New Zealand Legislation: Acts
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as at 29 August 2011
| Public Act | 2004 No 35 |
| Date of assent | 7 May 2004 |
Income Tax Act 2004: repealed, on 1 April 2008, by section ZA 1(1) of the Income Tax Act 2007 (2007 No 97).
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.
A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.
Part A
Purpose and interpretation
Subpart BB—Income tax and resulting obligations
BB 3 Overriding effect of certain matters
Subpart BC—Calculating and satisfying income tax liabilities
BC 1 Non-filing and filing taxpayers
BC 6 Income tax liability of filing taxpayer
BC 7 Income tax liability of person with schedular income
BC 9 Satisfaction of income tax liability
Subpart BD—Income, deductions, and timing
BD 1 Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income
BD 3 Allocation of income to particular income years
BD 4 Allocation of deductions to particular income years
Subpart BE—Withholding liabilities
Subpart BH—Double tax agreements
CA 2 Amounts that are exempt income or excluded income
Subpart CB—Income from business or trade-like activities
CB 1 Amounts derived from business
CB 2 Profit-making undertaking or scheme
CB 3 Personal property acquired for purpose of disposal
CB 4 Business of dealing in personal property
CB 4B Disposal of certain shares by portfolio investment entity or New Zealand Superannuation Fund after declaration of dividend
CB 5A Land partially sold or sold with other land
CB 5 Disposal: land acquired for purpose or with intention of disposal
CB 6 Disposal: land acquired for purposes of business relating to land
CB 6B Disposal: Land used for landfill, if notice of election
CB 7 Disposal within 10 years: land dealing business
CB 8 Disposal within 10 years: land development or subdivision business
CB 9 Disposal within 10 years of improvement: building business
CB 10 Disposal: schemes for development or division begun within 10 years
CB 11 Disposal: amount from major development or division and not already in income
CB 12 Disposal: amount from land affected by change and not already in income
CB 13 Transactions between associated persons
Exclusions for residential land
CB 14 Residential exclusion from sections CB 5 to CB 9
CB 15 Residential exclusion from sections CB 10 and CB 11
CB 16 Residential exclusion from section CB 12
Exclusions for business premises
CB 17 Business exclusion from sections CB 5 to CB 9
CB 18 Business exclusion from sections CB 10 and CB 11
CB 19 Farm land exclusion from sections CB 10 and CB 11
CB 20 Farm land exclusion from section CB 12
CB 21 Investment exclusion from sections CB 10 and CB 11
CB 22 Disposal of timber or right to take timber
CB 23 Disposal of land with standing timber
CB 24 Income equalisation schemes
CB 24B Environmental restoration accounts
CB 26 Sale of patent applications or patent rights
CB 27 Sale of business: transferred employment income obligations
CB 28 Property obtained by theft
Subpart CC—Income from holding property (excluding equity)
CC 2 Non-compliance with covenant for repair
CC 6 Prizes received under Building Societies Act 1965
CC 7 Consideration other than in money
CC 8 Use of money interest payable by Commissioner
CC 8B Certain commercial bills: non-resident holders
CD 1B Distribution excluded from being dividend
CD 3 Transfers of value generally
CD 4 What is a transfer of value?
CD 5 When is a transfer caused by a shareholding relationship?
