirements of subsection (2), an FDPA company that is liable for further income tax may choose to…
Section OP 33 — Consolidated ICA transfer within tax pooling account
OP 33 Consolidated ICA transfer within 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…
Section RC 33 — Amalgamated companies: calculating residual income tax
RC 33 Amalgamated companies: calculating residual income tax When this section applies (1) This section applies for a tax year when an amalgamating company ends its existence on an amalgamation.…
Section RD 33 — Subsidised transport
RD 33 Subsidised transport Percentage of highest public fare (1) The value of a benefit that an employer provides to their employee in subsidised transport is 25% of the highest fare the employer…
Section RM 33 — Limits on refunds for certain unit trusts and group investment funds
RM 33 Limits on refunds for certain unit trusts and group investment funds When this section applies (1) This section applies when a public unit trust or group investment fund— (a) is entitled to a…
Section HA 33B — Transitional rules for look-through companies, partnerships, and sole traderships
HA 33B Transitional rules for look-through companies, partnerships, and sole traderships LTC election (1) All elections by shareholders under section HA 5 are revoked if, for the company and the…
Section OP 33B — Consolidated ICA debit for transfer from tax pooling account for policyholder base liability
OP 33B Consolidated ICA debit for transfer from tax pooling account for policyholder base liability Debit (1) A consolidated imputation group has an imputation debit for the amount transferred from a…
Section CB 34 — Amounts derived by members from mutual associations
CB 34 Amounts derived by members from mutual associations When this section applies (1) This section applies when an association, in relation to a mutual transaction, pays an association rebate to a…
Section CD 34 — Distribution to member of co-operative company based on member’s transactions
CD 34 Distribution to member of co-operative company based on member’s transactions [Repealed] Section CD 34: repealed (with effect on 1 April 2010), on 7 September 2010, by section 8 of the Taxation…
Section CW 34 — Compensation payments
CW 34 Compensation payments Exempt income (1) An amount of income from the following payments is exempt income: (a) a payment relating to incapacity for work: (b) a payment under the Workers…
Section CX 34 — Meaning of emergency call
CX 34 Meaning of emergency call Emergency call means a visit that an employee is required to make, to which all the following apply: (a) the employee makes the visit from their home in the course of…
Section DB 34 — Research or development
DB 34 Research or development Deduction (1) A person is allowed a deduction for expenditure they incur on research or development. This subsection applies only to a person described in any of…
Section EC 34 — General rule
EC 34 General rule Value in income year of purchase and later income years (1) The closing value of high-priced livestock at the end of the income year in which it is bought is its cost price minus…
Section EE 34 — Annual rate for patent granted in 2005–06 or later income year
EE 34 Annual rate for patent granted in 2005–06 or later income year When this section applies (1) This section applies to an item that is a patent when the patent is acquired by a person in their…
Section EH 34 — Meaning of income from forestry
EH 34 Meaning of income from forestry Income (1) Income from forestry — (a) means income derived from either or both of the sales described in subsection (2) in the circumstances described in…
Section EW 34 — Consideration in foreign currency
EW 34 Consideration in foreign currency When this section applies (1) This section applies when the consideration payable under a financial arrangement to which section EW 32(3) applies is in a…
Section EX 34 — CFC rules exemption
EX 34 CFC rules exemption A person’s rights in a FIF at any time are not an attributing interest if— (a) the FIF is a CFC at the time; and (b) the person has, under sections EX 14 to EX 17 , an…
Section EY 34 — Mortality profit formula: negative result
EY 34 Mortality profit formula: negative result [Repealed] Section EY 34: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters)…
Section EZ 34 — Election to apply financial arrangements rules in subpart EW
EZ 34 Election to apply financial arrangements rules in subpart EW Despite section EZ 33 , a person may elect to apply the financial arrangements rules by calculating a transitional adjustment under…
Section FE 34 — Identifying ultimate parent
FE 34 Identifying ultimate parent Identifying company (1) The ultimate parent is the company identified in subsection (2) or (3), as applicable. Registered bank’s parent (2) An ultimate parent of a…
Section FM 34 — Nominated companies
