Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section HG 3 — General provisions relating to disposals
HG 3 General provisions relating to disposals Relationship between disposal upon dissolution and disposal safe harbours (1) Section HG 4 overrides sections HG 5 to HG 10 . Election out of disposal…
Section HL 3 — Eligibility requirements for entities
HL 3 Eligibility requirements for entities [Repealed] Section HL 3: repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International…
Section HM 3 — Foreign PIE equivalents
HM 3 Foreign PIE equivalents General definition (1) A foreign PIE equivalent means an entity that— (a) is not resident in New Zealand; and (b) is— (i) a company: (ii) a superannuation scheme: (iii)…
Section HR 3 — Definitions for section HR 2: group investment funds
HR 3 Definitions for section HR 2: group investment funds Category A income (1) Category A income , for a group investment fund other than a designated group investment fund in an income year, means…
Section HZ 3 — Special partnerships: transition into limited partnerships and limited partnerships deduction rules
HZ 3 Special partnerships: transition into limited partnerships and limited partnerships deduction rules When this section applies (1) This section applies when a special partnership under Part 2 of…
Section IA 3 — Using tax losses in tax year
IA 3 Using tax losses in tax year Paying shortfall penalties (1) A person who has a tax loss for a tax year may use some or all of the amount of the tax loss under section IW 1 (Shortfall penalties)…
Section IC 3 — Common ownership: group of companies
IC 3 Common ownership: group of companies Meaning (1) A group of companies means 2 or more companies, none of which is a multi-rate PIE or a listed PIE, in relation to which a group of persons holds—…
Section ID 3 — Pre-consolidation losses: use by group companies
ID 3 Pre-consolidation losses: use by group companies When this section applies (1) This section applies in a tax year when— (a) a company ( company A ) that is part of a consolidated group has a…
Section IE 3 — Treatment of tax losses by amalgamated company
IE 3 Treatment of tax losses by amalgamated company When this section applies (1) This section applies if an amalgamated company that meets the requirements of section IA 5 (Restrictions on…
Section IP 3 — Continuity breach: tax loss components of companies carried forward
IP 3 Continuity breach: tax loss components of companies carried forward When this section applies (1) This section applies for the purposes of section IA 4 (Using loss balances carried forward to…
Section IQ 3 — Ring-fencing cap on FIF net losses
IQ 3 Ring-fencing cap on FIF net losses Limit on amount: branch equivalent method (1) If a person's FIF net loss is carried forward to a tax year (the current tax year ) or FIF net loss is made…
Section IS 3 — Holding companies’ tax losses
IS 3 Holding companies’ tax losses When this section applies (1) This section applies in a tax year if— (a) a mining company has net income for the tax year after having subtracted an amount of any…
Section IZ 3 — Petroleum mining companies: use of loss balances
IZ 3 Petroleum mining companies: use of loss balances When this section applies (1) This section applies when— (a) some or all of a loss balance of a petroleum mining company for the 1990–91 tax year…
Section LA 3 — When total tax credit less than or equal to income tax liability
LA 3 When total tax credit less than or equal to income tax liability Unsatisfied income tax liability (1) If a person’s total tax credit for a tax year is less than their income tax liability for…
Section LB 3 — Tax credits for resident withholding tax
LB 3 Tax credits for resident withholding tax Tax credit (1) A person has a tax credit for a tax year equal to the amount of tax withheld and paid in relation to their resident passive income for the…
Section LC 3 — Child’s income
LC 3 Child’s income [Repealed] Section LC 3: repealed, on 29 May 2012 (applying for the 2012–13 and later tax years), by section 6(1)(b) of the Taxation (Budget Measures) Act 2012 (2012 No 38).
Section LD 3 — Meaning of charitable or other public benefit gift
LD 3 Meaning of charitable or other public benefit gift Meaning (1) For the purposes of this subpart, a charitable or other public benefit gift — (a) means a gift of $5 or more that is paid to a…
Section LE 3 — Use of remaining credits by others
LE 3 Use of remaining credits by others When this section applies (1) This section applies when a person other than a person referred to in section LE 2(2) or a life insurer has an amount of tax…
Section LF 3 — Beneficiaries of trusts
LF 3 Beneficiaries of trusts When this section applies (1) This section applies when a person who has a tax credit under section LF 1 is the beneficiary of a trust and, in that capacity, derives a…
Section LH 3 — Requirements
LH 3 Requirements [Repealed] Section LH 3: repealed, on 1 April 2009, by section 19(1)(c) of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).