CD 6 Bonus issues in lieu of dividend
CD 7 Elections to make bonus issue into dividend
CD 7B Interests in money or property of foreign unit trust
CD 7C Bonus issue by foreign unit trust instead of money or property
CD 8 Notional distributions of producer boards and co-operative companies
CD 9 Tax credits linked to dividends
CD 10 Certain dividends not increased by tax credits
CD 10C Dividend reduced if foreign tax paid on company's income
CD 11 Foreign tax credits and refunds linked to dividends
CD 12 Benefits of shareholder-employees or directors
CD 13 Attributed repatriations from controlled foreign companies
CD 14 Returns of capital: off-market share cancellations
CD 15 Ordering rule and slice rule
CD 16 Returns of capital: on-market share cancellations
CD 17 Treasury stock acquisitions
CD 18 Capital distributions on liquidation or emigration
CD 19 Property made available intra-group
CD 20 Transfers of certain excepted financial arrangements within wholly-owned groups
CD 21 Non-taxable bonus issues
CD 21B Transfer by unit trust of legal interest after beneficial interest vests
CD 24 Payments corresponding to notional distributions of producer boards and co-operative companies
CD 24B Distribution to member of co-operative company based on member's transactions
CD 25 Qualifying amalgamations
CD 26 Foreign investment fund income
CD 27 General calculation rule for transfers of value
CD 28 Calculation of amount of dividend when property made available
CD 29 Adjustment if dividend recovered by company
CD 30 Adjustment if amount repaid later
CD 31 Adjustment if additional consideration paid
CD 32 Available subscribed capital amount
CD 33 Available capital distribution amount
CFC attributed repatriation calculation rules
CD 34 When does a person have attributed repatriation from a CFC?
CD 35 New Zealand repatriation amount
CD 36 New Zealand property amount
CD 37 Cost of tangible property
CD 38 Cost of associated party equity
CD 39 Outstanding balances of financial arrangements
CD 40 Property transfers between associated persons
CD 41 Unrepatriated income balance
CD 42 Prevention of double taxation of share cancellation dividends
Subpart CE—Employee or contractor income
CE 1 Amounts derived in connection with employment
CE 2 Value and timing of benefits under share purchase agreements
CE 3 Restrictions on disposal of shares under share purchase agreements
CE 4 Adjustments to value of benefits under share purchase agreements
CE 5 Meaning of expenditure on account of an employee
CE 6 Meaning of share: when share acquired
CE 7 Meaning of share purchase agreement
CE 8 Attributed income from personal services
Restrictive covenants and exit inducement payments
CE 11 Proceeds from claims under policies of income protection insurance
CE 12 Tax credits under section LD 1B added to provider's income
Subpart CF—Income from living allowances, compensation, and government grants
CF 1 Benefits, pensions, compensation, and government grants
CF 2 Remission of specified suspensory loans
CG 1 Amount of depreciation recovery income
CG 4 Recovered expenditure or loss
CG 5 Recoveries or receipts by employers from superannuation schemes
CG 6 Receipts from insurance, indemnity, or compensation for trading stock
Matching rules: revenue account property, prepayments, and deferred payments
CH 1 Adjustment for closing values of trading stock, livestock, and excepted financial arrangements
CH 2 Adjustment for prepayments
CH 3 Adjustment for deferred payment of employment income
CH 4 Adjustment for change to accounting practice
Subpart CP—Income from portfolio investment entities
CP 1 Portfolio investor allocated income
Subpart CQ—Attributed income from foreign equity
Attributed controlled foreign company income
CQ 1 Attributed controlled foreign company income
CQ 2 When attributed CFC income arises
CQ 3 Calculation of attributed CFC income
Foreign investment fund income
CQ 4 Foreign investment fund income
CQ 6 Calculation of FIF income
Subpart CR—Income from life insurance
CR 2 Amount of income of life insurer
CR 3 Income for general insurance outstanding claims reserve
Subpart CS—Superannuation funds
CS 2 Exclusions of withdrawals of various kinds
CS 3 Exclusion of withdrawal on grounds of hardship
