Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section FM 39 — Choosing to leave consolidated group
FM 39 Choosing to leave consolidated group When this section applies (1) This section applies when a company chooses to leave a consolidated group and notifies the Commissioner of its election.…
Section GB 39 — FDP arrangements: general
GB 39 FDP arrangements: general [Repealed] Section GB 39: repealed (with effect on 30 June 2009), on 6 October 2009, by section 240(1) of the Taxation (International Taxation, Life Insurance, and…
Section HA 39 — Revocation of elections
HA 39 Revocation of elections [Repealed] Section 39: repealed, on 1 April 2011 (applying for income years beginning on or after 1 April 2011), by section 77(1) of the Taxation (GST and Remedial…
Section HM 39 — New investors in existing investor classes
HM 39 New investors in existing investor classes When this section applies (1) This section applies when a person is a new investor in an existing investor class of a multi-rate PIE but, at the time…
Section OB 39 — ICA transfer for net foreign attributed income
OB 39 ICA transfer for net foreign attributed income [Repealed] Section OB 39: repealed (with effect on 30 June 2009), on 6 October 2009, by section 395(1) of the Taxation (International Taxation,…
Section OC 39 — Meaning of shareholder FDP ratio
OC 39 Meaning of shareholder FDP ratio [Repealed] Section OC 39: repealed, on 1 July 2010, by section 418(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section OP 39 — Consolidated ICA replacement payment by company under share-lending arrangement
OP 39 Consolidated ICA replacement payment by company under share-lending arrangement Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit attached…
Section RC 39 — Credit treated as payment of income tax
RC 39 Credit treated as payment of income tax A credit of an early-payment discount under section RC 38 is treated as a payment made by a small-business person on the day after the last day of the…
Section RD 39 — Benefits provided by charitable organisations
RD 39 Benefits provided by charitable organisations Value of benefit (1) The value of a benefit under section CX 25(2) (Benefits provided by charitable organisations) that a charitable organisation…
Section Sch39 — Items for purposes of definition of special excluded depreciable property
Schedule 39 Items for purposes of definition of special excluded depreciable property s EE 67 Schedule 39: inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section…
Section CD 40 — Adjustment if dividend recovered by company
CD 40 Adjustment if dividend recovered by company When dividends recovered (1) If a company recovers a dividend from a shareholder under section 56 of the Companies Act 1993 or an equivalent…
Section CW 40 — Local and regional promotion bodies
CW 40 Local and regional promotion bodies Exempt income: beautification societies (1) An amount of income derived by an association or society is exempt income if— (a) the association or society is…
Section CX 40 — Superannuation fund deriving amount from life insurance policy
CX 40 Superannuation fund deriving amount from life insurance policy When this section applies (1) This section applies when a superannuation fund invests funds in a life insurance policy offered or…
Section DB 40 — Patent applications or patent rights acquired on or after 1 April 1993
DB 40 Patent applications or patent rights acquired on or after 1 April 1993 When this section applies (1) This section applies when a person sells a patent application with a complete specification…
Section EC 40 — Later income years in breeding business
EC 40 Later income years in breeding business What this section applies to (1) This section applies to the income years that follow the first income year described in section EC 39 . Closing value…
Section EE 40 — Transfer of depreciable property on or after 24 September 1997
EE 40 Transfer of depreciable property on or after 24 September 1997 When this section applies (1) This section applies when, on or after 24 September 1997, a person ( person A ) acquires, directly…
Section EH 40 — Interest on deposits in adverse event income equalisation account
EH 40 Interest on deposits in adverse event income equalisation account Interest payable (1) Interest is payable on every deposit in an adverse event income equalisation account. Period (2) Interest…
Section EW 40 — Consideration when person exits from rules: accrued obligation
EW 40 Consideration when person exits from rules: accrued obligation 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 40 — Foreign exchange control exemption
EX 40 Foreign exchange control exemption A person’s rights in a FIF are not an attributing interest if and to the extent to which— (a) the person is a natural person; and (b) the person acquired the…
Section EY 40 — Discontinuance profit formula (new policies): when partial reinsurance exists
EY 40 Discontinuance profit formula (new policies): when partial reinsurance exists [Repealed] Section EY 40: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life…
Section EZ 40 — Accrued income written off
EZ 40 Accrued income written off (1) A deduction is allowed to a person for an amount written off by the person as a bad debt in respect of a financial arrangement where and to the extent that— (a)…
Section FE 40 — Tiered ownership interests
FE 40 Tiered ownership interests When this section applies (1) This section applies when a person has a direct ownership interest in a company ( company A ), and that company has an ownership…
Section FM 40 — Losing eligibility or entitlement to be part of consolidated group
FM 40 Losing eligibility or entitlement to be part of consolidated group When this section applies (1) This section applies when a company is no longer eligible to be part of a consolidated group or,…
Section GB 40 — BETA arrangements for carrying amounts forward
GB 40 BETA arrangements for carrying amounts forward [Repealed] Section GB 40: repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 70(1) of the Taxation…
Section HA 40 — Liability for qualifying company election tax
HA 40 Liability for qualifying company election tax Payment of tax (1) A company that becomes a qualifying company must pay a qualifying company election tax in relation to the change in status, of…
