Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CW 55 — Maori authority distributions
CW 55 Maori authority distributions A distribution from a Maori authority to a member, to the extent to which it is not income under section CV 11 (Maori authorities) is exempt income. Defined in…
Section CX 55 — Proceeds from disposal of investment shares
CX 55 Proceeds from disposal of investment shares What this section applies to (1) This section applies in an income year to the following entities unless the entity is assured, under an arrangement…
Section DB 55 — Expenditure incurred in deriving exempt dividend
DB 55 Expenditure incurred in deriving exempt dividend Deduction (1) A company that derives a dividend that is exempt income of the company under section CW 9 (Dividend derived from foreign company)…
Section EE 55 — Meaning of adjusted tax value
EE 55 Meaning of adjusted tax value Meaning (1) Adjusted tax value means,— (a) for an item of depreciable property, the amount calculated using the formula in section EE 56 : (b) for a pool, the…
Section EH 55 — Refund on liquidation
EH 55 Refund on liquidation When this section applies (1) This section applies when a person— (a) has an adverse event income equalisation account; and (b) is put into liquidation. Refund (2) The…
Section EW 55 — Effect of being cash basis person
EW 55 Effect of being cash basis person Use of spreading method (1) A cash basis person is not required to apply any of the spreading methods to any of their financial arrangements, but may choose to…
Section EX 55 — Deemed rate of return method
EX 55 Deemed rate of return method Formula changes if interest changes (1) If a person is using the deemed rate of return method to calculate FIF income or loss from an attributing interest in a FIF…
Section EZ 55 — Expected death strain formulas: option when more than 1 life insured
EZ 55 Expected death strain formulas: option when more than 1 life insured When this section applies (1) This section applies when a life insurance policy covers more than 1 life insured. Claim…
Section HM 55 — Tax credits for losses
HM 55 Tax credits for losses A multi-rate PIE that has a negative amount arising under section HM 47(5) and has not chosen to calculate its tax liability using the provisional tax calculation option…
Section OB 55 — ICA retrospective imputation credit
OB 55 ICA retrospective imputation credit Debit (1) An ICA company has an imputation debit for an imputation credit that is retrospectively attached to a non-cash dividend under section OB 62 . Table…
Section OP 55 — Provisions applying to consolidated FDP groups
OP 55 Provisions applying to consolidated FDP groups Single company, tax liabilities (1) The provisions set out in subsection (2) apply, modified as necessary, to a consolidated FDP group and to the…
Section RD 55 — Private use of motor vehicle: taxable value in cases of part ownership
RD 55 Private use of motor vehicle: taxable value in cases of part ownership If a fringe benefit is provided by making available a motor vehicle to an employee for their private use, and the vehicle…
Section CW 55BA — Tertiary education institutions
CW 55BA Tertiary education institutions An amount of income derived by a tertiary education institution that is established under Part 14 of the Education Act 1989 and is not carried on for the…
Section CW 55B — Amounts of exempt income for partners
CW 55B Amounts of exempt income for partners A person who is a partner has an amount of exempt income to the extent to which an amount of exempt income results from the application of subpart HG…
Section CW 55BB — Minors' income, to limited extent
CW 55BB Minors' income, to limited extent When this section applies (1) This section applies for a tax year to a person, other than an absentee, when the person is— (a) younger than 15: (b) younger…
Section HM 55C — Modified source rules
HM 55C Modified source rules Business in New Zealand (1) Despite section YD 4(2) (Classes of income treated as having New Zealand source), income attributed to a notified foreign investor by a…
Section HM 55D — Requirements for investors in foreign investment PIEs
HM 55D Requirements for investors in foreign investment PIEs What this section does (1) This section applies to determine the treatment of a non-resident person who is an investor in a multi-rate PIE…
Section HM 55E — Changes in status of investors in foreign investment PIEs
HM 55E Changes in status of investors in foreign investment PIEs When this section applies (1) This section applies when— (a) a person who is a notified foreign investor in a foreign investment PIE—…
Section HM 55F — Treatment of income attributed to notified foreign investors
HM 55F Treatment of income attributed to notified foreign investors What this section does (1) This section applies for a foreign investment PIE for the purposes of the calculations that must be made…
Section HM 55G — Allowable amounts and thresholds for income with New Zealand source
HM 55G Allowable amounts and thresholds for income with New Zealand source For the purposes of sections HM 19B and HM 55H , and schedule 6 (Prescribed rates: PIE investments and retirement scheme…
Section HM 55H — Treatment when certain requirements for foreign investment PIEs not met
HM 55H Treatment when certain requirements for foreign investment PIEs not met Income sources (1) A foreign investment zero-rate PIE that derives an amount of income other than a foreign-sourced…
Section CW 56 — Non-resident aircraft operators
CW 56 Non-resident aircraft operators Exempt income (1) An amount of income derived by a non-resident aircraft operator from air transport from New Zealand is exempt income to the extent to which the…
Section CX 56 — Attributed income of certain investors in multi-rate PIEs
CX 56 Attributed income of certain investors in multi-rate PIEs When this section applies (1) This section applies when an investor in a multi-rate PIE derives income attributed under section CP 1…
Section DB 56 — Expenditure incurred in operating motor vehicle under agreement or arrangement affected by section CX 7
DB 56 Expenditure incurred in operating motor vehicle under agreement or arrangement affected by section CX 7 Deduction (1) A party to an agreement or arrangement referred to in section CX 7…
Section EE 56 — Formula
EE 56 Formula Formula (1) The formula referred to in section EE 55 is— base value − total deductions. Definition of items in formula (2) In the formula,— (a) base value has the applicable meaning in…
Section EH 56 — Income when refund given on liquidation
EH 56 Income when refund given on liquidation A refund under section EH 55 is income, under section CB 27 (Income equalisation schemes), derived by the person immediately before the liquidation…
Section EW 56 — Natural person
EW 56 Natural person [Repealed] Section EW 56: repealed, on 1 April 2009, by section 10(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).
