Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section OP 51 — FDP accounts of consolidated FDP groups
OP 51 FDP accounts of consolidated FDP groups Consolidated group account (1) A consolidated group is a consolidated FDP group for a tax year if— (a) a group company is a foreign dividend payment…
Section RD 51 — Calculation of all-inclusive pay
RD 51 Calculation of all-inclusive pay When this section applies (1) This section applies to determine the amount of an employee’s all-inclusive pay for the purposes of section RD 50 . Calculation…
Section Sch51 — Identified changes in legislation
Schedule 51 Identified changes in legislation s ZA 3(5) Provisions in Income Tax Act 2007 or Tax Administration Act 1994 (TAA) Change Business-related provisions, listed in the appendix to this…
Section CX 51B — Disposal of pre-1990 forest land emissions units
CX 51B Disposal of pre-1990 forest land emissions units Who this section applies to (1) This section applies to a person who disposes of a pre-1990 forest land emissions unit other than by surrender.…
Section DB 51B — Adjustments for leases that become finance leases
DB 51B Adjustments for leases that become finance leases When this section applies (1) This section applies when an adjustment made under section FA 11 (Adjustments for leases that become finance…
Section CX 51C — Disposal of fishing quota emissions units
CX 51C Disposal of fishing quota emissions units Who this section applies to (1) This section applies to a person who disposes of a fishing quota emissions unit other than by surrender. Excluded…
Section CD 52 — Unrepatriated income balance
CD 52 Unrepatriated income balance [Repealed] Section CD 52: repealed (with effect on 30 June 2009), on 6 October 2009, by section 22(1) of the Taxation (International Taxation, Life Insurance, and…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 52 — Community trusts
CW 52 Community trusts An amount of income derived by the trustee of a community trust is exempt income. Defined in this Act: amount , community trust , exempt income , income , trustee , Compare:…
Section CX 52 — Refund from environmental restoration account
CX 52 Refund from environmental restoration account A refund to a person under section EK 9 (Refund of payment if excess, lacking details) is excluded income of the person. Defined in this Act:…
Section DB 52 — Adjustment for change to accounting practice
DB 52 Adjustment for change to accounting practice When this section applies (1) This section applies when a person has, under section EG 2(2) or (3) (Adjustment for changes to accounting practice),…
Section EE 52 — Amount of depreciation recovery income when compensation received
EE 52 Amount of depreciation recovery income when compensation received When this section applies (1) This section applies when a person receives insurance, indemnity, or compensation for an item of…
Section EH 52 — Income when refund given on death, and election to allocate amount to later year or years
EH 52 Income when refund given on death, and election to allocate amount to later year or years When this section applies (1) This section applies when— (a) the trustee does not make an election…
Section EW 52 — Share supplier under share-lending arrangement
EW 52 Share supplier under share-lending arrangement When this section applies (1) This section applies to a person who— (a) acquires a share under a financial arrangement (the original financial…
Section EX 52 — Fair dividend rate method: usual method
EX 52 Fair dividend rate method: usual method When this section applies (1) This section applies when a person— (a) calculates FIF income from an attributing interest in a FIF for an income year…
Section EZ 52 — References to new rules include old rules
EZ 52 References to new rules include old rules (1) Subsection (2) applies if— (a) the old financial arrangement rules apply to a financial arrangement ( old financial arrangement ); and (b) a…
Section HM 52 — Use of foreign tax credits by zero-rated and certain exiting investors
HM 52 Use of foreign tax credits by zero-rated and certain exiting investors When this section applies (1) This section applies when a multi-rate PIE has a tax credit under subpart LJ (Tax credits…
Section OB 52 — ICA imputation credit of consolidated imputation group
OB 52 ICA imputation credit of consolidated imputation group When this section applies (1) This section applies when— (a) an ICA company that is part of a consolidated imputation group has a credit…
Section OP 52 — Choosing to stop being consolidated FDP group
OP 52 Choosing to stop being consolidated FDP group Election (1) The nominated company of a consolidated FDP group may choose that the group’s status as a consolidated FDP group is to end. When…
Section RD 52 — Calculation for certain employees when information lacking
RD 52 Calculation for certain employees when information lacking When this section applies (1) This section applies in relation to the following persons when an employer does not have sufficient…
Section Sch52 — Comparative tables of old and rewritten provisions
Schedule 52 Comparative tables of old and rewritten provisions s ZA 6 Part A— Income Tax Act 2004 and other legislation and regulations : corresponding provisions in Income Tax Act 2007 or Tax…
Section EZ 52B — Consistency of use of IFRS method: Determination G3 change allowed
EZ 52B Consistency of use of IFRS method: Determination G3 change allowed When this section applies (1) This section applies to a financial arrangement of a person— (a) for the 2009–10 income year,…
Section EZ 52C — Change of spreading method: Determination G22 to Determination G22A
EZ 52C Change of spreading method: Determination G22 to Determination G22A How and when this section applies (1) This section does not alter or affect a person's tax position in relation to…
Section EZ 52D — Base price adjustment: financial arrangements to which Determination G22 and Determination G22A applied
EZ 52D Base price adjustment: financial arrangements to which Determination G22 and Determination G22A applied How and when this section applies (1) This section does not alter or affect a person's…
Section CD 53 — Prevention of double taxation of share cancellation dividends
CD 53 Prevention of double taxation of share cancellation dividends When this section applies (1) This section applies when— (a) a person derives an amount from the cancellation of a share in a…
Section CW 53 — Distributions from complying trusts