FM 34 Nominated companies Group company at the time (1) The nominated company of a consolidated group at any time must be in the consolidated group at the time. Agent (2) For the purposes of this Act…
Section GB 34 — ICA arrangements for carrying amounts forward
GB 34 ICA arrangements for carrying amounts forward When this section applies (1) This section applies when— (a) a share in an imputation credit account (ICA) company or another company has been…
Section HA 34 — Period of grace following death of shareholder
HA 34 Period of grace following death of shareholder 12-month period (1) Despite section HA 33(1)(a) , a company’s status as a qualifying company does not end because a shareholder or another person…
Section HC 34 — Taxable distributions from non-complying trusts
HC 34 Taxable distributions from non-complying trusts Rate of tax (1) Income tax is imposed on a taxable distribution derived by a person in an income year from a non-complying trust under section BF…
Section HM 34 — Attribution periods
HM 34 Attribution periods A multi-rate PIE must use 1 of the following periods for attributing an amount for a tax year or an income year, as applicable, to an investor and an investor class: (a) for…
Section OB 34 — ICA refund from tax pooling account
OB 34 ICA refund from tax pooling account When this section applies (1) This section applies for an ICA company when— (a) the company has an entitlement to an amount in a tax pooling account and has…
Section OC 34 — Further income tax paid satisfying liability for income tax
OC 34 Further income tax paid satisfying liability for income tax Election (1) A company that pays further income tax may choose to treat the payment as satisfying a liability of the company to pay…
Section OP 34 — Consolidated ICA refund of FDP
OP 34 Consolidated ICA refund of FDP Debit (1) A consolidated imputation group has an imputation debit for the amount of a refund of FDP that relates to a dividend derived by a group company at a…
Section RC 34 — Attribution rule for income from personal services
RC 34 Attribution rule for income from personal services 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…
Section RD 34 — Employment-related loans: value using prescribed interest rates
RD 34 Employment-related loans: value using prescribed interest rates When this section applies (1) This section applies when an employer provides a benefit to their employee in an employment-related…
Section CD 34B — Distributions to members of co-operative companies
CD 34B Distributions to members of co-operative companies What this section applies to (1) This section applies to a distribution by a co-operative company, or by a company (a subsidiary ) in which…
Section CB 35 — Amounts of income for partners
CB 35 Amounts of income for partners A person who is a partner has an amount of income to the extent to which an amount of income results from the application of subpart HG (Joint venturers,…
Section CD 35 — Resident’s restricted amalgamations
CD 35 Resident’s restricted amalgamations An amount derived by an amalgamated company on a resident’s restricted amalgamation from an amalgamating company that ends its existence on the amalgamation…
Section CW 35 — Personal service rehabilitation payments
CW 35 Personal service rehabilitation payments An amount paid to a person for an income year as a personal service rehabilitation payment is exempt income of the person if— (a) they are paid the…
Section CX 35 — Meaning of employee share loan
CX 35 Meaning of employee share loan Meaning (1) Employee share loan means a loan made to an employee if— (a) the loan is made for the sole purpose of enabling the employee to acquire, under a scheme…
Section DB 35 — Some definitions
DB 35 Some definitions Definitions (1) In this section, and in section DB 34 ,— development is defined in paragraph 8 of the reporting standard new reporting standard means the New Zealand Equivalent…
Section EC 35 — Livestock reaching national average market value and livestock no longer used for breeding
EC 35 Livestock reaching national average market value and livestock no longer used for breeding Livestock at or less than national average market value (1) This section applies to a person’s…
Section EE 35 — Special rate or provisional rate
EE 35 Special rate or provisional rate Rate set for item of depreciable property (1) A special rate or a provisional rate is set for an item of depreciable property under sections 91AAG to 91AAJ of…
Section EH 35 — Meaning of main maximum deposit
EH 35 Meaning of main maximum deposit Meaning (1) Main maximum deposit means the maximum deposit that this section says a person may make to their main income equalisation account for an accounting…
Section EW 35 — Value relevant for non-financial arrangements rule
EW 35 Value relevant for non-financial arrangements rule When this section applies (1) This section applies when the value of property acquired or disposed of under a financial arrangement, or the…