Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CD 42 — Adjustment if additional consideration paid
CD 42 Adjustment if additional consideration paid Differences from market value (1) If a dividend from a company arises because of a difference between the market value of property provided by or to…
Section CW 42 — Charities: business income
CW 42 Charities: business income Exempt income (1) Income derived directly or indirectly from a business carried on by, or for, or for the benefit of a trust, society, or institution of a kind…
Section CX 42 — Disposal of ownership interests in controlled petroleum mining entities
CX 42 Disposal of ownership interests in controlled petroleum mining entities Excluded income (1) The consideration that a person derives from disposing of shares or trust interests in a controlled…
Section DB 42 — Property misappropriated by employees or service providers
DB 42 Property misappropriated by employees or service providers When this section applies (1) This section applies when— (a) a person carries on a business; and (b) an employee of the business, or a…
Section EC 42 — Reduction: bloodstock previously used for breeding in New Zealand
EC 42 Reduction: bloodstock previously used for breeding in New Zealand Stallion (1) For the purposes of sections EC 39 and EC 40 , the reduction applying to the value of a stallion to which section…
Section EE 42 — Transfer of radiocommunications licence right on or after 24 September 1997
EE 42 Transfer of radiocommunications licence right on or after 24 September 1997 When this section applies (1) This section applies when, on or after 24 September 1997, the holder of management…
Section EH 42 — Refund of excess deposit
EH 42 Refund of excess deposit When this section applies (1) This section applies when a person’s deposits for an accounting year are more than their adverse event maximum deposit for the accounting…
Section EW 42 — Consideration when acquisition for no, or inadequate, consideration
EW 42 Consideration when acquisition for no, or inadequate, consideration When this section applies (1) This section applies when— (a) a person becomes a party to a financial arrangement; and (b) the…
Section EX 42 — New resident’s accrued superannuation entitlement exemption
EX 42 New resident’s accrued superannuation entitlement exemption Exemption (1) The rights of a natural person to benefit, as a beneficiary or a member, from a foreign superannuation scheme at any…
Section EY 42 — How policyholder income is calculated
EY 42 How policyholder income is calculated [Repealed] Section EY 42: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section EZ 42 — Post facto adjustment
EZ 42 Post facto adjustment (1) A financial arrangement is subject to the provisions of this section where— (a) any of the amount or amounts payable under the financial arrangement are determined in…
Section FM 42 — When company liquidated
FM 42 When company liquidated If a company is no longer part of a consolidated group because it has been liquidated,— (a) the company is not treated as leaving the consolidated group from the start…
Section GB 42 — Maori authority credit arrangements to obtain tax advantage
GB 42 Maori authority credit arrangements to obtain tax advantage When section GB 43 applies (1) Section GB 43 applies if an arrangement to obtain a tax advantage arises as described in either…
Section HA 42 — Paying qualifying company election tax
HA 42 Paying qualifying company election tax A company must pay a qualifying company election tax under section HA 40 to the Commissioner no later than the company’s terminal tax date for the tax…
Section HM 42 — Exit calculation option
HM 42 Exit calculation option When this section applies (1) This section applies when a multi-rate PIE chooses for a tax year to calculate its income tax liability for exiting investors and remaining…
Section OB 42 — ICA on-market cancellation
OB 42 ICA on-market cancellation Debit (1) When an ICA company acquires its shares in an on-market cancellation, it has an imputation debit for an amount calculated using the formula— ASC per share…
Section OP 42 — Consolidated ICA debit for loss of shareholder continuity
OP 42 Consolidated ICA debit for loss of shareholder continuity Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit retained in the group’s…
Section RD 42 — Goods at staff discount
RD 42 Goods at staff discount Goods discounted for employees (1) This section applies when an employer sells goods in the normal course of their business to an employee when all the following apply:…
Section HM 42B — Part-year tax calculations for PIEs under the exit calculation option for the 2010–11 tax year
HM 42B Part-year tax calculations for PIEs under the exit calculation option for the 2010–11 tax year When this section applies (1) This section applies to a PIE for the 2010–11 tax year if section…
Section CD 43 — Available subscribed capital (ASC) amount
CD 43 Available subscribed capital (ASC) amount Formula for calculating amount of available subscribed capital (1) For a share (the share ) in a company at any relevant time (the calculation time ),…
Section CW 43 — Charitable bequests
CW 43 Charitable bequests Exempt income (1) An amount of income derived by a deceased’s executor or administrator is exempt income to the extent to which the requirements of subsections (2) and (3)…
Section CX 43 — Farm-out arrangements for petroleum mining
CX 43 Farm-out arrangements for petroleum mining Farm-in expenditure under a farm-out arrangement is excluded income of a petroleum miner who is the farm-out party in the farm-out arrangement.…
Section DB 43 — Making good loss from misappropriation by partners
DB 43 Making good loss from misappropriation by partners When this section applies (1) This section applies when a person carrying on a business in partnership pays an amount to make good a loss that…
Section EC 43 — Accident, birth deformity, or infertility
EC 43 Accident, birth deformity, or infertility When this section applies (1) This section applies when a person has bloodstock on hand at the end of an income year whose market value is, because of…
Section EE 43 — Transfer of depreciable intangible property on or after 1 July 1997