Section HM 40 — Deductions for attributed PIE losses for zero-rated and exiting investors
HM 40 Deductions for attributed PIE losses for zero-rated and exiting investors When this section applies (1) This section applies to an investor in a multi-rate PIE when— (a) an amount of attributed…
Section OB 40 — ICA attribution for personal services
OB 40 ICA attribution for personal services Debit (1) An ICA company has an imputation debit for an amount of an attribution for personal services equal to the amount of an imputation credit under…
Section OP 40 — Consolidated ICA returning share transfer
OP 40 Consolidated ICA returning share transfer Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit attached to a dividend paid to a company if—…
Section RC 40 — Some definitions
RC 40 Some definitions In this subpart,— early-payment discount means a discount of income tax under sections RC 38 and RC 39 small-business person means a person who— (a) conducts a business on…
Section RD 40 — Goods
RD 40 Goods Market value or cost (1) The value of a fringe benefit that an employer provides to an employee in goods is determined as follows: (a) when the person providing the goods manufactured,…
Section DB 40B — Expenditure in unsuccessful development of software
DB 40B Expenditure in unsuccessful development of software When this section applies (1) This section applies when a person incurs expenditure in the development of software for use in the person's…
Section CD 41 — Adjustment if amount repaid later
CD 41 Adjustment if amount repaid later When released debt repaid (1) If the release by a company of a shareholder’s obligation to pay money to the company has been treated as a dividend and the…
Section CW 41 — Charities: non-business income
CW 41 Charities: non-business income Exempt income (1) The following are exempt income: (a) an amount of income derived by a trustee in trust for charitable purposes: (b) an amount of income derived…
Section CX 41 — Resident insurance underwriters
CX 41 Resident insurance underwriters When this section applies (1) This section applies when a natural person or an unincorporated body of natural persons— (a) is resident in New Zealand; and (b)…
Section DB 41 — Charitable or other public benefit gifts by company
DB 41 Charitable or other public benefit gifts by company Who this section applies to [Repealed] (1) [Repealed] Deduction (2) A company is allowed a deduction for a charitable or other public benefit…
Section EC 41 — Reduction: bloodstock not previously used for breeding in New Zealand other than as shuttle stallions
EC 41 Reduction: bloodstock not previously used for breeding in New Zealand other than as shuttle stallions Bloodstock to which this section applies (1) This section applies to bloodstock that— (a)…
Section EE 41 — Transfer of depreciable property on certain amalgamations on or after 14 May 2002
EE 41 Transfer of depreciable property on certain amalgamations on or after 14 May 2002 When this section applies (1) This section applies when, on or after 14 May 2002, an amalgamated company…
Section EH 41 — Deduction of deposit
EH 41 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 2 (Adverse event income equalisation scheme). Amount of deduction…
Section EW 41 — Consideration when person enters rules: accrued entitlement
EW 41 Consideration when person enters rules: accrued entitlement 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…
Section EX 41 — Income interest of non-resident or transitional resident
EX 41 Income interest of non-resident or transitional resident Categories 2 and 3 (1) Subsection (2) applies only to rights described in section EX 29(3) or (4) . Exemption for non-resident or…
Section EY 41 — Discontinuance profit formulas: individual result may never be negative
EY 41 Discontinuance profit formulas: individual result may never be negative [Repealed] Section EY 41: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life…
Section EZ 41 — Sale of debt to associate of debtor
EZ 41 Sale of debt to associate of debtor (1) This section applies to a financial arrangement that is a debt which is sold at a discount to a person associated with the debtor on or after 20 May…
Section FE 41 — Treatment of associated persons’ interests
FE 41 Treatment of associated persons’ interests Aggregating ownership interests (1) For the purposes of section FE 39 , a person’s direct ownership interests include the direct ownership interests…
Section FM 41 — No nominated company
FM 41 No nominated company If, during an income year, no nominated company exists for a consolidated group and no company that is part of the consolidated group is notified as a replacement under…
Section GB 41 — FDPA arrangements for carrying amounts forward
GB 41 FDPA arrangements for carrying amounts forward When this section applies (1) This section applies when— (a) a share in a foreign dividend payment account (FDPA) company or another company has…
Section HA 41 — Calculating qualifying company election tax
HA 41 Calculating qualifying company election tax Formula (1) The amount of qualifying company election tax that a company must pay under section HA 40 is calculated using the formula— ( dividends +…
Section HM 41 — Options for calculation and payment of tax
HM 41 Options for calculation and payment of tax Available options (1) The options available to a multi-rate PIE for calculating and paying its income tax liability are— (a) the payment of tax…
Section OB 41 — ICA debit for loss of shareholder continuity
OB 41 ICA debit for loss of shareholder continuity Debit (1) An ICA company has an imputation debit for the amount equal to the amount of an imputation credit retained in the imputation credit…
Section OP 41 — Consolidated ICA credit transfer by company
OP 41 Consolidated ICA credit transfer by company Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit attached to a dividend paid to a company if—…
Section RD 41 — Services
RD 41 Services Price, amount paid, or fee (1) The value of a fringe benefit that an employer provides to an employee in services is,— (a) when an employer normally provides the services as part of…