Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section DB 58 — Adjustment for avoidance arrangements
DB 58 Adjustment for avoidance arrangements Deduction denied (1) An amount is not a deduction of a person if the deduction is denied under— (a) section GA 1 (Commissioner’s power to adjust): (b)…
Section EE 58 — Base value in section EE 56 when no previous deduction
EE 58 Base value in section EE 56 when no previous deduction When this section applies (1) This section applies when all the following apply to the item: (a) it is not a building; and (b) it is not…
Section EH 58 — Minimum refund
EH 58 Minimum refund The Commissioner must not give a refund under any of sections EH 45 , EH 47 , EH 49 , EH 53 , and EH 55 that is less than the lesser of— (a) $200; and (b) the balance in the…
Section EW 58 — Financial arrangements, income, and expenditure relevant to criteria
EW 58 Financial arrangements, income, and expenditure relevant to criteria Inclusions in and exclusions from thresholds (1) The calculations required by section EW 57(1) to (3) are done for every…
Section EX 58 — Additional FIF income or loss if CFC owns FIF
EX 58 Additional FIF income or loss if CFC owns FIF Application of this section (1) This section applies when— (a) a person has an income interest of 10% or more in a CFC for an accounting period…
Section EZ 58 — Expected death strain formula (life): when partial reinsurance exists
EZ 58 Expected death strain formula (life): when partial reinsurance exists When this section applies (1) This section applies when a life insurer has partial life reinsurance. Opening sum assured…
Section HM 58 — Transition of rate for certain investors
HM 58 Transition of rate for certain investors When this section applies (1) This section applies to a multi-rate PIE in relation to a person who is an investor in the PIE, and the person has, on 30…
Section OB 58 — ICA refund of amount of tax for schedular payment
OB 58 ICA refund of amount of tax for schedular payment Debit (1) An Australian ICA company has an imputation debit for the amount of a refund of an amount of tax for a schedular payment that gave…
Section OP 58 — Consolidated FDPA dividend derived with FDP credit
OP 58 Consolidated FDPA dividend derived with FDP credit Credit (1) A consolidated FDP group has an FDP credit for the amount of an FDP credit attached to a dividend derived by a group company. Table…
Section RD 58 — Single rate option
RD 58 Single rate option Rate for all quarters (1) An employer who chooses to pay their FBT liability under the single rate option must pay FBT at the rate of 49.25% of the taxable value of a fringe…
Section CW 59 — New Zealand companies operating in Niue
CW 59 New Zealand companies operating in Niue Exempt income: income wholly or mainly from Niue (1) An amount of income derived by a company incorporated in New Zealand that derives its income wholly…
Section CX 59 — Taxable distributions from non-complying trusts
CX 59 Taxable distributions from non-complying trusts An amount that a person derives in an income year as a taxable distribution from a non-complying trust under section HC 19 (Taxable distributions…
Section DB 59 — Market value substituted
DB 59 Market value substituted Transfer pricing arrangements (1) A person may be denied a deduction under section GC 7 (Excess amount payable by person). Acquisition for below market value (2) A…
Section EE 59 — Base value in section EE 56 when property is petroleum-related depreciable property
EE 59 Base value in section EE 56 when property is petroleum-related depreciable property When this section applies (1) This section applies when the item is an item of petroleum-related depreciable…
Section EH 59 — Deposits from which refunds come
EH 59 Deposits from which refunds come Each refund a person is given is treated as coming from the total amount of their deposits in the order in which they made the deposits. Defined in this Act:…
Section EW 59 — Exclusion by Commissioner
EW 59 Exclusion by Commissioner The Commissioner may treat a person who would otherwise be a cash basis person for a class of financial arrangements as not being a cash basis person for the class if—…
Section EX 59 — Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method
EX 59 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method When this section applies (1) This section applies when a person has an attributing…
Section EZ 59 — Meaning of actuarial reserves
EZ 59 Meaning of actuarial reserves Actuarial reserves generally (1) For the purposes of sections EZ 53 to EZ 58 , actuarial reserves means a life insurer’s reserves as calculated under section EZ 60…
Section HM 59 — Prescribed investor rates for certain investors: 0%
HM 59 Prescribed investor rates for certain investors: 0% [Repealed] Section HM 59: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 49(1) of the Taxation…
Section OB 59 — ICA refund of schedular income tax
OB 59 ICA refund of schedular income tax Debit (1) An Australian ICA company has an imputation debit for the amount of a refund of schedular income tax that gave rise to an imputation credit under…
Section OP 59 — Consolidated FDPA group company’s credit
OP 59 Consolidated FDPA group company’s credit Credit (1) A consolidated FDP group has an FDP credit for the amount of a credit arising as follows: (a) an FDP credit described in a row of table O3:…
Section RD 59 — Alternate rate option
RD 59 Alternate rate option Election (1) This section applies when an employer chooses to pay their FBT liability under the alternate rate option. First three quarters (2) The employer may pay FBT…
Section CW 59B — Income of and distributions by certain international funds
CW 59B Income of and distributions by certain international funds Trustees (1) An amount derived by a person is exempt income of the person if they are— (a) the trustee of the Niue International…
Section CW 59C — Life reinsurance outside New Zealand
CW 59C Life reinsurance outside New Zealand An amount of life reinsurance claim derived by a life insurer is exempt income to the extent to which, for the relevant life reinsurance policy, deductions…
Section CW 60 — Stake money
CW 60 Stake money Stake or prize money for a dog race, horse race, or trotting race is exempt income if— (a) it is paid by a club that is licensed to use the totalisator under the Racing Act 2003 ;…
