Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section HL 2 — Scheme of subpart
HL 2 Scheme of subpart [Repealed] Section HL 2: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance,…
Section HM 2 — What is a portfolio investment entity?
HM 2 What is a portfolio investment entity? Meaning (1) A portfolio investment entity (a PIE ) is a company or fund that— (a) makes investments on behalf of 1 or more investors in the entity or in an…
Section HR 2 — Group investment funds
HR 2 Group investment funds Separate returns (1) The trustee of a group investment fund must provide for a tax year under section 33 of the Tax Administration Act 1994, separate returns of its…
Section HZ 2 — Trusts that may become complying trusts
HZ 2 Trusts that may become complying trusts When this section applies (1) This section applies in relation to a settlement made on a trust on or before 17 December 1987, whether or not further…
Section IA 2 — Tax losses
IA 2 Tax losses What is a tax loss? (1) A person’s tax loss for a tax year is found by adding together the amounts referred to in subsections (2) to (4). Loss balances carried forward (2) If the…
Section IC 2 — Threshold levels for grouping tax losses in tax year
IC 2 Threshold levels for grouping tax losses in tax year Company A: continuity of ownership (1) Company A may group a tax loss in a tax year under section IC 5 only if the requirements of section IA…
Section ID 2 — Pre-consolidation losses: general treatment
ID 2 Pre-consolidation losses: general treatment When this section applies (1) This section applies in a tax year when a company that meets the requirements of section IA 5 (Restrictions on…
Section IE 2 — Treatment of tax losses by amalgamating company
IE 2 Treatment of tax losses by amalgamating company When this section applies (1) This section applies if an amalgamating company that meets the requirements of section IA 5 (Restrictions on…
Section IP 2 — Group companies’ common span
IP 2 Group companies’ common span Common span (1) In this subpart, the corresponding parts of company A’s income year and company B’s income year when the requirements for commonality of ownership…
Section IQ 2 — Ring-fencing cap on attributed CFC net losses
IQ 2 Ring-fencing cap on attributed CFC net losses When this section applies (1A) This section applies if a person, for a tax year and a country or territory (the jurisdiction ),— (a) derives an…
Section IS 2 — Treatment of net losses resulting from certain expenditure
IS 2 Treatment of net losses resulting from certain expenditure When this section applies (1) This section applies if a company that is a mining company, or a resident mining operator, or a…
Section IT 2 — Cancellation of life insurer's tax loss when allowed into policyholder base
IT 2 Cancellation of life insurer's tax loss when allowed into policyholder base What this section applies to (1) This section applies to the amount of a life insurer's tax loss to be carried forward…
Section IZ 2 — Petroleum mining companies: treatment of payments from shareholders
IZ 2 Petroleum mining companies: treatment of payments from shareholders When this section applies (1) This section applies if— (a) a tax loss arises from the allowance to a petroleum mining company…
Section LA 2 — Satisfaction of income tax liability
LA 2 Satisfaction of income tax liability A person must use their total tax credit for a tax year to satisfy their income tax liability for the tax year. Defined in this Act: income tax liability ,…
Section LB 2 — Tax credits for provisional tax payments
LB 2 Tax credits for provisional tax payments A person has a tax credit for a tax year equal to the amount of provisional tax for the tax year paid by— (a) the person; or (b) an agent of the person,…
Section LC 2 — When net income in low income abatement range
LC 2 When net income in low income abatement range [Repealed] Section LC 2: repealed (with effect from 1 April 2008), on 29 May 2008, by section 25(1) of the Taxation (Personal Tax Cuts, Annual…
Section LD 2 — Exclusions
LD 2 Exclusions Section LD 1 does not apply to— (a) an absentee: (b) a company: (c) a public authority: (d) a Maori authority: (e) an unincorporated body: (f) a trustee liable for income tax under…
Section LE 2 — Use of remaining credits by companies and trustees
LE 2 Use of remaining credits by companies and trustees When this section applies (1) This section applies when–– (a) a person described in subsection (2) has an amount of tax credit remaining for a…
Section LF 2 — Trustees for minor beneficiaries
LF 2 Trustees for minor beneficiaries When this section applies (1) This section applies when a person who has a tax credit under section LF 1 is the trustee of a trust for a minor who derives…
Section LH 2 — Tax credits relating to expenditure on research and development
LH 2 Tax credits relating to expenditure on research and development [Repealed] Section LH 2: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act…
Section LJ 2 — Tax credits for foreign income tax
LJ 2 Tax credits for foreign income tax Amount of credit (1) A person described in section LJ 1(2)(a) has a tax credit for a tax year for an amount of foreign income tax paid on a segment of…
Section LK 2 — Calculation of amount of credit
LK 2 Calculation of amount of credit Amount of credit (1) For the purposes of section LK 1(1) , the amount of a tax credit for a tax year for a person is equal to an amount calculated using the…
Section LL 2 — Tax credits for underlying foreign tax
LL 2 Tax credits for underlying foreign tax [Repealed] Section LL 2: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation, Life…
Section LO 2 — Beneficiaries of trusts
LO 2 Beneficiaries of trusts When this section applies (1) This section applies when a person who has a tax credit under section LO 1 is a beneficiary of a trust and, in that capacity, derives a…
Section LP 2 — Tax credits for supplementary dividends
LP 2 Tax credits for supplementary dividends When this section applies (1) This section applies when a company resident in New Zealand pays a dividend and a related supplementary dividend to— (a) a…
Section LQ 2 — Limitation on amount of credit
LQ 2 Limitation on amount of credit [Repealed] Section LQ 2: repealed (with effect on 30 June 2009), on 6 October 2009, by section 346(1) of the Taxation (International Taxation, Life Insurance, and…
Section LS 2 — Tax credits for investors in multi-rate PIEs
LS 2 Tax credits for investors in multi-rate PIEs When this section applies (1) This section applies when— (a) an investor has attributed PIE income from a multi-rate PIE for a tax year; and (b) the…
Section LZ 2 — Certain development projects
LZ 2 Certain development projects When this section and sections LZ 3 to LZ 5 apply (1) This section and sections LZ 3 to LZ 5 apply to a non-resident investment company in relation to the…
Section MA 2 — Relationship with core provisions
MA 2 Relationship with core provisions Section BC 8 (Satisfaction of income tax liability) deals with how a tax credit arising under this Part is applied. Defined in this Act: tax credit ,
Section MB 2 — Adjustment for period that is less or more than 1 year
MB 2 Adjustment for period that is less or more than 1 year Calculation of adjustment (1) If a person’s income is calculated for a period that is less or more than a year, their family scheme income…
Section MC 2 — Who qualifies for entitlements under family scheme?