EE 43 Transfer of depreciable intangible property on or after 1 July 1997 When this section applies (1) This section applies when, on or after 1 July 1997, a person ( person A ) acquires, directly or…
Section EH 43 — Income does not include excess deposit
EH 43 Income does not include excess deposit A refund under section EH 42 is excluded income under section CX 51 (Income equalisation schemes). Defined in this Act: excluded income , Compare: 2004 No…
Section EW 43 — Consideration when debt sold at discount to associate of debtor
EW 43 Consideration when debt sold at discount to associate of debtor When this section applies (1) This section applies when a creditor sells a debt on or after 20 May 1999 to a person associated…
Section EX 43 — Non-resident’s pension or annuity exemption
EX 43 Non-resident’s pension or annuity exemption Exemption (1) The rights of a natural person to benefit from a pension or annuity provided by a FIF are not an attributing interest if the…
Section EY 43 — Policyholder income formula
EY 43 Policyholder income formula [Repealed] Section EY 43: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009…
Section EZ 43 — Variable principal debt instruments
EZ 43 Variable principal debt instruments For the purposes of the old financial arrangements rules, where a person is a party to a variable principal debt instrument on the implementation date, the…
Section GB 43 — Reconstruction of Maori authority credit arrangements to obtain tax advantage
GB 43 Reconstruction of Maori authority credit arrangements to obtain tax advantage Reconstruction of either type of arrangement (1) In the case of an arrangement for a share disposal or issue as…
Section HA 43 — Meaning of effective interest
HA 43 Meaning of effective interest What this section does (1) This section defines an effective interest in a company, which is the measure of a person’s liability under section HA 8 . Effective…
Section HM 43 — Quarterly calculation option
HM 43 Quarterly calculation option Quarterly calculation (1) A multi-rate PIE that does not choose to calculate and pay its income tax liability under the exit calculation or provisional tax…
Section OB 43 — ICA breach of imputation ratio
OB 43 ICA breach of imputation ratio Debit (1) An ICA company has an imputation debit for a breach of the benchmark dividend rules in section OB 61(5) for an amount calculated using the formula— (net…
Section OP 43 — Consolidated ICA breach of imputation ratio
OP 43 Consolidated ICA breach of imputation ratio Debit (1) A consolidated imputation group has an imputation debit for a tax year for the amount of a debit under section OB 43 (ICA breach of…
Section RD 43 — Goods on special with staff discount
RD 43 Goods on special with staff discount Sale of identical goods (1) This section applies when an employer sells goods to an employee on a day when the employer is offering identical goods for sale…
Section EY 43B — Policyholder income formula: FDR adjustment
EY 43B Policyholder income formula: FDR adjustment [Repealed] Section EY 43B: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section EY 43C — Policyholder income formula: PILF adjustment
EY 43C Policyholder income formula: PILF adjustment [Repealed] Section EY 43C: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section CD 44 — Available capital distribution amount
CD 44 Available capital distribution amount Formula for calculating amount of available capital distribution (1) For a share (the share ) on the liquidation of the company, the available capital…
Section CW 44 — Friendly societies
CW 44 Friendly societies An amount of income derived by a friendly society is exempt income, except to the extent to which the amount is derived from— (a) a business carried on beyond the membership…
Section CX 44 — Disposal of mining shares
CX 44 Disposal of mining shares When subsection (2) applies (1) Subsection (2) applies when— (a) a mining company derives an amount from disposing of a mining share; and (b) the disposal is to a…
Section DB 44 — Restitution of stolen property
DB 44 Restitution of stolen property Deduction (1) A person who derives income under section CB 32 (Property obtained by theft) is allowed a deduction for the amount of restitution that they make to…
Section EC 44 — Other bloodstock
EC 44 Other bloodstock If sections EC 39 to EC 43 do not apply, the closing value of the bloodstock is its cost price. Defined in this Act: bloodstock , cost price , Compare: 2004 No 35 s EC 44
Section EE 44 — Application of sections EE 48 to EE 52
EE 44 Application of sections EE 48 to EE 52 When sections apply (1) Sections EE 48 to EE 52 apply when a person has consideration from the disposal of an item or from an event involving an item, if—…
Section EH 44 — Application for refund by person, trustee of estate, Official Assignee, or liquidator
EH 44 Application for refund by person, trustee of estate, Official Assignee, or liquidator Who may apply (1) The following may apply to the Commissioner for a refund of some or all of the amount in…
Section EW 44 — Consideration when debt forgiven for natural love and affection
EW 44 Consideration when debt forgiven for natural love and affection When this section applies: first case (1) This section applies when— (a) a person is a debtor; and (b) the creditor is a natural…
Section EX 44 — Five calculation methods
EX 44 Five calculation methods Use of 1 method (1) If the tests in section CQ 5 (When FIF income arises) or DN 6 (When FIF loss arises) are met, the amount of a person’s FIF income or loss is…
Section EY 44 — Policyholder income formula: when partial reinsurance exists
EY 44 Policyholder income formula: when partial reinsurance exists [Repealed] Section EY 44: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and…
Section EZ 44 — Relationship with rest of Act
EZ 44 Relationship with rest of Act (1) Notwithstanding any other provision in this Act, income or expenditure in an income year in respect of a financial arrangement under the old financial…
Section GB 44 — Arrangements involving tax credits for families
GB 44 Arrangements involving tax credits for families When this section applies (1) This section applies if both of the following paragraphs are met: (a) a person (the claimant ) enters into an…