Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EX 35 — Exemption for interest in FIF resident in Australia
EX 35 Exemption for interest in FIF resident in Australia A person's rights in a FIF in an income year are not an attributing interest if,— (a) at all times in the year, the item income interest…
Section EY 35 — How discontinuance profit is calculated
EY 35 How discontinuance profit is calculated [Repealed] Section EY 35: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section EZ 35 — Accruals in relation to income and expenditure in respect of financial arrangements
EZ 35 Accruals in relation to income and expenditure in respect of financial arrangements (1) For the purpose of calculating the amount deemed to be income or expenditure of any person under…
Section FE 35 — Persons who may be excluded from banking groups
FE 35 Persons who may be excluded from banking groups Reporting bank’s exclusions (1) A reporting bank may determine the members of its New Zealand banking group by excluding from the group a person…
Section FM 35 — Forming consolidated group
FM 35 Forming consolidated group Election (1) Two or more companies may choose to form a consolidated group of companies if the companies are, at the time,— (a) a wholly-owned group of companies; and…
Section GB 35 — Imputation arrangements to obtain tax advantage
GB 35 Imputation arrangements to obtain tax advantage When section GB 36 applies (1) Section GB 36 applies if an arrangement to obtain a tax advantage arises as described in either subsection (2) or…
Section HA 35 — Period of grace following revocation of election
HA 35 Period of grace following revocation of election When this section applies (1) This section applies when a company has been a qualifying company but no longer meets the requirement of section…
Section HC 35 — Beneficiary income of minors
HC 35 Beneficiary income of minors When this section applies (1) This section applies when a person who is a minor derives an amount of beneficiary income from a trust in an income year. Subsection…
Section HM 35 — Determining net amounts and taxable amounts
HM 35 Determining net amounts and taxable amounts What this section applies to (1) This section applies for the purposes of a calculation under section HM 36(2) . Net amounts (2) The net amount for…
Section OB 35 — ICA transfer within tax pooling account
OB 35 ICA transfer within 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…
Section OC 35 — Meaning of FDP reference period
OC 35 Meaning of FDP reference period [Repealed] Section OC 35: repealed, on 1 July 2010, by section 418(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OP 35 — Consolidated ICA refund of tax credit
OP 35 Consolidated ICA refund of tax credit Debit (1) A consolidated imputation group has an imputation debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits:…
Section RC 35 — Further income tax credited to provisional tax liability
RC 35 Further income tax credited to provisional tax liability When this section applies (1) This section applies for the purposes of sections RC 9 to RC 11 if, under sections OB 65 to OB 69 (which…
Section RD 35 — Employment-related loans: value using market interest rates
RD 35 Employment-related loans: value using market interest rates Choosing to use market interest rate (1) An employer who is in the business of lending money to the public may choose to value a…
Section HM 35B — Treatment of certain provisions made by multi-rate PIEs
HM 35B Treatment of certain provisions made by multi-rate PIEs When this section applies (1) This section applies for the purposes of section HM 35 when— (a) a multi-rate PIE— (i) is likely to have…
Section OB 35B — ICA debit for transfer from tax pooling account for policyholder base liability
OB 35B ICA debit for transfer from tax pooling account for policyholder base liability Debit (1) An ICA company has an imputation debit for the amount transferred from a tax pooling account to their…
Section HM 35C — Determining amounts for notified foreign investors
HM 35C Determining amounts for notified foreign investors When this section applies (1) This section applies for the purposes of sections HM 35 to HM 47 when a foreign investment PIE determines its…
Section CB 36 — Disposal of emissions units
CB 36 Disposal of emissions units When this section applies (1) This section applies when a person disposes of an emissions unit. Income (2) The amount that the person derives on the disposal is…
Section CD 36 — Foreign investment fund income
CD 36 Foreign investment fund income Amount not dividend (1) An amount paid by a company to a person is not a dividend if,— (a) at the time the person derives the amount, the person’s interest in the…
Section CW 36 — Scholarships and bursaries
CW 36 Scholarships and bursaries A basic grant or an independent circumstances grant under regulations made under section 303 of the Education Act 1989 is not exempt income, but any other scholarship…
Section CX 36 — Meaning of private use
CX 36 Meaning of private use Private use , for a motor vehicle, includes— (a) the employee’s use of the vehicle for travel between home and work; and (b) any other travel that confers a private…
Section DB 36 — Patent expenses
DB 36 Patent expenses Deduction (1) A person is allowed a deduction for expenditure that they incur in connection with the grant, maintenance, or extension of a patent if they— (a) acquired the…
Section EC 36 — Immature livestock and recently bought livestock
EC 36 Immature livestock and recently bought livestock Immature livestock (1) This section applies to high-priced livestock that is less than 1 year old at the end of the income year in which it is…
Section EE 36 — Using economic rate or provisional rate instead of special rate
EE 36 Using economic rate or provisional rate instead of special rate Allowed to use economic or provisional rate (1) A person may depreciate an item to which a special rate applies by applying,…
Section EH 36 — Other definitions
EH 36 Other definitions In the main income equalisation scheme,— date the deposit ends means— (a) the date on which the refund is calculated, when section EH 8 applies: (b) the date that is 5 years…
