Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section HA 44 — Measuring effective interests
HA 44 Measuring effective interests Subpart YC (1) A person’s voting interest and market value interest in a company is measured under subpart YC (Measurement of company ownership). If the person is…
Section HM 44 — Provisional tax calculation option
HM 44 Provisional tax calculation option When this section applies (1) This section applies when a multi-rate PIE chooses to calculate its income tax liability on an income year basis and pay…
Section OB 44 — ICA debit on leaving wholly-owned group
OB 44 ICA debit on leaving wholly-owned group Debit (1) An ICA company ( company A ) has an imputation debit for an amount equal to the amount of an imputation debit that another company ( company B…
Section OP 44 — Consolidated ICA debit for policyholder base imputation credits
OP 44 Consolidated ICA debit for policyholder base imputation credits Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit attached to a dividend…
Section RD 44 — Goods sold by group companies
RD 44 Goods sold by group companies For the purposes of sections RD 42 and RD 43 , if a company that is included in a group of companies sells goods to an employee of another company in the group,…
Section HM 44B — NRWT calculation option
HM 44B NRWT calculation option When this section applies (1) This section applies when— (a) a foreign investment PIE— (i) derives a dividend that is not fully imputed from a company resident in New…
Section CD 45 — When does a person have attributed repatriation from a controlled foreign company?
CD 45 When does a person have attributed repatriation from a controlled foreign company? [Repealed] Section CD 45: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the…
Section CW 45 — Funeral trusts
CW 45 Funeral trusts Interest or a dividend derived by a trustee in trust for a fund is exempt income if, when the interest or dividend is derived by the trustee,— (a) the sole purpose of the fund is…
Section CX 45 — Disposal of mining shares acquired with reinvestment profit
CX 45 Disposal of mining shares acquired with reinvestment profit When subsection (2) applies (1) Subsection (2) applies when— (a) a company derives an amount from disposing of a mining share; and…
Section DB 45 — Bribes paid to public officials
DB 45 Bribes paid to public officials When this section applies (1) This section applies when— (a) a person ( person A ) corruptly gives a bribe to another person; and (b) person A gives the bribe…
Section EC 45 — Residual value of bloodstock
EC 45 Residual value of bloodstock If the closing value of any bloodstock would be less than $1 in the absence of this section, the closing value is $1. Defined in this Act: bloodstock , Compare:…
Section EE 45 — Consideration for purposes of section EE 44
EE 45 Consideration for purposes of section EE 44 General rule (1) For the purposes of section EE 44 , the consideration equals the amount that a person derives excluding any GST charged if the…
Section EH 45 — Refund on request
EH 45 Refund on request When this section applies (1) This section applies when a person wants a refund of some or all of the amount in the person’s adverse event income equalisation account, and…
Section EW 45 — Consideration when debtor released from obligation
EW 45 Consideration when debtor released from obligation When this section applies (1) This section applies when— (a) a person is released from the obligation to pay an amount owing under a financial…
Section EX 45 — Exclusion of amounts of death benefit
EX 45 Exclusion of amounts of death benefit No FIF income (1) When this section applies, a person is treated as not deriving FIF income to the extent to which the income arises solely from receiving…
Section EY 45 — Policyholder income formula: when life insurance business transferred
EY 45 Policyholder income formula: when life insurance business transferred [Repealed] Section EY 45: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life…
Section EZ 45 — Application of old financial arrangements rules
EZ 45 Application of old financial arrangements rules The old financial arrangements rules do not apply— (a) in relation to a person and a financial arrangement, where the financial arrangement was…
Section GB 45 — Arrangements involving money not at risk
GB 45 Arrangements involving money not at risk Application of section GB 46 (1) Section GB 46 can apply to an arrangement when— (a) a person sells or issues, or promotes the selling or issuing of,…
Section HM 45 — Voluntary payments
HM 45 Voluntary payments When this section applies (1) This section applies when a multi-rate PIE pays an amount of tax under section HM 42 or HM 43 . Voluntary payment (2) The PIE may pay an amount…
Section OB 45 — ICA redemption debit
OB 45 ICA redemption debit Debit (1) An ICA company has an imputation debit for the amount of a redemption debit. When redemption debit arises (2) A redemption debit arises when— (a) a company that…
Section OP 45 — Consolidated ICA redemption debit
OP 45 Consolidated ICA redemption debit Debit (1) A consolidated imputation group has an imputation debit for the amount of a redemption debit. When redemption debit arises (2) A redemption debit…
Section RD 45 — Unclassified benefits
RD 45 Unclassified benefits Liability limited (1) An employer is liable to pay FBT on an unclassified benefit only within the limits described in this section. Quarterly payment (2) When FBT is paid…
Section CD 46 — New Zealand repatriation amount
CD 46 New Zealand repatriation amount [Repealed] Section CD 46: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation, Life Insurance,…
Section CW 46 — Bodies promoting amateur games and sports
CW 46 Bodies promoting amateur games and sports An amount of income derived by a club, society, or association is exempt income if— (a) the club, society, or association is established mainly to…
Section CX 46 — Repayment of loans made from reinvestment profit
CX 46 Repayment of loans made from reinvestment profit When this section applies (1) This section applies when an amount would, in the absence of this section, be income of a company under section CU…