MC 2 Who qualifies for entitlements under family scheme? A person qualifies for an entitlement under the family scheme if, for an entitlement period, they meet— (a) the qualifying criteria set out in…
Section MD 2 — Calculating net contributions to credits
MD 2 Calculating net contributions to credits When this section applies (1) This section applies when the Commissioner calculates the amounts making up the family tax credit, the in-work tax credit,…
Section ME 2 — Meaning of employment for this subpart
ME 2 Meaning of employment for this subpart Meaning (1) For the purposes of the calculation of a minimum family tax credit, employment in the definition of full-time earner , means the activity of a…
Section MF 2 — When person not entitled to payment by instalment
MF 2 When person not entitled to payment by instalment When this section applies (1) This section applies when— (a) a person— (i) expects that in a relationship period they will be entitled to…
Section MK 2 — Eligibility requirements
MK 2 Eligibility requirements Requirements for person (1) For the purposes of section MK 1(1) , the requirements for the person for the year described in section MK 1(3) are the following: (a) they…
Section ML 2 — Tax credit for redundancy payments
ML 2 Tax credit for redundancy payments Tax credit (1) A person who derives a redundancy payment before 1 October 2011 has a tax credit of an amount equal to 6 cents for every complete dollar of…
Section MZ 2 — Calculation of child tax credit
MZ 2 Calculation of child tax credit Entitlement (1) A person who meets the requirements of section MZ 1 is entitled to a child tax credit calculated using the formula in subsection (2). Formula (2)…
Section OA 2 — Memorandum accounts
OA 2 Memorandum accounts Types of account in this Part (1) The following accounts are dealt with in this Part: (a) an imputation credit account, see subparts OB and OP : (b) a foreign dividend…
Section OB 2 — Australian companies with imputation credit accounts
OB 2 Australian companies with imputation credit accounts Company resident in Australia (1) A company that is resident in Australia may choose to establish and maintain an imputation credit account.…
Section OC 2 — FDP accounts
OC 2 FDP accounts General rules apply (1) The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to the FDP account of…
Section OD 2 — CTR accounts
OD 2 CTR accounts [Repealed] Section OD 2: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 99(1) of the Taxation…
Section OE 2 — Branch equivalent tax accounts of companies
OE 2 Branch equivalent tax accounts of companies [Repealed] Section OE 2: repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 101(2) of the Taxation…
Section OF 2 — ASC accounts
OF 2 ASC accounts The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to the ASC account of an ASC account company.…
Section OJ 2 — Policyholder credit accounts of companies
OJ 2 Policyholder credit accounts of companies [Repealed] Section OJ 2: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act…
Section OK 2 — MACA payment of tax
OK 2 MACA payment of tax Credit (1) A Maori authority has a Maori authority credit for a payment of income tax or provisional tax. Subsection (3) overrides this subsection. Table reference (2) The…
Section OP 2 — When credits and debits arise only in group accounts
OP 2 When credits and debits arise only in group accounts Credits only in group account (1) A credit may arise only in the memorandum account of a consolidated group and not in the memorandum account…
Section OZ 2 — No imputation debit for pre-imputation refund
OZ 2 No imputation debit for pre-imputation refund No imputation debit arises in the imputation credit account of an ICA company for a refund of income tax for a pre-imputation income year. Defined…
Section RA 2 — Amounts treated as income tax
RA 2 Amounts treated as income tax The provisions of this Act and the Tax Administration Act 1994 apply in relation to an amount that a person is liable to pay under this Part as if the amount were…
Section RB 2 — Income tax liability for non-filing taxpayers for non-resident passive income
RB 2 Income tax liability for non-filing taxpayers for non-resident passive income For the purposes of calculating a person’s terminal tax under section BC 8 (Satisfaction of income tax liability),…
Section RC 2 — Provisional tax rules and their application
RC 2 Provisional tax rules and their application Meaning (1) The provisional tax rules means— (a) this subpart; and (b) section LB 2 (Tax credits for provisional tax payments); and (c) sections 15N…