Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EX 37 — Grey list company owning New Zealand venture capital company: 10-year exemption
EX 37 Grey list company owning New Zealand venture capital company: 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…
Section EY 37 — Discontinuance profit formula (existing policies)
EY 37 Discontinuance profit formula (existing policies) [Repealed] Section EY 37: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section EZ 37 — Cash basis holder
EZ 37 Cash basis holder (1) Subject to this section, a natural person is a cash basis holder in respect of financial arrangements held by that person in any income year, where— (a) either— (i) the…
Section FE 37 — Reporting bank for New Zealand banking group
FE 37 Reporting bank for New Zealand banking group When subsection (2) applies (1) Subsection (2) applies on a day when a New Zealand banking group has either— (a) a single registered bank, or (b) no…
Section FM 37 — Leaving consolidated group
FM 37 Leaving consolidated group A company leaves a consolidated group if— (a) it chooses to leave the consolidated group and notifies the Commissioner of its election, see section FM 39 ; or (b) it…
Section GB 37 — Arrangements for payment of dividend by other companies
GB 37 Arrangements for payment of dividend by other companies When this section applies (1) This section applies when— (a) an arrangement is entered into in relation to a company (the first company )…
Section HA 37 — Period of grace for new shareholder
HA 37 Period of grace for new shareholder When this section applies (1) This section applies when a company has been a qualifying company but fails to meet the requirement of section HA 5 when— (a) a…
Section HC 37 — Testamentary trusts and minor beneficiary rule
HC 37 Testamentary trusts and minor beneficiary rule Testamentary trusts not subject to minor beneficiary rule (1) Section HC 35(2) does not apply to an amount of beneficiary income derived by a…
Section HM 37 — When income cannot be attributed
HM 37 When income cannot be attributed When this section applies (1) This section applies when a multi-rate PIE has income or property in which no investor has an interest, or income or property in…
Section OB 37 — ICA refund of tax credit
OB 37 ICA refund of tax credit Debit (1) An ICA company has an imputation debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits: PAYE, RWT, and certain other…
Section OC 37 — Meaning of policyholder FDP ratio
OC 37 Meaning of policyholder FDP ratio [Repealed] Section OC 37: repealed, on 1 July 2010, by section 418(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OP 37 — Consolidated ICA group company’s debit
OP 37 Consolidated ICA group company’s debit Debit (1) A consolidated imputation group has an imputation debit for an amount to the extent to which the amount would, in the absence of subsection (3),…
Section RC 37 — Availability of early-payment discounts
RC 37 Availability of early-payment discounts Sections RC 38 and RC 39 apply for an income year to a small-business person who is not liable to pay provisional tax for the income year and, for…
Section RD 37 — Contributions to superannuation schemes
RD 37 Contributions to superannuation schemes Amount of contribution (1) The value of a benefit that an employer provides in contributing to a superannuation scheme for an employee is the amount of…
Section Sch37 — Statutory producer boards
Schedule 37 Statutory producer boards s YA 1 New Zealand Horticulture Export Authority New Zealand Meat Board New Zealand Pork Industry Board
Section EX 37B — Share in grey list company acquired under venture investment agreement
EX 37B Share in grey list company acquired under venture investment agreement A person's rights in a FIF in an income year are not an attributing interest if— (a) the FIF is a grey list company; and…
Section CD 38 — General calculation rule for transfers of value
CD 38 General calculation rule for transfers of value Difference in value (1) The amount of a dividend that is a transfer of value from a company to a person is calculated using the formula— value…
Section CW 38 — Public authorities
CW 38 Public authorities Exempt income (1) An amount of income derived from sinking funds relating to the debt of a public authority is exempt income. Exempt income (2) Any other amount of income…
Section CX 38 — Meaning of work-related vehicle
CX 38 Meaning of work-related vehicle Meaning (1) Work-related vehicle , for an employer, means a motor vehicle that prominently and permanently displays on its exterior,— (a) if the employer owns…
Section DB 38 — Patent rights: devising patented inventions
DB 38 Patent rights: devising patented inventions When this section applies (1) This section applies when a person incurs expenditure in devising an invention for which a patent has been granted. The…
Section EC 38 — Application of sections EC 39 to EC 48
EC 38 Application of sections EC 39 to EC 48 Sections EC 39 to EC 48 set out the rules for valuing bloodstock. Defined in this Act: bloodstock , Compare: 2004 No 35 s EC 38
Section EE 38 — Items of low value
EE 38 Items of low value When this section applies (1) This section applies for an item of property that a person acquires, in an income year, when— (a) the total cost for the item is equal to or…
Section EH 38 — Adverse event deposit
EH 38 Adverse event deposit Deposit for adverse event (1) A person may make a payment to the Commissioner for entry in their adverse event income equalisation account for an accounting year in which,…
Section EW 38 — Consideration when disposal for no, or inadequate, consideration
EW 38 Consideration when disposal for no, or inadequate, consideration When this section applies (1) This section applies when— (a) a person is a party to a financial arrangement; and (b) the person…
Section EX 38 — Exemption for employee share purchase scheme of grey list company
EX 38 Exemption for employee share purchase scheme of grey list company A person’s rights in a FIF in an income year are not an attributing interest if— (a) the person is a natural person; and (b)…
Section EY 38 — Discontinuance profit formula (new policies)