Section CX 60 — Intra-group transactions
CX 60 Intra-group transactions When this section applies (1) This section applies for the purposes of section FM 8 (Transactions between group companies: income) when a company that is part of a…
Section DB 60 — Acquisition of emissions units
DB 60 Acquisition of emissions units When this section applies (1) This section applies when an emissions unit is transferred to a person for a price of zero— (a) under section 64 , or Part 4,…
Section EE 60 — Total deductions in section EE 56
EE 60 Total deductions in section EE 56 Total deductions (1) Total deductions is the total, calculated as at a particular time, of— (a) the amount described in subsection (2); and (b) the amount…
Section EH 60 — Transfer of deposit
EH 60 Transfer of deposit Transfer from adverse event to main income equalisation account (1) A deposit that is in a person’s adverse event income equalisation account on the day 1 year after the…
Section EW 60 — Trustee of deceased’s estate
EW 60 Trustee of deceased’s estate When trustee of estate is cash basis person (1) A trustee of a deceased’s estate is a cash basis person for financial arrangements in the estate in the…
Section EX 60 — Top-up FIF income: deemed rate of return method
EX 60 Top-up FIF income: deemed rate of return method When this section applies (1) This section applies at any time when a person— (a) has an attributing interest in a FIF for a period; and (b) is…
Section EZ 60 — Actuarial reserves: calculation
EZ 60 Actuarial reserves: calculation Calculation by actuary (1) The life insurer’s actuarial reserves must be actuarially determined. All reserves or 1 or more amounts (2) The actuary may calculate—…
Section HM 60 — Notified investor rates
HM 60 Notified investor rates Notifying PIE (1) Despite sections HM 56 to HM 58 , an investor other than a notified foreign investor who has provided their tax file number to a multi-rate PIE may…
Section OB 60 — Imputation credits attached to dividends
OB 60 Imputation credits attached to dividends Attaching imputation credits (1) When an ICA company pays a dividend, it may attach an imputation credit to the dividend. Section OB 63 overrides this…
Section OP 60 — Consolidated FDPA credit transfer to company
OP 60 Consolidated FDPA credit transfer to company Credit (1) A consolidated FDP group has an FDP credit for the amount of an FDP credit shown in a credit transfer notice given to a company that is…
Section RD 60 — Close company option
RD 60 Close company option When this section applies (1) This section applies in an income year when an employer that is a close company provides a fringe benefit to a shareholder-employee if, in the…
Section DB 60B — Liabilities for emissions
DB 60B Liabilities for emissions When this section applies (1) This section applies when a person incurs a liability— (a) under the Climate Change Response Act 2002 for emissions relating to…
Section CW 61 — Providing standard-cost household service
CW 61 Providing standard-cost household service Exempt income under determination (1) An amount of income derived in an income year by a natural person from providing a standard-cost household…
Section CX 61 — Avoidance arrangements
CX 61 Avoidance arrangements An amount is excluded income if it is treated as excluded income under— (a) section GA 1 (Commissioner’s power to adjust): (b) section GB 23 (Excessive remuneration to…
Section DB 61 — Surrender of certain emissions units for post-1989 forest land emissions
DB 61 Surrender of certain emissions units for post-1989 forest land emissions When this section applies (1) This section applies when a person surrenders a pre-1990 forest land emissions unit or…
Section EE 61 — Meaning of annual rate
EE 61 Meaning of annual rate Meaning (1) Annual rate means the annual depreciation rate applying to an item of depreciable property that a person owns. The rate is 1 of the rates described in…
Section EH 61 — Meaning of adverse event maximum deposit
EH 61 Meaning of adverse event maximum deposit Meaning (1) Adverse event maximum deposit means the maximum deposit that this section says a person may make to their adverse event income equalisation…
Section EW 61 — Election to use spreading method
EW 61 Election to use spreading method Election of spreading method (1) A cash basis person may choose to use a spreading method, unless subsection (2) applies. Election not allowed (2) A cash basis…
Section EX 61 — Top-up FIF income: 1 April 1993 uplift interests
EX 61 Top-up FIF income: 1 April 1993 uplift interests When this section applies (1) This section applies at any time if a person— (a) has an attributing interest in a FIF for a period; and (b) held…
Section EZ 61 — Allowance for cancelled amount: spreading
EZ 61 Allowance for cancelled amount: spreading Policyholder base allowable deduction (1) For an income year that includes 1 July 2010 and later income years, a life insurer may choose, by a notice…
Section HM 61 — Certain exiting investors zero-rated
HM 61 Certain exiting investors zero-rated When tax rate zero (1) Despite section HM 60 , the tax rate applying to an investor for a quarter is 0% if— (a) the investor interest of the investor in a…
Section OB 61 — ICA benchmark dividend rules
OB 61 ICA benchmark dividend rules When this section applies (1) This section applies when an ICA company pays a dividend on more than 1 occasion during a tax year. Subsection (2) overrides this…
Section OP 61 — Consolidated FDPA transfer from group’s CTR account
OP 61 Consolidated FDPA transfer from group’s CTR account [Repealed] Section OP 61: repealed (with effect on 1 April 2009), on 6 October 2009, by section 464(1) of the Taxation (International…
Section RD 61 — Small business option
RD 61 Small business option When this section applies (1) This section applies when an employer provides a fringe benefit to an employee who is not a shareholder-employee in a tax year if, for the…
Section CW 62 — Interest paid under the KiwiSaver Act 2006
CW 62 Interest paid under the KiwiSaver Act 2006 Interest paid by the Commissioner under section 84 of the KiwiSaver Act 2006 is exempt income. Defined in this Act: Commissioner , exempt income ,…