CW 53 Distributions from complying trusts To the extent to which section HC 20 (Distributions from complying trusts) applies to an amount that a person derives as a beneficiary of a trust, the amount…
Section CX 53 — Credits for inflation-indexed instruments
CX 53 Credits for inflation-indexed instruments When this section applies (1) This section applies when— (a) an amount payable to a person who is a lender for money lent is determined by a fixed…
Section DB 53 — Attributed PIE losses of certain investors
DB 53 Attributed PIE losses of certain investors When this section applies (1) This section applies to an investor in a multi-rate PIE when— (a) an amount of attributed PIE loss is attributed under…
Section EE 53 — Unused geothermal well brought into use
EE 53 Unused geothermal well brought into use When this section applies (1) This section applies to a person when an event occurs to which section EE 47(6) applies. Person treated as acquiring well…
Section EH 53 — Refund on bankruptcy
EH 53 Refund on bankruptcy When this section applies (1) This section applies when a person— (a) has an adverse event income equalisation account; and (b) is bankrupt. Refund (2) The Commissioner…
Section EW 53 — Adjustment required
EW 53 Adjustment required When this section applies (1) This section applies when— (a) the terms of a financial arrangement give either party, both parties, or an associated person the discretion to…
Section EX 53 — Fair dividend rate method for unit-valuing funds and others by choice
EX 53 Fair dividend rate method for unit-valuing funds and others by choice When this section applies: first case (1) This section applies when a person— (a) calculates FIF income from an attributing…
Section EZ 53 — How expected death strain is calculated
EZ 53 How expected death strain is calculated Calculation of expected death strain: steps (1) For an income year, the life insurer calculates their expected death strain by following these steps: (a)…
Section HM 53 — Use of tax credits other than foreign tax credits by PIEs
HM 53 Use of tax credits other than foreign tax credits by PIEs When this section applies (1) This section applies when a multi-rate PIE has— (a) a tax credit under Part L (Tax credits and other…
Section OB 53 — ICA debit on resident’s restricted amalgamation
OB 53 ICA debit on resident’s restricted amalgamation Debit (1) An ICA company has an imputation debit for the amount of a debit described in subsection (3) that arises on or after a resident’s…
Section OP 53 — When group company emigrates
OP 53 When group company emigrates When this section applies (1) This section applies when an FDPA company in a consolidated FDP group is an emigrating company. Status ends (2) The group’s status as…
Section RD 53 — Pooling non-attributed benefits
RD 53 Pooling non-attributed benefits When this section applies (1) This section applies in a tax year when an employer provides a fringe benefit that is— (a) a benefit provided to a former employee;…
Section CD 54 — Replacement payments
CD 54 Replacement payments The amount of a replacement payment derived by a person under a returning share transfer is income of the person when it is paid to the person. Defined in this Act: income…
Section CW 54 — Foreign-sourced amounts derived by trustees
CW 54 Foreign-sourced amounts derived by trustees To the extent to which section HC 26 (Foreign-sourced amounts: resident trustees) applies to a foreign-sourced amount that a trustee who is resident…
Section CX 54 — Share-lending collateral under share-lending arrangements
CX 54 Share-lending collateral under share-lending arrangements An amount of share-lending collateral derived by a person under a share-lending arrangement is excluded income of the person. Defined…
Section DB 54 — Treatment of credits for investment fees
DB 54 Treatment of credits for investment fees When this section applies (1) This section applies when an investor in an investor class of a multi-rate PIE incurs expenses in relation to their…
Section EE 54 — Cost: GST
EE 54 Cost: GST When this section applies (1) This section applies when an amount of depreciation loss or an amount of depreciation recovery income is calculated by reference to the cost of an item…
Section EH 54 — Income when refund given on bankruptcy
EH 54 Income when refund given on bankruptcy A refund under section EH 53 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before the bankruptcy starts.…
Section EW 54 — Meaning of cash basis person
EW 54 Meaning of cash basis person Who is cash basis person (1) A person is a cash basis person for an income year if— (a) 1 of the following applies in the person's case for the income year: (i)…
Section EX 54 — Fair dividend rate method and cost method: when periods affected by share reorganisations
EX 54 Fair dividend rate method and cost method: when periods affected by share reorganisations Relevant items and formulas (1) This section provides for the calculation, for an income year or unit…
Section EZ 54 — Expected death strain formulas
EZ 54 Expected death strain formulas Expected death strain formula (life) (1) The expected death strain formula (life) is— claim probability × (opening sum assured − opening actuarial reserves).…
Section HM 54 — Use of tax credits other than foreign tax credits by investors
HM 54 Use of tax credits other than foreign tax credits by investors When this section applies (1) This section applies when a multi-rate PIE has a tax credit under Part L (Tax credits and other…
Section OB 54 — ICA tax advantage arrangement
OB 54 ICA tax advantage arrangement Debit (1) An ICA company has an imputation debit for the amount of a debit for a tax advantage arrangement determined under section GB 36 (Reconstruction of…
Section OP 54 — When credits and debits arise only in consolidated FDP group accounts
OP 54 When credits and debits arise only in consolidated FDP group accounts Credits to group accounts (1) A credit listed in subsection (2) arises only in the FDP account of a consolidated FDP group…
Section RD 54 — Value of and payments towards fringe benefits
RD 54 Value of and payments towards fringe benefits Value of benefit (1) The taxable value of a fringe benefit is the value of the benefit. Subsection (2) overrides this subsection. Reduction for…
Section DB 54B — Expenditure incurred by foreign investment PIEs
DB 54B Expenditure incurred by foreign investment PIEs When this section applies (1) This section applies when a foreign investment PIE incurs expenditure or loss in deriving income attributable to—…