Section DB 46 — Avoiding, remedying, or mitigating effects of discharge of contaminant
DB 46 Avoiding, remedying, or mitigating effects of discharge of contaminant When this section applies (1) This section applies when a person— (a) carries on a business in New Zealand; and (b) the…
Section EC 46 — Use of bloodstock for racing
EC 46 Use of bloodstock for racing General treatment (1) If in an income year a bloodstock owner uses bloodstock for racing, and they are in the business of breeding bloodstock for sale, the use of…
Section EE 46 — Items for purposes of section EE 44
EE 46 Items for purposes of section EE 44 Items to which sections EE 48 to EE 52 apply (1) For the purposes of section EE 44 , an item of property to which sections EE 48 to EE 52 apply is an item of…
Section EH 46 — Income when refund given on request
EH 46 Income when refund given on request A refund under section EH 45 is income, under section CB 27 (Income equalisation schemes), derived by the person in the income year in which the Commissioner…
Section EW 46 — Consideration when debtor released as condition of new start grant
EW 46 Consideration when debtor released as condition of new start grant When this section applies (1) This section applies when in an income year of a person— (a) the person carries on a business…
Section EX 46 — Limits on choice of calculation methods
EX 46 Limits on choice of calculation methods Same method for same FIF (1) If a person has 2 or more attributing interests in the same FIF for the same period, the person must use the same…
Section EY 46 — Income from disposal of property
EY 46 Income from disposal of property [Repealed] Section EY 46: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section EZ 46 — Election to treat short term trade credit as financial arrangement
EZ 46 Election to treat short term trade credit as financial arrangement (1) For the purposes of the old financial arrangements rules, a taxpayer may elect by notice given in accordance with…
Section GB 46 — Deferral of surplus deductions from arrangements
GB 46 Deferral of surplus deductions from arrangements When this section applies (1) This section applies when— (a) an arrangement of the type described in section GB 45 is made; and (b) a person…
Section HM 46 — Calculation process
HM 46 Calculation process To calculate its tax liability, a multi-rate PIE must— (a) determine the net amount for each investor class of the PIE: (b) determine the taxable amount for each investor…
Section OB 46 — ICA transfer from member fund
OB 46 ICA transfer from member fund Debit (1) An ICA company has an imputation debit for an amount calculated using the formula— expenditure transferred × tax rate. Definition of items in formula (2)…
Section OP 46 — Consolidated ICA tax advantage arrangement
OP 46 Consolidated ICA tax advantage arrangement Debit (1) A consolidated imputation group has an imputation debit for the amount of a debit for a tax advantage arrangement determined under sections…
Section RD 46 — Adjustments for unclassified benefits on amalgamation
RD 46 Adjustments for unclassified benefits on amalgamation When employer ceases to exist (1) This section applies when a company that is an employer ends its existence on amalgamation or when a new…
Section EW 46B — Consideration when party changes from fair value method
EW 46B Consideration when party changes from fair value method When this section applies (1) This section applies when a party to a financial arrangement— (a) changes from the fair value method to…
Section CD 47 — New Zealand property amount
CD 47 New Zealand property amount [Repealed] Section CD 47: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation, Life Insurance, and…
Section CW 47 — TAB and racing clubs
CW 47 TAB and racing clubs Exempt income: racing organisations (1) An amount of income derived by any of the following bodies is exempt income: (a) the New Zealand Racing Board: (b) New Zealand…
Section CX 47 — Government grants to businesses
CX 47 Government grants to businesses When this section applies (1) This section applies when— (a) a local authority or a public authority makes a payment to a person for a business that the person…
Section DB 47 — Payments for remitted amounts
DB 47 Payments for remitted amounts When this section applies (1) This section applies when— (a) a person is allowed a deduction in an income year of an amount that the person is liable to pay; and…
Section EC 47 — Change of use of bloodstock in course of business
EC 47 Change of use of bloodstock in course of business Use outside business (1) If a bloodstock owner who is in the business of breeding bloodstock for sale starts to use bloodstock other than in…
Section EE 47 — Events for purposes of section EE 44
EE 47 Events for purposes of section EE 44 Events to which sections EE 48 to EE 52 apply (1) For the purposes of section EE 44 , this section describes the events to which sections EE 48 to EE 52…
Section EH 47 — Refund on retirement
EH 47 Refund on retirement When this section applies (1) This section applies when a person— (a) has an adverse event income equalisation account; and (b) is neither a company nor a trustee; and (c)…
Section EW 47 — Legal defeasance
EW 47 Legal defeasance When this section applies (1) This section applies when— (a) the obligations of a financial arrangement were the subject of a legal defeasance that required another person to…
Section EX 47 — Method required for certain non-ordinary shares
EX 47 Method required for certain non-ordinary shares A person must calculate FIF income or loss for an income year from an attributing interest that is a non-ordinary share described in section EX…
Section EY 47 — Deductions for disposal of property
EY 47 Deductions for disposal of property [Repealed] Section EY 47: repealed, on 1 July 2010, by section 190(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009…
Section EZ 47 — Election to continue to treat certain excepted financial arrangements as financial arrangements
EZ 47 Election to continue to treat certain excepted financial arrangements as financial arrangements (1) A person may elect to continue to treat all excepted financial arrangements under any of…