Section LJ 3 — Meaning of foreign income tax
LJ 3 Meaning of foreign income tax For the purposes of this Part, foreign income tax means an amount of income tax of a foreign country. Defined in this Act: amount , income tax Compare: 2004 No 35 s…
Section LK 3 — Currency conversion
LK 3 Currency conversion If foreign income tax is paid or payable by a CFC in a currency other than New Zealand currency, the amount must be converted into New Zealand currency by applying— (a) the…
Section LL 3 — Meaning of grey list dividend
LL 3 Meaning of grey list dividend [Repealed] Section LL 3: repealed (with effect on 30 June 2009), on 6 October 2009, by section 343(1) of the Taxation (International Taxation, Life Insurance, and…
Section LO 3 — Application of Maori authority distribution ratio
LO 3 Application of Maori authority distribution ratio When this section applies (1) This section applies when a person who has a tax credit under section LO 1 derives a taxable Maori authority…
Section LP 3 — Use of remaining credits
LP 3 Use of remaining credits When this section applies (1) This section applies when a company has a tax credit remaining for a tax year under section LA 5(3) (Treatment of remaining credits).…
Section LQ 3 — Determining percentage of non-resident shareholders
LQ 3 Determining percentage of non-resident shareholders [Repealed] Section LQ 3: repealed (with effect on 30 June 2009), on 6 October 2009, by section 346(1) of the Taxation (International Taxation,…
Section LS 3 — Tax credits for zero-rated investors
LS 3 Tax credits for zero-rated investors When this section applies (1) This section applies when a zero-rated investor has attributed PIE income from a multi-rate PIE for a tax year. Amount of…
Section LZ 3 — Interest derived from development investments
LZ 3 Interest derived from development investments When this section applies (1) This section applies when— (a) the only assessable income of a non-resident investment company in a tax year is…
Section MA 3 — Excluded income
MA 3 Excluded income A tax credit that a person has under this Part is excluded income of the person. Defined in this Act: excluded income , tax credit , Compare: 2004 No 35 s KD 8
Section MB 3 — When person carries on 1 or more businesses or investment activities
MB 3 When person carries on 1 or more businesses or investment activities When this section applies (1) This section applies when a person carries on 1 or more businesses in the income year, or has…
Section MC 3 — First requirement: person’s age
MC 3 First requirement: person’s age The first requirement is that the person referred to in section MC 2 is 16 or older. Compare: 2004 No 35 ss KD 2AA(4) , KD 3(1) , OB 1 “ qualifying person ” (a)(i)
Section MD 3 — Calculation of family tax credit
MD 3 Calculation of family tax credit Entitlement (1) A person who qualifies under section MC 2 (Who qualifies for entitlements under family scheme?) is entitled to an amount of family tax credit…
Section ME 3 — Meaning of net family scheme income
ME 3 Meaning of net family scheme income When this section applies (1) This section applies for the purposes of this subpart. Formula (2) Net family scheme income , for a person and a relationship…
Section MF 3 — Calculating amount of interim WFF tax credit
MF 3 Calculating amount of interim WFF tax credit When this section applies (1) This section applies when the Commissioner receives an application under section MF 1 and is required under section…
Section MK 3 — Payment of tax credits
MK 3 Payment of tax credits When this section applies (1) This section applies when a member credit contribution is made to a KiwiSaver scheme or a complying superannuation fund. Payment (2) The…
Section ML 3 — Payment by Commissioner
ML 3 Payment by Commissioner The person referred to in section ML 2 must apply under section 41B of the Tax Administration Act 1994 to the Commissioner for payment of the tax credit. Defined in this…
Section MZ 3 — Exclusions from determination of family scheme income
MZ 3 Exclusions from determination of family scheme income When this section applies (1) This section applies for the purposes of determining under section MB 1 (Adjustments for calculation of family…
Section OA 3 — General rules for maintaining memorandum accounts
OA 3 General rules for maintaining memorandum accounts What this section does (1) This section sets out the rules that apply in relation to a memorandum account to a person who— (a) is required to…
Section OB 3 — Imputation credit accounts
OB 3 Imputation credit accounts General rules (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 an…
Section OC 3 — Choosing to become FDPA company
OC 3 Choosing to become FDPA company Election (1) A company that chooses to become an FDPA company must notify the Commissioner of the election no later than 21 days after the date of the election or…
Section OD 3 — Choosing to become CTR company
OD 3 Choosing to become CTR company [Repealed] Section OD 3: 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…
Section OE 3 — Choosing to become BETA company
OE 3 Choosing to become BETA company [Repealed] Section OE 3: repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 101(2) of the Taxation (International…
Section OF 3 — Choosing to become ASC account company
OF 3 Choosing to become ASC account company Election (1) A company may choose to become an ASC account company if— (a) it is a public unit trust or a group investment fund that derives category A…
Section OJ 3 — PCA transfer from imputation credit account
OJ 3 PCA transfer from imputation credit account [Repealed] Section OJ 3: repealed, on 1 July 2010, by section 439(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters)…
Section OK 3 — MACA payment of tax to other Maori authorities
OK 3 MACA payment of tax to other Maori authorities Credit (1) A Maori authority has a Maori authority credit for a payment of tax to another Maori authority that is treated as a payment transferred…
Section OP 3 — Changes in consolidated imputation groups
OP 3 Changes in consolidated imputation groups New group company (1) A consolidated group that is a consolidated imputation group continues to have the same imputation credit account if the group…
Section OZ 3 — Overpaid income tax or foreign dividend payment for pre-imputation income year
OZ 3 Overpaid income tax or foreign dividend payment for pre-imputation income year Debit (1) An ICA company has an imputation debit for an amount of overpaid income tax and foreign dividend payment…
Section RA 3 — Terminal tax obligations
RA 3 Terminal tax obligations A person liable under section BC 8 (Satisfaction of income tax liability) to pay an amount of terminal tax for a tax year must pay the amount to the Commissioner under…
Section RB 3 — Schedular income tax liability for filing taxpayers for non-resident passive income
RB 3 Schedular income tax liability for filing taxpayers for non-resident passive income When this section applies (1) This section applies for the purposes of calculating a filing taxpayer’s…
Section RC 3 — Who is required to pay provisional tax?
RC 3 Who is required to pay provisional tax? Threshold or election (1) A person who is liable to pay provisional tax for a tax year is— (a) a person whose residual income tax for the tax year is more…