Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section RD 2 — PAYE rules and their application
RD 2 PAYE rules and their application Meaning (1) The PAYE rules means— (a) section BC 1 (Non-filing and filing taxpayers); and (b) sections LA 6 , LB 1 , and LD 4 (which relate to tax credits); and…
Section RE 2 — Resident passive income
RE 2 Resident passive income Interest, dividends, and certain distributions (1) Resident passive income means an amount paid to a person to the extent to which it consists of— (a) interest: (b) a…
Section RF 2 — Non-resident passive income
RF 2 Non-resident passive income Interest, certain dividends, and royalties (1) Non-resident passive income means income having a source in New Zealand that a non-resident derives and that consists…
Section RG 2 — Foreign dividends
RG 2 Foreign dividends [Repealed] Section RG(2): repealed (with effect on 30 June 2009), on 6 October 2009, by section 540(1) of the Taxation (International Taxation, Life Insurance, and Remedial…
Section RH 2 — Retirement scheme contributions
RH 2 Retirement scheme contributions Contribution for benefit of members (1) A retirement scheme contribution means a contribution in money by a retirement scheme contributor to a retirement savings…
Section RM 2 — Refunds for overpaid tax
RM 2 Refunds for overpaid tax Amount more than required (1) The Commissioner must refund an amount of tax that a person has paid if— (a) the amount is more than the tax required to be paid by the…
Section RP 2 — PAYE intermediaries
RP 2 PAYE intermediaries Transferring obligations (1) An employer may arrange to transfer their pay-as-you-earn (PAYE) and employer’s superannuation contribution tax (ESCT) obligations to a person…
Section RZ 2 — Amount of provisional tax based on 1997–98 or earlier tax year
RZ 2 Amount of provisional tax based on 1997–98 or earlier tax year For the purposes of sections MB 4 and MB 5 other than section MB 5(3) and (4) of the Income Tax Act 2004 (which relate to the…
Section Sch2-1 — “ M ” , “ ME ” , and “ ML ” tax codes: payments for weekly pay periods
1 “ M ” , “ ME ” , and “ ML ” tax codes: payments for weekly pay periods The basic tax rate amount for a payment of salary or wages is set by applying the Commissioner’s weekly PAYE table to the…
Section Sch2-2 — “ M ” , “ ME ” , and “ ML ” tax codes: payments for pay periods longer than a week
2 “ M ” , “ ME ” , and “ ML ” tax codes: payments for pay periods longer than a week If an employee has notified their employer that the employee’s tax code is “ M ” , “ ME ” , or “ ML ” under…
Section Sch2-3 — “ No notification ” tax code
3 “ No notification ” tax code If an employee’s tax code under section 24B(3) of the Tax Administration Act 1994 is “ no notification ” , the basic tax rate amount for a payment of salary or wages is…
Section Sch2-4 — “ S ” tax code
4 “ S ” tax code If an employee has notified their employer that the employee’s tax code is “ S ” under section 24B(3) of the Tax Administration Act 1994, the basic tax rate amount for a payment of…
Section Sch2-5 — “ SH ” tax code
5 “ SH ” tax code If an employee has notified their employer that the employee’s tax code is “ SH ” under section 24B(3) of the Tax Administration Act 1994, the basic tax rate amount for a payment of…
Section Sch2-6 — “ ST ” tax code
6 “ ST ” tax code If an employee has notified their employer that the employee’s tax code is “ ST ” under section 24B(3) of the Tax Administration Act 1994, the basic tax rate amount for a payment of…
Section Sch2-7 — “ CAE ” or “ EDW ” tax code
7 “ CAE ” or “ EDW ” tax code If an employee has notified their employer that the employee’s tax code is “ CAE ” or “ EDW ” under section 24B(3) of the Tax Administration Act 1994, the basic tax rate…
Section Sch2-8 — “ NSW ” tax code
8 “ NSW ” tax code If an employee has notified their employer that the employee's tax code is “ NSW ” under section 24B(3) of the Tax Administration Act 1994, the basic tax rate amount for a payment…
Section Sch2-9 — “SB” tax code
9 “SB” tax code If an employee has notified their employer that the employee's tax code is “ SB ” under section 24B(3)(bb) of the Tax Administration Act 1994, the basic tax rate amount for a payment…
Section YA 2 — Meaning of income tax varied
YA 2 Meaning of income tax varied DTA and time bar provisions: ancillary tax (1) The term income tax includes ancillary tax in— (a) section BB 3(2) (Overriding effect of certain matters): (b) section…
Section YB 2 — Two companies
YB 2 Two companies Common voting interests (1) Two companies are associated persons if a group of persons exists whose total voting interests in each company are 50% or more. Common market value…
Section YC 2 — Voting interests
YC 2 Voting interests Percentage of shareholder decision-making rights (1) A person’s voting interest in a company equals the percentage of the total shareholder decision-making rights for the…
Section YD 2 — Residence of companies
YD 2 Residence of companies Four bases for residence (1) A company is a New Zealand resident for the purposes of this Act if— (a) it is incorporated in New Zealand: (b) its head office is in New…
Section YF 2 — Other rules for currency conversion: approved alternatives
YF 2 Other rules for currency conversion: approved alternatives When this section applies (1) This section applies when— (a) a provision other than section YF 1 provides a rate or method for currency…
Section YZ 2 — Saving of effect of section 394L(4A) of Income Tax Act 1976
YZ 2 Saving of effect of section 394L(4A) of Income Tax Act 1976 Section 394L(4A) of the Income Tax Act 1976 continues to apply in the same manner as it applied immediately before the repeal of that…
Section ZA 2 — Consequential amendments to other enactments
ZA 2 Consequential amendments to other enactments Schedules 49 and 50 (1) The enactments listed in schedules 49 (Enactments amended) and 50 (Amendments to the Tax Administration Act 1994 ) are…
Section DS 2B — Expenditure when film or film right intended for disposal
DS 2B Expenditure when film or film right intended for disposal When this section applies (1) This section applies when— (a) a person incurs film production expenditure or expenditure in acquiring a…
