Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section CX 62 — Amounts of excluded income for partners
CX 62 Amounts of excluded income for partners A person who is a partner has an amount of excluded income to the extent to which an amount of excluded income results from the application of subpart HG…
Section DB 62 — Deduction for legal expenses
DB 62 Deduction for legal expenses When this section applies (1) This section applies to a person when their total legal expenses for an income year is equal to or less than $10,000. Deduction (2)…
Section EE 62 — Meaning of depreciable intangible property
EE 62 Meaning of depreciable intangible property Meaning (1) Depreciable intangible property means the property listed in schedule 14 (Depreciable intangible property). Criteria for listing in…
Section EH 62 — Other definitions
EH 62 Other definitions In the adverse event income equalisation scheme,— adverse event deposit means a payment made to the Commissioner under section EH 38(1) adverse event income equalisation…
Section EW 62 — When and how calculation of cash basis adjustment required
EW 62 When and how calculation of cash basis adjustment required Choosing spreading method (1) A cash basis person who chooses to use a spreading method must calculate a cash basis adjustment for the…
Section EX 62 — Limits on changes of method
EX 62 Limits on changes of method No change unless allowed (1) Once a person uses a particular calculation method to calculate FIF income or loss for an attributing interest in a FIF for a particular…
Section EZ 62 — Reinsurance transition: life financial reinsurance may be life reinsurance
EZ 62 Reinsurance transition: life financial reinsurance may be life reinsurance (1) If a life contract that is entered into before a life insurer's reinsurance grandparenting start day would be a…
Section HM 62 — Exit levels for investors
HM 62 Exit levels for investors An investor in a multi-rate PIE is treated as reaching the exit level when the PIE’s tax liability for the investor is equal to, or more than, the value of the…
Section OB 62 — Retrospective attachment of imputation credits
OB 62 Retrospective attachment of imputation credits When this section applies (1) This section applies in relation to a dividend arising from a transfer pricing arrangement or under subpart FL…
Section OP 62 — Consolidated FDPA transfer for net foreign attributed income
OP 62 Consolidated FDPA transfer for net foreign attributed income [Repealed] Section OP 62: repealed (with effect on 1 April 2009), on 6 October 2009, by section 465(1) of the Taxation…
Section RD 62 — Changes in payment periods
RD 62 Changes in payment periods No changes for simple or alternate rate options (1) An employer’s decision to pay FBT on a quarterly basis under the single rate option or the alternate rate option…
Section CW 62B — Voluntary activities
CW 62B Voluntary activities Exempt income (1) When a volunteer, in undertaking a voluntary activity, derives an amount that is a reimbursement payment to cover actual expenses incurred by them, the…
Section CW 63 — Avoidance arrangements
CW 63 Avoidance arrangements An amount is exempt income if it is treated as exempt income under— (a) section GA 1 (Commissioner’s power to adjust): (b) section GB 23 (Excessive remuneration to…
Section CX 63 — Dividends derived after company ceased to be look-through company
CX 63 Dividends derived after company ceased to be look-through company Dividends (1) A dividend derived by a person from a company after it has ceased to be a look-through company is excluded income…
Section EE 63 — Meaning of estimated useful life
EE 63 Meaning of estimated useful life Meaning for item of depreciable property, except for copyright in sound recording (1) Estimated useful life , for an item of depreciable property, other than a…
Section EH 63 — Persons to whom thinning operations income equalisation scheme applies
EH 63 Persons to whom thinning operations income equalisation scheme applies Person described (1) The thinning operations income equalisation scheme applies to a company that, in an accounting year,—…
Section EW 63 — Cash basis adjustment formula
EW 63 Cash basis adjustment formula Formula (1) A person calculates a cash basis adjustment using the formula— adjusted income − adjusted expenditure − previous income + previous expenditure.…
Section EX 63 — Consequences of changes in method
EX 63 Consequences of changes in method Changes between cost-based methods and look-through methods (1) Subsection (2) applies if a person holding an attributing interest in a FIF changes the…
Section EZ 63 — Disposal and acquisition upon entry
EZ 63 Disposal and acquisition upon entry When this section applies (1) This section applies for a life insurer immediately before a day (the application day ) that is— (a) 1 July 2010, if the life…
Section HM 63 — Exit periods
HM 63 Exit periods When this section applies (1) This section applies when an investor in a multi-rate PIE reaches the exit level during a tax year. Exit period: exit calculation (2) For a PIE that…
Section OB 63 — Australian dividends
OB 63 Australian dividends No credits attached (1) Despite section OB 60(1) , an ICA company must not attach an imputation credit to a dividend if— (a) the Income Tax Assessment Act 1997 (Aust)…
Section OP 63 — Consolidated FDPA reversal of tax advantage arrangement
OP 63 Consolidated FDPA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an FDP credit in a consolidated FDP group’s FDP account…
Section RD 63 — When employer stops employing staff
RD 63 When employer stops employing staff Who this section applies to (1) This section applies in a tax year to an employer who stops employing staff and does not intend to replace them. But this…
Section CW 64 — Exemption under other Acts
CW 64 Exemption under other Acts An amount of income expressly exempted from income tax by any other Act is exempt income. Defined in this Act: amount , exempt income , income , income tax , Compare:…
Section DB 64 — Capital contributions
DB 64 Capital contributions When this section applies (1) This section applies if,–– (a) a person has derived a capital contribution after 20 May 2010; and (b) in the absence of this section, the…