CS 4 Exclusion of withdrawal to settle division of relationship property
CS 5 Exclusion of withdrawal paid as annuity or pension
CS 6 Exclusion of withdrawal on partial retirement
CS 7 Exclusion of withdrawal when member ends employment
CS 8 Exclusion of withdrawal when member ends employment: lock-in rule
CS 9 Exclusion of withdrawal from defined benefit fund when member ends employment
CS 10 When member treated as not ending employment
CS 10B Exclusion of permitted withdrawals from KiwiSaver schemes and complying superannuation funds
Transfers to or from superannuation funds and superannuation schemes
CS 11 Transfer by superannuation fund to another superannuation fund
CS 12 Transfer from superannuation scheme to superannuation fund
CS 13 Investment by superannuation fund in another superannuation fund
Treatment of amounts when superannuation fund becomes superannuation scheme or vice versa
CS 14 Superannuation fund becomes superannuation scheme
CS 15 Superannuation fund becomes foreign superannuation scheme
CS 16 Superannuation scheme becomes superannuation fund
Treatment of distributions when superannuation fund wound up
CS 17 Superannuation fund wound up
Subpart CT—Income from petroleum mining
CT 1 Disposal of exploratory material or petroleum mining asset
CT 3 Exploratory well used for commercial production
CT 4 Partnership interests and disposal of part of asset
CT 5 Petroleum mining operations outside New Zealand
CT 6 Meaning of petroleum miner
CT 6B Meaning of petroleum mining operations
CT 7 Meaning of petroleum mining asset
Subpart CU—Income from mineral mining
CU 1 Mining company's 2 kinds of income
CU 2 Mining company that processes or manufactures
CU 4 Compensation for lost, destroyed, or damaged assets
CU 5 Compensation and scrap payment: income from mining
CU 6 Compensation and scrap payment: use to replace or repair asset
CU 7 Compensation and scrap payment: not income from mining
CU 8 Compensation and scrap payment: more than expenditure
CU 9 Previous deduction for income appropriated
CU 10 Mining asset used to derive income other than income from mining
CU 11 Meaning of asset for sections CU 3 to CU 10
CU 12 Application of sections to resident mining operators
CU 13 Application of sections to non-resident mining operators
CU 14 Recovery of reinvestment profit on disposal of mining shares
CU 15 Recovery of reinvestment profit not used for mining purposes
CU 16 Recovery of reinvestment profit on repayment of loans
CU 17 Repayment by mining company of amount written off
CU 18 Amount treated as repayment for purposes of section CU 17: excess
CU 19 Amount treated as repayment for purposes of section CU 17: net income
CU 20 Mining company or mining holding company liquidated
CU 21 Meaning of income from mining
CU 22 Meaning of mining company
CU 23 Meaning of mining development expenditure
CU 24 Meaning of mining exploration expenditure
CU 25 Meaning of mining operations
CU 26 Meaning of mining venture
CU 27 Meaning of resident mining operator
CU 28 Meaning of specified mineral
Subpart CV—Income specific to certain entities
CV 2 Crown Research Institutes
CV 3 Australian wine producer rebate
CV 4 Regulations: Australian wine producer rebate
Income from business or trade-like activities
CW 1 Forestry companies established by Crown, Maori owners, and holding companies buying land with standing timber from founders
CW 1B Treaty of Waitangi claim settlements: rights to take timber
CW 2 Forestry encouragement agreements
CW 3 Forestry companies and Maori investment companies
CW 3B Pre-1990 forest land units: emissions trading scheme [Repealed]
Income from holding property (excluding equity)
CW 4 Annuities under life insurance policies
CW 5 Payments of interest: post-war credits
CW 6 Payments of interest: farm mortgages
CW 8 Money lent to government of New Zealand
CW 9 Dividend derived by company from overseas
CW 10 Dividend within New Zealand wholly-owned group
CW 11 Dividend of conduit tax relief holding company
CW 11B Proceeds of share disposal by qualified foreign equity investor
CW 11C Proceeds from share or option acquired under venture investment agreement
CW 12 Income of Governor-General
CW 13 Expenditure on account, and reimbursement, of employees
