Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section EX 67 — FIF rules first applying to interest on or after 1 April 2007
EX 67 FIF rules first applying to interest on or after 1 April 2007 When this section applies (1) This section applies when a person has rights in a FIF that— (a) for the period ending on a day (the…
Section HM 67 — Formation losses carried forward to first quarter
HM 67 Formation losses carried forward to first quarter When this section applies (1) This section applies when an entity becomes a multi-rate PIE that— (a) calculates and pays tax using the exit…
Section OB 67 — Reduction of further income tax
OB 67 Reduction of further income tax Debit at previous year-end (1) An ICA company’s liability for further income tax under sections OB 65 and OB 66 may be reduced under subsection (2) if— (a) a…
Section OP 67 — Consolidated FDPA overpayment of FDP
OP 67 Consolidated FDPA overpayment of FDP Debit (1) A consolidated FDP group has an FDP debit for an overpayment of FDP that is— (a) paid by a group company that is part of the group at the time it…
Section RD 67 — Calculating amounts of tax for employer's superannuation cash contributions
RD 67 Calculating amounts of tax for employer's superannuation cash contributions The amount of tax for an employer's superannuation cash contribution is–– (a) the amount determined under schedule 1…
Section EX 67B — Revaluation of inherited interests in grey list companies
EX 67B Revaluation of inherited interests in grey list companies When this section applies (1) This section applies when— (a) a person inherited, before 1 April 2007, an interest in a FIF that was a…
Section EH 68 — Refund of excess deposit
EH 68 Refund of excess deposit When this section applies (1) This section applies when a person’s deposits for an accounting year are more than their thinning operations maximum deposit for the…
Section EX 68 — Measurement of cost
EX 68 Measurement of cost When this section applies (1) This section applies when the cost of a person’s attributing interest in a FIF is being measured for the purposes of— (a) the natural person…
Section HM 68 — When formation losses carried forward are less than 5% of formation investment value
HM 68 When formation losses carried forward are less than 5% of formation investment value If the total amount of formation loss carried forward under section HM 67 is less than 5% of the total…
Section OB 68 — Income tax paid satisfying liability for further income tax
OB 68 Income tax paid satisfying liability for further income tax Election (1) On meeting the requirements of subsection (2), an ICA company that is liable for further income tax may choose to…
Section OP 68 — Consolidated FDPA refund of tax credit
OP 68 Consolidated FDPA refund of tax credit Debit (1) A consolidated FDP group has an FDP debit for the amount of a transfer or refund under section LA 6(2)(d) or (e) (Remaining refundable credits:…
Section RD 68 — Choosing to have amount treated as salary or wages
RD 68 Choosing to have amount treated as salary or wages Amount treated as salary or wages (1) With the agreement of their employer who makes an employer's superannuation cash contribution on their…
Section EH 69 — Income does not include excess deposit
EH 69 Income does not include excess deposit A refund under section EH 68 is excluded income under section CX 51 (Income equalisation schemes). Defined in this Act: excluded income , Compare: 2004 No…
Section EX 69 — Change of FIF’s balance date
EX 69 Change of FIF’s balance date When this section applies (1) This section applies when a person— (a) has an attributing interest in a FIF; and (b) calculates their FIF income or loss from the FIF…
Section HM 69 — When formation losses carried forward are 5% or more of formation investment value: 3-year spread
HM 69 When formation losses carried forward are 5% or more of formation investment value: 3-year spread What this section applies to (1) This section applies to spread the formation loss over the…
Section OB 69 — Further income tax paid satisfying liability for income tax
OB 69 Further income tax paid satisfying liability for income tax Election (1) An ICA company that pays further income tax may choose to treat the payment as satisfying a liability of the company to…
Section OP 69 — Consolidated FDPA transfer to imputation credit account
OP 69 Consolidated FDPA transfer to imputation credit account Debit (1) A consolidated FDP group has an FDP debit for a tax year for an amount equal to a closing credit balance transferred under…
Section RD 69 — Choosing different rates for employer's superannuation cash contributions
RD 69 Choosing different rates for employer's superannuation cash contributions [Repealed] Section RD 69: repealed, on 1 April 2012, by section 12 of the Taxation (Annual Rates and Budget Measures)…
Section EH 70 — Application for refund by person or liquidator
EH 70 Application for refund by person or liquidator Who may apply (1) The following may apply to the Commissioner for a refund of some or all of the amount in a person’s thinning operations income…
Section EX 70 — Market value of life policy and superannuation entitlements
EX 70 Market value of life policy and superannuation entitlements When this section applies (1) This section applies when, in order to calculate a person’s FIF income or loss, it is necessary to…
Section HM 70 — Maximum amount of formation losses allocated by multi-rate PIEs to investor classes
HM 70 Maximum amount of formation losses allocated by multi-rate PIEs to investor classes Maximum amount for allocation (1) Despite sections HM 68 and HM 69 , the maximum amount of formation loss…
Section OB 70 — Application of other provisions
OB 70 Application of other provisions When it is appropriate for the purposes of this section, the other sections of this Act and the Tax Administration Act 1994 — (a) apply to further income tax as…
Section OP 70 — Consolidated FDPA transfer to group’s CTR account
OP 70 Consolidated FDPA transfer to group’s CTR account [Repealed] Section OP 70: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012,…
Section RD 70 — Calculating amounts of tax on failure to withhold
RD 70 Calculating amounts of tax on failure to withhold When this section applies (1) This section applies when an employer, person, or PAYE intermediary does not withhold under section RD 65(3) an…
Section EH 71 — Refund on request
EH 71 Refund on request When this section applies (1) This section applies when a person wants a refund of some or all of the amount in the person’s thinning operations income equalisation account,…
