Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section GB 47 — Calculation rules for sections GB 45 and GB 46
GB 47 Calculation rules for sections GB 45 and GB 46 Consolidation of assessable income and deductions, and cost of property (1) The deductions and assessable income from an arrangement for each…
Section HM 47 — Calculation of tax liability or tax credit of multi-rate PIEs
HM 47 Calculation of tax liability or tax credit of multi-rate PIEs What this section does (1) This section quantifies the amount of the tax liability or tax credit of a multi-rate PIE for a…
Section OB 47 — Debit for policyholder base imputation credits
OB 47 Debit for policyholder base imputation credits Debit (1) An ICA company has an imputation debit for the amount of an imputation credit attached to a dividend derived by the company, to the…
Section OP 47 — Consolidated ICA final balance
OP 47 Consolidated ICA final balance Debit (1) A consolidated imputation group has an imputation debit for a credit balance in the imputation credit account when the group stops being a consolidated…
Section RD 47 — Attribution of certain fringe benefits
RD 47 Attribution of certain fringe benefits What this section applies to (1) This section applies when an employer provides a fringe benefit by— (a) making available a motor vehicle for an…
Section CD 48 — Cost of tangible property
CD 48 Cost of tangible property [Repealed] Section CD 48: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation, Life Insurance, and…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 48 — Income from conducting gaming-machine gambling
CW 48 Income from conducting gaming-machine gambling An amount of income derived by a person that is gross gambling proceeds from gaming-machine gambling is exempt income if— (a) the person is…
Section CX 48 — Amounts remitted as condition of new start grant
CX 48 Amounts remitted 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 of— (i) animal…
Section DB 48 — Restrictive covenant breached
DB 48 Restrictive covenant breached When this section applies (1) This section applies when an employee ( person A ) makes a payment to another person ( person B ) in the following circumstances: (a)…
Section EC 48 — Replacement breeding stock
EC 48 Replacement breeding stock When this section applies (1) This section applies when— (a) a bloodstock owner— (i) disposes of bloodstock (the breeding stock ) that they had previously used for…
Section EE 48 — Effect of disposal or event
EE 48 Effect of disposal or event Amount of depreciation recovery income (1) For the purposes of section EE 44 , if the consideration is more than the item’s adjusted tax value on the date on which…
Section EH 48 — Income when refund given on retirement, and election to allocate amount to earlier year
EH 48 Income when refund given on retirement, and election to allocate amount to earlier year Year of income (1) A refund under section EH 47 is income, under section CB 27 (Income equalisation…
Section EW 48 — Anti-avoidance provisions
EW 48 Anti-avoidance provisions When this section applies (1) This section applies when it is necessary to determine the consideration that is paid to or by a person in a case to which any of the…
Section EX 48 — Default calculation method
EX 48 Default calculation method When this section applies (1) This section applies when— (a) a person does not choose a calculation method to calculate FIF income or loss from an attributing…
Section EY 48 — Non-resident life insurers with life insurance policies in New Zealand
EY 48 Non-resident life insurers with life insurance policies in New Zealand When this section applies (1) This section applies when a life insurer not resident in New Zealand offers or is offered or…
Section EZ 48 — Definitions
EZ 48 Definitions For the purposes of the old financial arrangements rules, each of the following terms has the meaning given to it, despite any other meaning given to the term in section YA 1 for…
Section GB 48 — Defined terms for sections GB 45 and GB 46
GB 48 Defined terms for sections GB 45 and GB 46 Affected associate (1) For an arrangement, a person is an affected associate of another person if each person is a party to the arrangement or is…
Section HM 48 — Adjustments to investor interests or to distributions
HM 48 Adjustments to investor interests or to distributions Adjustment (1) When a multi-rate PIE pays a tax liability or receives a tax credit under section LS 1 (Tax credits for multi-rate PIEs) in…
Section OB 48 — ICA credit balance when Maori authority credit account starts
OB 48 ICA credit balance when Maori authority credit account starts Debit (1) An ICA company has an imputation debit for a credit balance in the company’s imputation credit account immediately before…
Section OP 48 — Consolidated ICA refund of NRWT
OP 48 Consolidated ICA refund of NRWT Debit (1) A consolidated imputation group that includes an Australian ICA company has an imputation debit for the amount of a refund of NRWT that gave rise to an…
Section RD 48 — When attributed benefits provided to more than 1 employee
RD 48 When attributed benefits provided to more than 1 employee If an employer provides a fringe benefit to which section RD 47 applies to more than 1 employee, the employer must attribute the…
Section Sch48 — Enactments repealed
Schedule 48 Enactments repealed s ZA 1 Public Acts repealed Income Tax Act 2004 (2004 No 35) Regulations revoked Income Tax (Withholding Payments) Regulations 1979 (SR 1979/259)
Section CX 48B — Issue of post-1989 forest land units
CX 48B Issue of post-1989 forest land units [Repealed] Section CX 48B: repealed (with effect on 26 September 2008), on 6 October 2009, by section 58 of the Taxation (International Taxation, Life…
Section CX 48C — Government funding additional to government screen production payments
CX 48C Government funding additional to government screen production payments When this section applies (1) This section applies when a public authority makes a payment to a person for a project if—…
Section CX 48D — Tax credits for expenditure on research and development
CX 48D Tax credits for expenditure on research and development The amount of a tax credit that a person has under subpart LH (Tax credits for expenditure on research and development) is excluded…