Section FA 2B — Stapled debt securities
FA 2B Stapled debt securities When subsection (2) applies (1) Subsection (2) applies when— (a) a company has issued a debt security; and (b) the debt security is stapled to a share in the company or…
Section IQ 2B — Effect of attributed CFC net loss and FIF net loss from before first affected year
IQ 2B Effect of attributed CFC net loss and FIF net loss from before first affected year When this section applies (1) This section applies for a person and a country (the jurisdiction ) when the…
Section LE 2B — Use of remaining credits by life insurer on policyholder base
LE 2B Use of remaining credits by life insurer on policyholder base When this section applies (1) This section applies to a life insurer who has an amount of tax credit remaining for a tax year (the…
Section LO 2B — Credit of RSCT for Maori authority credit
LO 2B Credit of RSCT for Maori authority credit Retirement scheme contributions (1) A retirement scheme contributor who attaches a Maori authority credit to a retirement scheme contribution for a…
Section OC 2B — General rule for life insurer's policyholder base
OC 2B General rule for life insurer's policyholder base An FDP credit does not arise in relation to a life insurer's policyholder base. Similarly, an FDP debit does not arise in relation to a life…
Section AA 3 — Definitions
AA 3 Definitions Role of Part Y (1) Definitions of terms that apply generally for the purposes of this Act, and general provisions on the interpretation and construction of this Act, appear in Part Y…
Section BB 3 — Overriding effect of certain matters
BB 3 Overriding effect of certain matters Tax avoidance arrangements: subpart BG (1) Under Part G (Avoidance and non-market transactions), the Commissioner may counteract a tax advantage from a tax…
Section BC 3 — Annual total deduction
BC 3 Annual total deduction A person's annual total deduction for a tax year is the total of their deductions that are allocated to the corresponding income year. Defined in this Act: annual total…
Section BD 3 — Allocation of income to particular income years
BD 3 Allocation of income to particular income years Application (1) Every amount of income must be allocated to an income year under this section. General rule (2) An amount of income is allocated…
Section CB 3 — Profit-making undertaking or scheme
CB 3 Profit-making undertaking or scheme An amount that a person derives from carrying on or carrying out an undertaking or scheme entered into or devised for the purpose of making a profit is income…
Section CC 3 — Financial arrangements
CC 3 Financial arrangements Income: party to financial arrangement (1) If a person who is a party to a financial arrangement is treated as deriving an amount of income under the financial arrangement…
Section CD 3 — Meaning of dividend
CD 3 Meaning of dividend Sections CD 4 to CD 21 define what is a dividend . Defined in this Act: dividend Compare: 2004 No 35 s CD 2
Section CE 3 — Restrictions on disposal of shares under share purchase agreements
CE 3 Restrictions on disposal of shares under share purchase agreements Effect of restrictions (1) When the benefit to an employee under a share purchase agreement is being valued, a restriction in…
Section CG 3 — Bad debt repayment
CG 3 Bad debt repayment An amount received by a person for a bad debt for which the person has been allowed a deduction is income of the person. Defined in this Act: amount , deduction , income…
Section CH 3 — Adjustment for deferred payment of employment income
CH 3 Adjustment for deferred payment of employment income When this section applies (1) This section applies when a person has, under section EA 4 (Deferred payment of employment income), an unpaid…
Section CQ 3 — Calculation of attributed CFC income
CQ 3 Calculation of attributed CFC income The amount of attributed CFC income is calculated under the rules in sections EX 18 to EX 20 (which relate to the calculation of attributed CFC income or…
Section CR 3 — Income of non-resident general insurer
CR 3 Income of non-resident general insurer What this section applies to (1) This section applies to a premium that is treated as having a source in New Zealand under section YD 8 (Apportionment of…
Section CS 3 — Exclusion of withdrawal on grounds of hardship
CS 3 Exclusion of withdrawal on grounds of hardship [Repealed] Section CS 3: repealed, on 1 April 2011, by section 12 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and…
Section CT 3 — Exploratory well used for commercial production
CT 3 Exploratory well used for commercial production When this section applies (1) This section applies when a petroleum miner uses an exploratory well for commercial production of petroleum, whether…
Section CU 3 — Disposal of assets
CU 3 Disposal of assets When this section applies (1) This section applies when— (a) a mining company acquires an asset, including mining prospecting information or a mining or prospecting right, by…
Section CV 3 — Consolidated groups: arrangement for disposal of shares
CV 3 Consolidated groups: arrangement for disposal of shares When this section applies (1) This section applies for the purposes of section FM 23 (Arrangements for disposal of shares) when shares in…
Section CW 3 — Forestry companies and Maori investment companies
CW 3 Forestry companies and Maori investment companies When this section applies (1) This section applies when a forestry company or a Maori investment company issues a qualifying debenture. Exempt…
Section CX 3 — Excluded income
CX 3 Excluded income A fringe benefit is excluded income of the employee. Defined in this Act: employee , excluded income , fringe benefit Compare: 2004 No 35 s CX 3
Section CZ 3 — Exchange variations on 8 August 1975
CZ 3 Exchange variations on 8 August 1975 When this section applies (1) This section applies when— (a) a person carrying on a business in New Zealand— (i) receives a loan in 2 or more instalments for…
Section DA 3 — Effect of specific rules on general rules
DA 3 Effect of specific rules on general rules Supplements to general permission (1) A provision in any of subparts DB to DZ may supplement the general permission. In that case, a person to whom the…