Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DE 2 — Deductions for business use
DE 2 Deductions for business use Deduction (1) A person is allowed a deduction for— (a) expenditure that they incur for the business use of a motor vehicle: (b) an amount of depreciation loss for the…
Section DF 2 — Repayment of grant-related suspensory loans
DF 2 Repayment of grant-related suspensory loans Deduction (1) A person is allowed a deduction for the amount of a repayment that they are required to make of some or all of a grant-related…
Section DN 2 — When attributed CFC loss arises
DN 2 When attributed CFC loss arises General rule (1) A person has an attributed CFC loss from a foreign company in an income year if— (a) the foreign company is a CFC at any time during 1 of its…
Section DO 2 — Erosion and shelter plantings
DO 2 Erosion and shelter plantings When this section applies (1) This section applies when a person carries on a farming or agricultural business on land in New Zealand, whether or not the business…
Section DP 2 — Plant or machinery
DP 2 Plant or machinery When this section applies: first case (1) This section applies when— (a) a person incurs expenditure on acquiring, on or after 1 April 1975, plant or machinery; and (b) the…
Section DQ 2 — Adverse event income equalisation scheme
DQ 2 Adverse event income equalisation scheme Deduction (1) A person who has made a deposit for a tax year is allowed a deduction of the amount quantified in section EH 41(2) (Deduction of deposit).…
Section DR 2 — Shareholder base allowable deduction of life insurer
DR 2 Shareholder base allowable deduction of life insurer Deduction (1) If, but for this section, a life insurer has an amount of shareholder base allowable deduction for an income year and that…
Section DS 2 — Film production expenditure
DS 2 Film production expenditure Deduction (1) A person is allowed a deduction for film production expenditure if— (a) the film is completed; and (b) the person has a film right in it— (i) before it…
Section DT 2 — Arrangement for petroleum exploration expenditure and sale of property
DT 2 Arrangement for petroleum exploration expenditure and sale of property What this section applies to (1) This section applies to a person and an arrangement if— (a) the person may incur…
Section DU 2 — Mining exploration expenditure or mining development expenditure on acquisition of asset
DU 2 Mining exploration expenditure or mining development expenditure on acquisition of asset What this section does (1) This section applies when a mining company acquires an asset by incurring…
Section DV 2 — Transfer of expenditure to master fund
DV 2 Transfer of expenditure to master fund When this section applies (1) This section applies when— (a) a superannuation fund (the member superannuation fund ) invests some or all of its funds in…
Section DW 2 — Bloodstock racing
DW 2 Bloodstock racing No deduction (1) A person is denied a deduction for expenditure or loss that they incur— (a) on the racing of bloodstock; or (b) in relation to the racing of bloodstock. No…
Section DX 2 — Tax credits: conduit financing arrangements
DX 2 Tax credits: conduit financing arrangements [Repealed] Section DX 2: repealed (with effect on 30 June 2009), on 6 October 2009, by section 110(1) of the Taxation (International Taxation, Life…
Section DZ 2 — Life insurers acquiring property before 1 April 1988
DZ 2 Life insurers acquiring property before 1 April 1988 When this section applies (1) This section applies when— (a) a life insurer started carrying on the business of providing life insurance on…
Section EA 2 — Other revenue account property
EA 2 Other revenue account property When this section applies (1) This section applies to revenue account property that is not— (a) trading stock valued under subpart EB (Valuation of trading stock…
Section EB 2 — Meaning of trading stock
EB 2 Meaning of trading stock Meaning (1) Trading stock means property that a person who owns or carries on a business has for the purpose of selling or exchanging in the ordinary course of the…
Section EC 2 — Valuation of livestock
EC 2 Valuation of livestock Valuation method (1) A person must determine the value of their livestock at the end of each income year by a method that is available under this subpart for them to use.…
Section ED 2 — Transfers of certain excepted financial arrangements within wholly-owned groups
ED 2 Transfers of certain excepted financial arrangements within wholly-owned groups When this section applies (1) This section applies when— (a) a company that is part of a wholly-owned group of…
Section EE 2 — Nature of ownership of item
EE 2 Nature of ownership of item Kinds of ownership (1) Own , for the ownership of depreciable property,— (a) means legal or equitable ownership; and (b) includes ownership of the kinds described in…
Section EF 2 — Employer’s superannuation contribution tax
EF 2 Employer’s superannuation contribution tax An amount of employer’s superannuation contribution tax (ESCT) for which a deduction is allowed may be deducted only in the income year in which the…
Section EG 2 — Adjustment for changes to accounting practice
EG 2 Adjustment for changes to accounting practice When this section applies (1) This section applies in an income year (the year of change ) when a person changes from— (a) a cash accounting method…
Section EH 2 — Income Equalisation Reserve Account
EH 2 Income Equalisation Reserve Account Account (1) There is a Crown Bank Account called the Income Equalisation Reserve Account that is operated under the Public Finance Act 1989 . Deposits paid…
Section EI 2 — Interest from inflation-indexed instruments
EI 2 Interest from inflation-indexed instruments When this section applies (1) This section applies when— (a) an amount of money lent is outstanding at the end of the lender’s current income year;…
Section EJ 2 — Spreading forward of deductions for repairs to fishing boats
EJ 2 Spreading forward of deductions for repairs to fishing boats When this section applies: generally (1) This section applies when a person who carries on a fishing business in New Zealand is…
Section EK 2 — Persons who may make payment to environmental restoration account
EK 2 Persons who may make payment to environmental restoration account A person may make a payment to the Commissioner for entry in the person’s environmental restoration account for an income year…