EY 38 Discontinuance profit formula (new policies) [Repealed] Section EY 38: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters)…
Section EZ 38 — Income and expenditure where financial arrangement redeemed or disposed of
EZ 38 Income and expenditure where financial arrangement redeemed or disposed of (1) Subject to subsection (2), where, in relation to any person, a financial arrangement matures or is remitted (other…
Section FE 38 — Measuring ownership interests in companies
FE 38 Measuring ownership interests in companies For the purposes of this subpart, a person’s ownership interest in a company is the total of the following percentages: (a) any direct ownership…
Section FM 38 — Notice requirements on forming or joining consolidated group
FM 38 Notice requirements on forming or joining consolidated group When this section applies (1) This section applies when— (a) 2 or more companies choose to form a consolidated group under section…
Section GB 38 — When sections GB 35 to GB 37 apply to consolidated groups
GB 38 When sections GB 35 to GB 37 apply to consolidated groups Tax advantage arrangements (1) Sections GB 35 and GB 36 apply, with the necessary modifications, in a case that involves accounts of a…
Section HA 38 — Elections by directors and shareholders required
HA 38 Elections by directors and shareholders required [Repealed] Section 38: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 77(1) of the…
Section HM 38 — When superannuation fund investor has conditional entitlement
HM 38 When superannuation fund investor has conditional entitlement When this section applies (1) This section applies for the purposes of section HM 37 in relation to an attribution period when a…
Section OB 38 — ICA overpayment of FDP
OB 38 ICA overpayment of FDP Debit (1) An ICA company has an imputation debit for an amount of overpaid FDP applied to pay an amount due under the Inland Revenue Acts. This subsection applies only to…
Section OC 38 — Meaning of reduced deficit debit
OC 38 Meaning of reduced deficit debit [Repealed] Section OC 38: repealed, on 1 July 2010, by section 418(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OP 38 — Consolidated ICA transfer for net foreign attributed income
OP 38 Consolidated ICA transfer for net foreign attributed income [Repealed] Section OP 38: repealed (with effect on 30 June 2009), on 6 October 2009, by section 456(1) of the Taxation (International…
Section RC 38 — Crediting income tax with early-payment discount
RC 38 Crediting income tax with early-payment discount When this section applies (1) This section applies when a small-business person— (a) pays income tax on or before their balance date for the…
Section RD 38 — Contributions to funds, trusts, and insurance premiums
RD 38 Contributions to funds, trusts, and insurance premiums Sickness, accident, or death benefit fund (1) The value of the benefit that an employer provides in contributing to a sickness, accident,…
Section Sch38 — Acts exempting income from tax: income included in family scheme income
Schedule 38 Acts exempting income from tax: income included in family scheme income s MB 1 Schedule 38: inserted, on 1 April 2011, by section 140 of the Taxation (GST and Remedial Matters) Act 2010…
Section CD 39 — Calculation of amount of dividend when property made available
CD 39 Calculation of amount of dividend when property made available How this section applies (1) This section applies to determine the amount of a dividend that arises under section CD 3 because a…
Section CW 39 — Local authorities
CW 39 Local authorities Exempt income (1) An amount of income derived from sinking funds relating to the debt of a local authority is exempt income. Exempt income (2) Any other amount of income…
Section CX 39 — Life insurers and fully reinsured persons
CX 39 Life insurers and fully reinsured persons [Repealed] Section CX 39: repealed, on 1 July 2010, by section 55(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section DB 39 — Patent rights acquired before 1 April 1993
DB 39 Patent rights acquired before 1 April 1993 When this section applies (1) This section applies when a person sells patent rights that they acquired before 1 April 1993. Deduction (2) The person…
Section EC 39 — First income year in breeding business
EC 39 First income year in breeding business Bloodstock to which this section applies (1) This section applies to bloodstock that is 2 years of age or older at the end of the first income year in…
Section EE 39 — Items no longer used
EE 39 Items no longer used When this section applies (1) This section applies when a person in an income year has an item of depreciable property that— (a) is no longer used or, because the…
Section EH 39 — Adverse event income equalisation account
EH 39 Adverse event income equalisation account Person’s account (1) The Commissioner must keep an adverse event income equalisation account in the name of every person who makes a deposit with the…
Section EW 39 — Consideration affected by unfavourable factors
EW 39 Consideration affected by unfavourable factors When this section applies (1) This section applies when— (a) a person is a party to a financial arrangement; and (b) the person has an accrued…
Section EX 39 — Terminating exemption for grey list company with numerous New Zealand shareholders
EX 39 Terminating exemption for grey list company with numerous New Zealand shareholders [Repealed] Section EX 39: repealed (with effect on 1 October 2011), on 2 November 2012 (applying for the…
Section EY 39 — Discontinuance profit formula (existing policies): when partial reinsurance exists
EY 39 Discontinuance profit formula (existing policies): when partial reinsurance exists [Repealed] Section EY 39: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation,…
Section EZ 39 — Forgiveness of debt
EZ 39 Forgiveness of debt (1) In determining the income or expenditure under the base price adjustment in section EZ 38 , an amount owing under a debt, including an amount accrued and unpaid at the…
Section FE 39 — Direct ownership interests
FE 39 Direct ownership interests A person’s direct ownership interest in a company referred to in section FE 38 is equal to the highest percentage of shares or rights the person holds in the…