CW 13C Payments for overtime meals and certain other allowances
CW 14 Allowance for additional transport costs
CW 15 Amounts derived during short-term visits
CW 16 Amounts derived by visiting entertainers (including sportspersons)
CW 17 Amounts derived by visiting crew of pleasure craft
CW 18 Amounts derived by overseas experts and trainees in New Zealand by government arrangement
CW 19 Income for military or police service in operational area
CW 20 Deferred military pay for active service
CW 21 Value of board for religious society members
CW 22 Jurors' and witnesses' fees
Certain income of transitional resident
CW 22B Certain income derived by transitional resident
Income from living allowances, compensation, and government grants
CW 23B Reinvested amount from foreign superannuation scheme in Australia
CW 24 Annuities from Crown Bank Accounts
CW 25 Services for members of Parliament
CW 28B Payment of certain accident compensation payments
CW 29 Scholarships and bursaries
CW 33 Local and regional promotion bodies
CW 34 Charities: non-business income
CW 35 Charities: business income
CW 39 Bodies promoting amateur games and sports
CW 40B Income from conducting gaming-machine gambling
CW 41 Bodies promoting scientific or industrial research
CW 42 Veterinary services bodies
Income from certain activities
CW 45 Non-resident aircraft operators
CW 45B Non-resident company involved in exploration and development activities
CW 46 Disposal of companies' own shares
CW 47 New Zealand companies operating in Niue
CW 49 Providing standard-cost household service
CW 49B Interest paid under KiwiSaver Act 2006
Income of, and distributions by, certain international funds
CW 49C Income of certain international funds
CW 49D Distributions by certain international funds
Income exempt under other Acts
CW 50 Exemption under other Acts
Income exempt under Parts F to I
CW 51 Exemption under Parts to be rewritten
KiwiSaver and complying superannuation fund tax credits
CX 1B KiwiSaver and complying superannuation fund tax credits
CX 2 Meaning of fringe benefit
CX 4 Relationship with assessable income
CX 5 Relationship with exempt income
CX 6 Private use of motor vehicle
CX 6B Employer or associated person treated as having right to use vehicle under arrangement
CX 7 Private use of motor vehicle: use by more than 1 employee
CX 10 Employment-related loans: loans by life insurers
CX 11 Services for members of Parliament
CX 12 Contributions to superannuation schemes
CX 13 Contributions to sickness, accident, or death benefit funds
CX 14 Contributions to funeral trusts
CX 15 Contributions to life or health insurance
CX 16 Benefits provided to employees who are shareholders or investors
CX 17 Benefits provided instead of allowances
CX 18 Benefits to enable performance of duties
CX 19 Benefits to non-executive directors
CX 20 Benefits provided on premises
CX 20B Benefits related to health or safety
CX 21 Benefits provided by charitable organisations
CX 23 Assistance with tax returns
CX 26 Distinctive work clothing
CX 26B Contributions to income protection insurance
CX 27 Services provided to superannuation fund
CX 27B Goods provided at discount by third parties
CX 28 Meaning of emergency call
CX 29 Meaning of employee share loan
CX 31 Meaning of unclassified benefit
CX 32 Meaning of work-related vehicle
CX 33 Life insurers and fully reinsured persons
CX 34 Superannuation fund deriving amount from life insurance policy
CX 35 Resident insurance underwriters
CX 36 Disposal of ownership interests in controlled petroleum mining entities
CX 37 Farm-out arrangements for petroleum mining
CX 38 Disposal of mining shares
CX 39 Disposal of mining shares acquired with reinvestment profit
CX 40 Repayment of loans made from reinvestment profit
CX 41 Government grants to businesses
CX 41B Amounts remitted as condition of new start grant
Contributions to superannuation scheme or retirement savings scheme
CX 42 Employer's superannuation contributions
CX 42B Contributions to retirement savings scheme
CX 43 Income equalisation schemes
CX 43B Refund from environmental restoration account
CX 44 Credits for inflation-indexed instruments
CX 44B Share-lending collateral under share-lending arrangements