Section EE 64 — Meaning of excluded depreciable property
EE 64 Meaning of excluded depreciable property Meaning (1) Excluded depreciable property means, for a person,— (a) depreciable property for whose purchase or construction the person entered into a…
Section EH 64 — Thinning operations deposit
EH 64 Thinning operations deposit Deposit for thinning operations (1) A person may make a payment to the Commissioner for entry in their thinning operations income equalisation account for an…
Section EX 64 — Migration of persons holding FIF interests
EX 64 Migration of persons holding FIF interests Leaving New Zealand (1) Subsection (2) applies if a person— (a) ceases to be resident in New Zealand; and (b) holds an attributing interest in a FIF…
Section HM 64 — Use of investor classes’ losses
HM 64 Use of investor classes’ losses When this section applies (1) This section applies when an investor class of a PIE that calculates and pays tax using the exit calculation or quarterly…
Section OB 64 — Replacement payments
OB 64 Replacement payments Attaching credits (1) On making a replacement payment, a share user under a share-lending arrangement may attach an imputation credit to the payment. Amount of credit (2)…
Section OP 64 — Consolidated FDPA payment of dividend
OP 64 Consolidated FDPA payment of dividend Debit (1) A consolidated FDP group has an FDP debit for the amount of an FDP credit attached to a dividend paid by a group company that is part of the…
Section RD 64 — ESCT rules and their application
RD 64 ESCT rules and their application Meaning (1) The ESCT rules means— (a) section CX 49 (Employer’s superannuation contributions); and (b) sections RD 65 to RD 71 ; and (c) sections 15C to 15M ,…
Section DB 65 — Allowance for certain commercial buildings
DB 65 Allowance for certain commercial buildings When this section applies (1) This section applies when–– (a) a person owns an item that is a commercial building (the building ), and the building is…
Section EE 65 — Meaning of maximum pooling value
EE 65 Meaning of maximum pooling value Meaning (1) Maximum pooling value , for an item of depreciable property, means the greater of— (a) $2,000; and (b) the value set in a determination issued under…
Section EH 65 — Thinning operations income equalisation account
EH 65 Thinning operations income equalisation account Person’s account (1) The Commissioner must keep a thinning operations income equalisation account in the name of every person that makes a…
Section EX 65 — Changes in application of FIF exemptions
EX 65 Changes in application of FIF exemptions Exemptions ceasing to apply (1) Subsections (2) to (4) apply if a person— (a) holds rights in 1 of the categories of rights described in section EX…
Section HM 65 — Use of land losses of investor classes
HM 65 Use of land losses of investor classes When this section applies (1) This section applies when an investor class of a multi-rate PIE that calculates and pays tax using the exit calculation…
Section OB 65 — Further income tax for ICA closing debit balance
OB 65 Further income tax for ICA closing debit balance Liability (1) An ICA company is liable to pay further income tax for a debit balance in the company’s imputation credit account at the end of a…
Section OP 65 — Consolidated FDPA credit transfer by company
OP 65 Consolidated FDPA credit transfer by company Debit (1) A consolidated FDP group has an FDP debit for the amount of an FDP credit attached to a dividend paid to a company if— (a) at the time of…
Section RD 65 — Employer's superannuation cash contributions
RD 65 Employer's superannuation cash contributions Contribution in money for benefit of employees or past employees (1) An employer's superannuation cash contribution means a superannuation…
Section EE 66 — Meaning of poolable property
EE 66 Meaning of poolable property Meaning (1) Poolable property , for an income year, means an item of depreciable property that a person owns to which subsections (2) to (4) apply. Not a building…
Section EH 66 — Interest on deposits in thinning operations income equalisation account
EH 66 Interest on deposits in thinning operations income equalisation account No interest payable (1) No interest is payable on a deposit in a thinning operations income equalisation account that is…
Section EX 66 — Entities emigrating from New Zealand
EX 66 Entities emigrating from New Zealand When this section applies (1) This section applies when a person holds rights that become an attributing interest in a FIF because an entity becomes a FIF.…
Section HM 66 — Formation losses carried forward to tax year
HM 66 Formation losses carried forward to tax year What this section applies to (1) This section applies to an entity that becomes a PIE, other than a multi-rate PIE that calculates and pays tax…
Section OB 66 — Further income tax when company stops being ICA company
OB 66 Further income tax when company stops being ICA company Liability (1) An ICA company is liable to pay further income tax for a debit balance in the company’s imputation credit account when the…
Section OP 66 — Consolidated FDPA refund of FDP
OP 66 Consolidated FDPA refund of FDP Debit (1) A consolidated FDP group has an FDP debit for a refund of FDP paid to a group company that is part of the group when it derived the dividend giving…
Section RD 66 — Complying fund rules
RD 66 Complying fund rules [Repealed] Section RD 66: repealed, on 1 April 2012, by section 10 of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section EX 66B — Entities ceasing to be FIFs
EX 66B Entities ceasing to be FIFs When this section applies (1) This section applies when a person holds rights that cease to be an attributing interest in a FIF because an entity ceases to be a…
Section EE 67 — Other definitions
EE 67 Other definitions In this Act,— depreciation method means a method described in section EE 12 diminishing value method means the method of calculating an amount of depreciation loss for an item…
Section EH 67 — Deduction of deposit
EH 67 Deduction of deposit When this section applies (1) This section applies when a person is allowed a deduction under section DQ 3 (Thinning operations income equalisation scheme). Amount of…