Section EW 2 — Relationship of financial arrangements rules with other provisions
EW 2 Relationship of financial arrangements rules with other provisions Financial arrangements rules override other provisions (1) The financial arrangements rules prevail over any other provision in…
Section EX 2 — Four categories for calculating control interests
EX 2 Four categories for calculating control interests Separate categories (1) Under section EX 5(1) , a direct control interest in a foreign company can arise in each of 4 separate categories of…
Section EY 2 — Policyholder base
EY 2 Policyholder base Policyholder base income (1) A life insurer has policyholder base income,— (a) for savings product policies that are not profit participation policies, under section EY 15 :…
Section EZ 2 — Deductions for disposal of property: 1982–83 and 1989–90 income years
EZ 2 Deductions for disposal of property: 1982–83 and 1989–90 income years Deduction (1) For the purposes of this Act, for property to which both the following apply, the amount of the deduction is…
Section FA 2 — Recharacterisation of certain debentures
FA 2 Recharacterisation of certain debentures Treatment of debenture and interest (1) A profit-related debenture or a substituting debenture is treated for tax purposes as a share described in…
Section FB 2 — Personal property
FB 2 Personal property When this section applies (1) This section applies for the purposes of sections CB 4 (Personal property acquired for purpose of disposal) and CB 5 (Business of dealing in…
Section FC 2 — Transfer at market value
FC 2 Transfer at market value Market value (1) The transfer of property under section FC 1(1) is treated as a disposal by the transferor and an acquisition by the transferee at the market value of…
Section FE 2 — When this subpart applies
FE 2 When this subpart applies Persons to whom interest apportionment rules may apply (1) The interest apportionment rules in sections FE 6 and FE 7 may apply to the following persons if, at a time…
Section FF 2 — When interest apportionment rule applies
FF 2 When interest apportionment rule applies [Repealed] Section FF 2: repealed (with effect on 30 June 2009), on 6 October 2009, by section 228(1) of the Taxation (International Taxation, Life…
Section FL 2 — Treatment of emigrating companies and their shareholders
FL 2 Treatment of emigrating companies and their shareholders When this section applies (1) This section applies immediately before the time of emigration of an emigrating company. Treatment of…
Section FM 2 — Consolidation rules
FM 2 Consolidation rules Purpose (1) The consolidation rules are intended to ensure that, unless a provision of this Act expressly provides otherwise or the context requires another result, this Act…
Section FN 2 — Imputation rules
FN 2 Imputation rules The imputation rules means the following: (a) this subpart: (b) section CD 15 (Tax credits linked to dividends): (c) sections GB 34 to GB 37 (which relate to tax avoidance and…
Section FO 2 — Amalgamation rules
FO 2 Amalgamation rules The amalgamation rules means the following: (a) this subpart: (b) sections CD 35 , CD 43(23) and (24) , and CD 44(8) (which relate to the treatment of dividends): (c) sections…
Section FZ 2 — Effect of specified lease on lessor and lessee
FZ 2 Effect of specified lease on lessor and lessee Lease treated as sale (1) The leasing of a personal property lease asset under a specified lease is treated as a sale of the asset, made at the…
Section GA 2 — Commissioner’s power to adjust: fringe benefit tax
GA 2 Commissioner’s power to adjust: fringe benefit tax When this section applies (1) This section applies if— (a) an arrangement is void under section BG 1 (Tax avoidance); and (b) the arrangement…
Section GB 2 — Arrangements involving transfer pricing
GB 2 Arrangements involving transfer pricing When this section applies (1) This section applies in relation to a person if an arrangement has a purpose or effect of defeating the intent and…
Section GC 2 — Disposals of timber rights or standing timber
GC 2 Disposals of timber rights or standing timber When section GC 1 applies (1) Section GC 1 applies to each of the following disposals as if it were a disposal of trading stock— (a) a grant of a…
Section GZ 2 — Arrangements involving cancellation of conduit tax relief credits
GZ 2 Arrangements involving cancellation of conduit tax relief credits [Repealed] Section GZ 2: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on…
Section HA 2 — Meaning of qualifying company
HA 2 Meaning of qualifying company In this Act, a qualifying company means a company other than a unit trust that, for the whole of an income year, meets the requirements of sections HA 5 to HA 9 .…
Section HB 2 — Previous income and expenditure or loss
HB 2 Previous income and expenditure or loss Despite a person who has an effective look-through interest for a look-through company (the LTC ) not having an interest at the relevant time, the person…
Section HC 2 — Obligations of joint trustees for calculating income and providing returns
HC 2 Obligations of joint trustees for calculating income and providing returns What this section applies to (1) This section applies for the purposes of the obligations imposed by section BB 2 (Main…
Section HD 2 — Joint liability of principal and agent for tax obligations
HD 2 Joint liability of principal and agent for tax obligations A principal and an agent are jointly and severally liable for the tax obligations relating to the agency, and the Commissioner may…
Section HE 2 — Classes of mutual transaction
HE 2 Classes of mutual transaction When mutual transactions arise (1) In this subpart, and sections CB 33 , CB 34 , and DV 19 (which relate to income and deductions relating to mutual transactions),…
Section HF 2 — Who is eligible to be a Maori authority?
HF 2 Who is eligible to be a Maori authority? What this section does (1) This section sets out the persons eligible to choose under section HF 11 to become a Maori authority. Companies (2) The…
Section HG 2 — Partnerships are transparent
HG 2 Partnerships are transparent Look-through in accordance with share (1) For the purposes of a partner’s liabilities and obligations under this Act in their capacity of partner of a partnership,…