CX 44C Proceeds from disposal of certain shares by portfolio investment entities or New Zealand Superannuation Fund
CX 44D Portfolio investor allocated income and distributions of income by portfolio investment entities
CX 44E Rebates of certain fees by portfolio tax rate entities
CX 44F Issue of post-1989 forest land units
CX 44G Disposal of pre-1990 forest land units
Income excluded under Parts F to I
CX 45 Exclusion under Parts to be rewritten
Subpart CY—Income under Parts F to I
CY 1 Amounts that are income under Parts to be rewritten
Subpart CZ—Terminating provisions
CZ 1 Share purchase agreement income before 19 July 1968
CZ 2 Mining company's 1970-71 tax year
CZ 3 Exchange variations on 8 August 1975
CZ 4 Mineral mining: company making loan before 1 April 1979
CZ 5 Exempt interest: overseas money lent to government or local or public authority before 29 July 1983
CZ 6 Commercial bills before 31 July 1986
CZ 7 Primary producer co-operative companies: 1987-88 income year
CZ 8 Farm-out arrangements for petroleum mining before 16 December 1991
CZ 9 Available capital distribution amount: 1965 and 1985 to 1992
CZ 10 Transitional relief for calculation of attributed repatriation dividends: 2 July 1992
CZ 11 Recovery of deductions for software acquired before 1 April 1993
CZ 12 General insurance with risk period straddling1 July 1993
CZ 13 Treatment of units and interests in unit trusts and group investment funds on issue as at 1 April 1996
CZ 14 Treatment of superannuation fund interests in group investment funds on 1 April 1999
CZ 15 Accident insurance contracts before 1 July 2000
CZ 16 Interest payable to exiting company: 2001
CZ 17 Dividend of exiting company: 2001
CZ 18 Benefit provider approved within 6 months of 25 November 2003
CZ 19 Community trust receipts in 2004-05 or 2005-06 tax year
CZ 20 Geothermal wells between 31 March 2003 and 17 May 2006
DA 3 Effect of specific rules on general rules
DA 4 Treatment of amount of depreciation loss
Subpart DB—Specific rules for expenditure types
DB 1 Taxes, other than GST, and penalties
DB 3 Determining tax liabilities
DB 5 Transaction costs: borrowing money for use as capital
DB 6 Interest: not capital expenditure
DB 7 Interest: most companies need no nexus with income
DB 8 Interest: money borrowed to acquire shares in group companies
DB 8B Interest or expenditure connected to stapled debt security
Financial arrangements adjustments
DB 9 Negative base price adjustment
DB 9B Base price adjustment under old financial arrangements rules
DB 10 Repayment of debt sold at discount to associate of debtor
DB 12B Share-lending collateral under share-lending arrangements
DB 12C Replacement payments and imputation credits under share-lending arrangements
DB 13 Transaction costs: leases
DB 13B Expenses of failed or withdrawn application for resource consent
DB 14 Destruction of temporary building
DB 15 Amounts paid for non-compliance with covenant for repair
DB 16 Amounts paid for non-compliance and change in use
DB 17 Cost of revenue account property
DB 19 Amount from profit-making undertaking or scheme and not already in income
DB 20 Amount from major development or division and not already in income
DB 21 Amount from land affected by change and not already in income
DB 22 Cost of non-specified mineral
DB 24 Bad debts owed to estates
DB 28B Expenses of failed or withdrawn patent application
DB 29 Patent rights: devising patented inventions
DB 30 Patent rights acquired before 1 April 1993
DB 31 Patent applications or patent rights acquired on or after 1 April 1993
DB 32 Gifts of money by company
DB 33 Property misappropriated by employees or service providers
DB 34 Making good loss from misappropriation by partners
DB 35 Restitution of stolen property
DB 36 Bribes paid to public officials
DB 37 Avoiding, remedying, or mitigating effects of discharge of contaminant
DB 38 Payments for remitted amounts
DB 39 Restrictive covenant breached
Matching rules: revenue account property, prepayments, and deferred payments
DB 40 Adjustment for opening values of trading stock, livestock, and excepted financial arrangements
DB 41 Adjustment for prepayments
DB 42 Adjustment for deferred payment of employment income
DB 43 Adjustment for change to accounting practice