Section EW 36 — Consideration when person exits from rules: accrued entitlement
EW 36 Consideration when person exits from rules: accrued entitlement When this section applies (1) This section applies when— (a) a person is a party to a financial arrangement; and (b) 1 of the…
Section EX 36 — Venture capital company emigrating to grey list country: 10-year exemption
EX 36 Venture capital company emigrating to grey list country: 10-year exemption A person’s rights in a FIF in an income year are not an attributing interest if— (a) the rights are a direct income…
Section EY 36 — Discontinuance profit for income year
EY 36 Discontinuance profit for income year [Repealed] Section EY 36: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section EZ 36 — Excepted financial arrangement that is part of financial arrangement
EZ 36 Excepted financial arrangement that is part of financial arrangement The amount of the income deemed to be derived or the expenditure deemed to be incurred by a person in respect of a financial…
Section FE 36 — Identifying members of New Zealand banking group in usual case
FE 36 Identifying members of New Zealand banking group in usual case Entities included in group (1) The New Zealand banking group of a registered bank to which section FE 36B does not apply includes…
Section FM 36 — Joining existing consolidated group
FM 36 Joining existing consolidated group When this section applies (1) This section applies when 2 or more companies have formed a consolidated group and the consolidated group has not ended its…
Section GB 36 — Reconstruction of imputation arrangements to obtain tax advantage
GB 36 Reconstruction of imputation arrangements to obtain tax advantage Reconstruction of either type of arrangement (1) In the case of a share disposal or issue arrangement described in section GB…
Section HA 36 — Period of grace following revocation of joint election
HA 36 Period of grace following revocation of joint election When this section applies (1) This section applies when a company has been a qualifying company, but an election that shareholders have…
Section HC 36 — Trusts and minor beneficiary rule
HC 36 Trusts and minor beneficiary rule Trusts excluded from application of minor beneficiary rule (1) Section HC 35(2) does not apply to an amount of beneficiary income derived by a minor if all…
Section HM 36 — Calculating amounts attributed to investors
HM 36 Calculating amounts attributed to investors Calculating amount (1) The amount of attributed PIE income or attributed PIE loss for an income year for an investor in a multi-rate PIE is the total…
Section OB 36 — ICA refund of FDP
OB 36 ICA refund of FDP Debit (1) An ICA company has an imputation debit for the amount of a refund of FDP paid to the company when it is not an FDPA company. Table reference (2) The imputation debit…
Section OC 36 — Meaning of maximum deficit debit
OC 36 Meaning of maximum deficit debit [Repealed] Section OC 36: repealed, on 1 July 2010, by section 418(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OP 36 — Consolidated ICA overpayment of FDP
OP 36 Consolidated ICA overpayment of FDP Debit (1) A consolidated imputation group has an imputation debit for the amount of an overpayment of FDP relating to a dividend derived by a group company…
Section RC 36 — Persons affected by adverse events
RC 36 Persons affected by adverse events [Repealed] Section RC 36: repealed, on 6 October 2009, by section 501 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section RD 36 — Repayment of employment-related loans
RD 36 Repayment of employment-related loans Repayment at start of tax year (1) For the purposes of sections RD 34 and RD 35 , an amount of income of an employee applied in an income year to repay an…
Section Sch36 — Government enterprises
Schedule 36 Government enterprises s YA 1 Schedule 36 heading: replaced, on 30 June 2012, by section 11 of the Public Finance (Mixed Ownership Model) Amendment Act 2012 (2012 No 45). Part A State…
Section FE 36B — Identifying members of New Zealand banking group: Crown-owned, no interest apportionment
FE 36B Identifying members of New Zealand banking group: Crown-owned, no interest apportionment Entities included in group (1) The New Zealand banking group of a registered bank consists of the…
Section CD 37 — Maori authority distributions
CD 37 Maori authority distributions A Maori authority distribution is not a dividend except for the purposes of section CW 10 (Dividend within New Zealand wholly-owned group). Defined in this Act:…
Section CW 37 — Film production grants
CW 37 Film production grants [Repealed] Section CW 37: repealed (with effect on 1 October 2009), on 6 October 2009, by section 46(1) of the Taxation (International Taxation, Life Insurance, and…
Section CX 37 — Meaning of unclassified benefit
CX 37 Meaning of unclassified benefit Unclassified benefit means a fringe benefit that arises if an employer provides an employee with a benefit in connection with their employment that is— (a) not a…
Section DB 37 — Expenses of failed or withdrawn patent application
DB 37 Expenses of failed or withdrawn patent application Deduction (1) A person who applies for the grant of a patent and is refused the grant or withdraws the application is allowed a deduction for…
Section EC 37 — Bailment
EC 37 Bailment In section EC 26 , references to specified livestock include high-priced livestock. Defined in this Act: high-priced livestock , specified livestock , Compare: 2004 No 35 s EC 37
Section EE 37 — Improvements
EE 37 Improvements When this section applies (1) This section applies when a person makes an improvement to an item of depreciable property. Income year in which improvement made (2) In the income…
Section EH 37 — Persons to whom adverse event income equalisation scheme applies
EH 37 Persons to whom adverse event income equalisation scheme applies Person described (1) The adverse event income equalisation scheme applies to a person who, in an accounting year,— (a) carries…
Section EW 37 — Consideration when person enters rules: accrued obligation
EW 37 Consideration when person enters rules: accrued obligation When this section applies (1) This section applies to a person who is a party to a financial arrangement if, when the person has an…