Section EX 71 — Non-market transactions in FIF interests
EX 71 Non-market transactions in FIF interests Section GC 4 (Disposals and acquisitions of FIF attributing interests) applies to acquisitions and dispositions of attributing interests in FIFs when…
Section HM 71 — Choosing to become PIE
HM 71 Choosing to become PIE An entity that, at the time of election, meets the requirements of the entry rules in sections HM 8 to HM 10 , HM 17 , HM 18 , and HM 20 , except to the extent to which…
Section OB 71 — Imputation additional tax on leaving wholly-owned group
OB 71 Imputation additional tax on leaving wholly-owned group When this section applies (1) This section applies in a tax year when— (a) a company ( company A ) stops being part of a wholly-owned…
Section OP 71 — Consolidated FDPA group company’s debit
OP 71 Consolidated FDPA group company’s debit Debit (1) A consolidated FDP group has an FDP debit for an amount to the extent to which it would, in the absence of subsection (2), give rise to— (a) an…
Section RD 71 — Amounts of tax treated as paid to and received by superannuation funds
RD 71 Amounts of tax treated as paid to and received by superannuation funds In determining whether an employer or a person has met their obligation to pay a contribution to a superannuation fund—…
Section HM 71B — Choosing to become foreign investment PIE
HM 71B Choosing to become foreign investment PIE What this section applies to (1) This section applies to an entity that— (a) is, or is eligible to become, a multi-rate PIE; and (b) has, or intends…
Section EH 72 — Income when refund given on request
EH 72 Income when refund given on request Year of income (1) A refund under section EH 71 is income, under section CB 27 (Income equalisation schemes), derived by the person in the income year in…
Section EX 72 — Commissioner’s default assessment power
EX 72 Commissioner’s default assessment power When this section applies (1) This section applies when— (a) a person has failed to disclose their control interest or income interest in a CFC or…
Section HM 72 — When elections take effect
HM 72 When elections take effect Notice of election (1) An election under section HM 71 or HM 71B to become a PIE or a foreign investment PIE, as applicable takes effect on the latest of the…
Section OB 72 — Imputation additional tax on joining wholly-owned group
OB 72 Imputation additional tax on joining wholly-owned group Liability (1) An ICA company to which subsection (2) applies may be liable for imputation additional tax under— (a) subsection (3) as the…
Section OP 72 — Consolidated FDPA breach of FDP ratio
OP 72 Consolidated FDPA breach of FDP ratio Debit (1) A consolidated FDP group has an FDP debit for a tax year for the amount of a debit that would arise under section OC 22 (FDPA breach of FDP…
Section RD 72 — Recovery of tax paid by superannuation funds
RD 72 Recovery of tax paid by superannuation funds Section RD 72: repealed, on 1 April 2011, by section 114 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial…
Section OB 72B — Limit on using entitlement to refund after joining wholly-owned group
OB 72B Limit on using entitlement to refund after joining wholly-owned group When this section applies (1) This section applies when— (a) an ICA company joins a wholly-owned group of companies (the…
Section EH 73 — Refund for development or recovery
EH 73 Refund for development or recovery Refund for development: application of subsection (2) (1) Subsection (2) applies when a person wants a refund of some or all of the amount in their thinning…
Section EX 73 — Election that CFC not non-attributing active CFC or FIF not non-attributing active FIF
EX 73 Election that CFC not non-attributing active CFC or FIF not non-attributing active FIF Election to have elective attributing CFC (1) A person (the interest holder ) may elect by notice to the…
Section HM 73 — Transition: provisional tax
HM 73 Transition: provisional tax When this section applies (1) This section applies when an entity chooses to become a PIE in an income year and has an increased liability for provisional tax for…
Section OB 73 — Statutory producer boards attaching imputation credits to cash distributions
OB 73 Statutory producer boards attaching imputation credits to cash distributions Election (1) On meeting the requirements of subsection (2), a statutory producer board that is an ICA company may…
Section OP 73 — Consolidated FDPA debit for loss of shareholder continuity
OP 73 Consolidated FDPA debit for loss of shareholder continuity Debit (1) A consolidated FDP group has an FDP debit for the amount of an FDP credit retained in the group’s FDP account and unused at…
Section EH 74 — Income when refund given for development or recovery
EH 74 Income when refund given for development or recovery Year of income (1) A refund under section EH 73 is income, under section CB 27 (Income equalisation schemes), derived by the person in the…
Section HM 74 — Transition: entities with non-standard income years
HM 74 Transition: entities with non-standard income years When this section applies (1) This section applies when— (a) an entity with a non-standard income year chooses to become a PIE; and (b) the…
Section OB 74 — Statutory producer boards attaching imputation credits to notional distributions
OB 74 Statutory producer boards attaching imputation credits to notional distributions Election (1) A statutory producer board that is an ICA company may choose, for an income year, to attach an…
Section OP 74 — Consolidated FDPA debit for policyholder base FDP credits
OP 74 Consolidated FDPA debit for policyholder base FDP credits Debit (1) A consolidated FDP group has an FDP debit for the amount of an FDP credit attached to a dividend derived by a group company,…
Section EH 75 — Refund on liquidation
EH 75 Refund on liquidation When this section applies (1) This section applies when a person— (a) has a thinning operations income equalisation account; and (b) is put into liquidation. Refund (2)…
Section HM 75 — Transition: treatment of shares held in certain companies
HM 75 Transition: treatment of shares held in certain companies When subsection (2) applies (1) Subsection (2) applies when— (a) an entity chooses to become a PIE; and (b) before the election takes…
Section OB 75 — Statutory producer boards’ notional distributions that are dividends
OB 75 Statutory producer boards’ notional distributions that are dividends Dividend derived (1) A notional distribution to which section OB 74 applies that has an imputation credit attached is a…