Section CD 49 — Cost of associated party equity
CD 49 Cost of associated party equity [Repealed] Section CD 49: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation, Life Insurance,…
Section CW 49 — Bodies promoting scientific or industrial research
CW 49 Bodies promoting scientific or industrial research Exempt income (1) An amount of income derived by a society or association established mainly to promote or encourage scientific or industrial…
Section CX 49 — Employer’s superannuation contributions
CX 49 Employer’s superannuation contributions An employer’s superannuation contribution is excluded income of— (a) the employee for whose benefit the contribution is provided; and (b) the trustees of…
Section DB 49 — Adjustment for opening values of trading stock, livestock, and excepted financial arrangements
DB 49 Adjustment for opening values of trading stock, livestock, and excepted financial arrangements When this section applies (1) This section applies when a person has some or all of the following…
Section EE 49 — Amount of depreciation recovery income when item partly used for business
EE 49 Amount of depreciation recovery income when item partly used for business Item to which this section applies (1) This section applies to an item of property that— (a) is an item to which this…
Section EH 49 — Refund on death
EH 49 Refund on death When this section applies (1) This section applies when a person— (a) has an adverse event income equalisation account; and (b) dies. Refund (2) Despite section FC 2 (Transfer…
Section EW 49 — Income and deduction when debt sold at discount to associate of debtor
EW 49 Income and deduction 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…
Section EX 49 — Accounting profits method
EX 49 Accounting profits method [Repealed] Section EX 49: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 34(1) of the…
Section EY 49 — Non-resident life insurer becoming resident
EY 49 Non-resident life insurer becoming resident Non-resident life insurer may apply (1) A life insurer not resident in New Zealand may apply to be treated for its New Zealand business as resident…
Section EZ 49 — Determination of core acquisition price where consideration for property denominated in foreign currency
EZ 49 Determination of core acquisition price where consideration for property denominated in foreign currency (1) For the purposes of paragraph (c) of the definition of core acquisition price in…
Section GB 49 — Arrangements involving returning share transfers
GB 49 Arrangements involving returning share transfers When this section applies (1) This section applies when— (a) a person enters into an arrangement; and (b) an effect of the arrangement means…
Section HM 49 — Tax credits: when sections HM 50 to HM 55 apply
HM 49 Tax credits: when sections HM 50 to HM 55 apply When sections apply (1) Sections HM 50 to HM 55 apply in relation to the tax credits of a multi-rate PIE or proxy for an investor in a multi-rate…
Section OB 49 — ICA replacement payment by company under share-lending arrangement
OB 49 ICA replacement payment by company under share-lending arrangement Debit (1) An ICA company has an imputation debit for the amount of an imputation credit attached under section OB 64 to a…
Section OP 49 — Consolidated ICA refund of amount of tax for schedular payment
OP 49 Consolidated ICA refund of amount of tax for schedular payment Debit (1) A consolidated imputation group that includes an Australian ICA company has an imputation debit for the amount of a…
Section RD 49 — Application of thresholds to attributed benefits
RD 49 Application of thresholds to attributed benefits When this section applies (1) This section applies when the value of a fringe benefit described in section RD 47 is above or below the threshold…
Section Sch49-“ 23 — Amendment to Income Tax Act 2007
“ 23 Amendment to Income Tax Act 2007 The Income Tax Act 2007 is amended by omitting from schedule 36 the item ‘ Crown Forestry Management Limited ’ . ”
Section Sch49-“ 26 — Amendment to Income Tax Act 2007
“ 26 Amendment to Income Tax Act 2007 The Income Tax Act 2007 is amended by omitting from schedule 36 the item ‘ Timberlands West Coast Limited ’ . ”
Section CD 50 — Outstanding balances of financial arrangements
CD 50 Outstanding balances of financial arrangements [Repealed] Section CD 50: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation,…
Section CW 50 — Veterinary services bodies
CW 50 Veterinary services bodies Exempt income: veterinary clubs (1) An amount of income derived by a veterinary association, club, or society is exempt income if— (a) the association, club, or…
Section CX 50 — Tax credits for KiwiSaver and complying superannuation funds
CX 50 Tax credits for KiwiSaver and complying superannuation funds An amount paid as a tax credit under subpart MK (Tax credits for KiwiSaver schemes and complying superannuation funds) is excluded…
Section DB 50 — Adjustment for prepayments
DB 50 Adjustment for prepayments When this section applies (1) This section applies when a person has, under section EA 3 (Prepayments), an unexpired amount of expenditure at the end of an income…
Section EE 50 — Amount of depreciation loss when item partly used to produce income
EE 50 Amount of depreciation loss when item partly used to produce income When subsection (2) applies (1) Subsection (2) applies when— (a) a person has an amount of depreciation loss for an item of…
Section EH 50 — Income when refund given on death
EH 50 Income when refund given on death Year of income (1) A refund under section EH 49 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before their…
Section EW 50 — Income when debt forgiven to trustee
EW 50 Income when debt forgiven to trustee When this section applies (1) This section applies when— (a) a trust is a debtor; and (b) the trust was established mainly to benefit 1 or both of the…
Section EX 50 — Attributable FIF income method
EX 50 Attributable FIF income method Formula (1) If a person is using the attributable FIF income method to calculate FIF income or loss from an attributing interest in a FIF, the total FIF income or…