Section EX 56 — Cost method
EX 56 Cost method Cost method formula (1) If a person is using the cost method to calculate FIF income or loss from an attributing interest in a FIF for an income year, the person’s total FIF income…
Section EZ 56 — Expected death strain formula (life): when annuity payable on death
EZ 56 Expected death strain formula (life): when annuity payable on death When this section applies (1) This section applies when, and to the extent to which, a life insurance policy provides for the…
Section HM 56 — Prescribed investor rates: schedular rates
HM 56 Prescribed investor rates: schedular rates Rates set out in schedule (1) The prescribed investor rate of an investor in a multi-rate PIE is determined under schedule 6 , tables 1 and 1B…
Section OB 56 — ICA final balance
OB 56 ICA final balance Debit (1) An ICA company has an imputation debit for a credit balance in the imputation credit account when the company stops being an ICA company. Table reference (2) The…
Section OP 56 — Consolidated FDPA payment of FDP
OP 56 Consolidated FDPA payment of FDP [Repealed] Section OP 56: repealed (with effect on 1 April 2009), on 6 October 2009, by section 462(1) of the Taxation (International Taxation, Life Insurance,…
Section RD 56 — Private use of motor vehicle: when schedular value not used
RD 56 Private use of motor vehicle: when schedular value not used When this section applies (1) This section applies when the employer has not valued the motor vehicle using schedule 5, clause 9…
Section CX 56B — Distributions to investors in multi-rate PIEs
CX 56B Distributions to investors in multi-rate PIEs Excluded income (1) An amount of income derived by an investor in a multi-rate PIE as a distribution of or dividend of the PIE is excluded income…
Section CX 56C — Distributions to investors by listed PIEs
CX 56C Distributions to investors by listed PIEs Resident investors (1) If an investor in a listed PIE derives an amount in an income year as a distribution by or dividend of the PIE, the amount is…
Section CW 57 — Non-resident company involved in exploration and development activities
CW 57 Non-resident company involved in exploration and development activities Exempt income (1) An amount of income derived by a non-resident company from exploration and development activities in an…
Section CX 57 — Credits for investment fees
CX 57 Credits for investment fees When this section applies (1) This section applies when— (a) a multi-rate PIE includes a credit for fees in the calculation of its tax liability under section HM 47…
Section DB 57 — Payments to spouses, civil union partners, or de facto partners other than for services
DB 57 Payments to spouses, civil union partners, or de facto partners other than for services No deduction without approval (1) A person is denied a deduction for a payment to their spouse, civil…
Section EE 57 — Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies
EE 57 Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies When this section applies (1) This section applies when none of sections EE 58 , EE 59 , and EZ 22(1) (Base…
Section EH 57 — Amendment of assessment
EH 57 Amendment of assessment Despite the time bar, the Commissioner may amend an assessment at any time in order to give effect to any of sections EH 48 , EH 51 , and EH 52 . Defined in this Act:…
Section EW 57 — Thresholds
EW 57 Thresholds Income and expenditure threshold (1) For the purposes of section EW 54(1)(a)(i) , this subsection applies if the absolute value of the person’s income and expenditure in the income…
Section EX 57 — Conversion of foreign currency amounts: most methods
EX 57 Conversion of foreign currency amounts: most methods When this section applies (1) This section applies when— (a) an amount in a foreign currency is the market value of, or is derived from or…
Section EZ 57 — Expected death strain formulas: when annuity payable on survival to date or age specified in policy
EZ 57 Expected death strain formulas: when annuity payable on survival to date or age specified in policy When this section applies (1) This section applies when, and to the extent to which, a life…
Section HM 57 — Prescribed investor rates for certain investors: 0%
HM 57 Prescribed investor rates for certain investors: 0% An investor (a zero-rated investor ) in a multi-rate PIE has a prescribed investor rate of 0% if they are resident in New Zealand and are—…
Section OB 57 — ICA refund of NRWT
OB 57 ICA refund of NRWT Debit (1) An Australian ICA company has an imputation debit for an amount of a refund of NRWT that gave rise to an imputation credit under section OB 27 . Table references…
Section OP 57 — Consolidated FDPA payment of further FDP
OP 57 Consolidated FDPA payment of further FDP [Repealed] Section OP 57: repealed (with effect on 1 April 2009), on 6 October 2009, by section 463(1) of the Taxation (International Taxation, Life…
Section RD 57 — Private use of motor vehicle: when schedular value used
RD 57 Private use of motor vehicle: when schedular value used When this section applies (1) This section applies when an employer has valued the motor vehicle using schedule 5, clause 9 (Fringe…
Section HM 57B — Prescribed investor rates for new residents
HM 57B Prescribed investor rates for new residents When this section applies (1) This section applies for the purposes of determining a person's prescribed investor rate under schedule 6 , table 1…
Section CW 58 — Disposal of companies’ own shares
CW 58 Disposal of companies’ own shares An amount of income derived by a company from disposing of shares in the company is exempt income if— (a) the company acquired the shares; and (b) the…
Section CX 58 — Amounts derived by minors from trusts
CX 58 Amounts derived by minors from trusts To the extent to which section HC 35 (Beneficiary income of minors) applies to an amount of beneficiary income, the amount is excluded income of the minor.…