DB 43B Certain investors have deduction for portfolio investor allocated loss
DB 43C Certain fees charged by portfolio tax rate entities to investors not allowed as deductions
DB 44 Expenditure incurred in deriving exempt dividend
Use of motor vehicle under certain arrangements
DB 45 Expenditure incurred in operating motor vehicle under agreement or arrangement affected by section CX 6B
DB 46 Acquisition of ETS units
DB 46B Liabilities for emissions
DB 47 Surrender of pre-1990 forest land units for post-1989 forest land deforestation
Subpart DC—Employee or contractor expenditure
DC 1 Lump sum payments on retirement
DC 2 Pension payments to former employees
DC 3 Pension payments to former partners
DC 4 Payments to working partners
DC 5 Contributions to employees' benefit funds
DC 6 Contributions to employees' superannuation schemes
DC 7 Attribution of personal services
DC 8 Restrictive covenants or exit inducements
DC 9 Sale of business: transferred employment income obligations
DC 10 Transfers of employment income obligations to associates
DC 11 Loans to employees under share purchase schemes
DC 12 Criteria for approval of share purchase schemes: before period of restriction ends
DC 13 Criteria for approval of share purchase schemes: when period of restriction ends
Subpart DD—Entertainment expenditure
DD 1 Entertainment expenditure generally
DD 3 When limitation rule does not apply
DD 4 Employment-related activities
DD 5 Promoting businesses, goods, or services
DD 6 Entertainment as business or for charitable purpose
DD 7 Entertainment outside New Zealand
DD 8 Entertainment that is income or fringe benefit
DD 9 Relationship with FBT rules
DD 10 Interpretation: reimbursement and apportionment
Subpart DE—Motor vehicle expenditure
DE 2 Deductions for business use
DE 3 Methods for calculating proportion of business use
DE 4 Default method for calculating proportion of business use
DE 6 Using logbook for test period
DE 10 Variance during logbook term
Subpart DF—Government grants and compensation
DF 1 Government grants to businesses
DF 2 Repayment of grant-related suspensory loans
DF 3 Identifying expenditure for purposes of sections DF 1 and DF 2
DF 4 Payment by claimant receiving personal service rehabilitation payment
Subpart DN—Attributed losses from foreign equity
Attributed controlled foreign company loss
DN 1 Attributed controlled foreign company loss
DN 2 When attributed CFC loss arises
DN 3 Calculation of attributed CFC loss
DN 4 Ring-fencing cap on deduction
DN 5 Foreign investment fund loss
DN 8 Ring-fencing cap on deduction: not branch equivalent method [Repealed]
DN 9 Ring-fencing cap on deduction: branch equivalent method
Subpart DO—Farming and aquacultural business expenditure
DO 1 Enhancements to land, except trees
DO 2 Erosion and shelter plantings
DO 4 Improvements to farm land
DO 4B Expenditure on land: planting of listed horticultural plants
DO 4C Expenditure on land: horticultural replacement planting
DO 4D Accounting for expenditure on listed horticultural plants under sections DO 4B and DO 4C
DO 5 Farming or horticulture expenditure of lessor or sublessor
DO 5B Improvement destroyed or made useless
DO 6 Improvements to aquacultural business
DO 7 Improvement destroyed or made useless
Subpart DP—Forestry expenditure
DP 1 Expenditure of forestry business
DP 3 Improvements to forestry land
DP 3B Improvement destroyed or made useless
DP 4 Forestry encouragement agreement: deductions
DP 5 Forestry encouragement agreement: no deduction
DP 6 Land contouring: no deduction
DP 7 Forestry business on land bought from Crown, Maori owners, or holding company: no deduction
DP 8 Cost of acquiring timber: forestry business on land bought from Crown, Maori owners, or holding company
DP 8B Treaty of Waitangi claim settlements: rights to take timber
DP 9 Cost of acquiring timber or right to take timber: other cases
Subpart DQ—Income equalisation schemes and environmental restoration accounts scheme
DQ 1 Main income equalisation scheme
DQ 2 Adverse event income equalisation scheme
DQ 3 Thinning operations income equalisation scheme
DQ 4 Environmental restoration accounts scheme
Subpart DR—Life insurance business expenditure
DR 1 Mortality profit formula: negative result
DR 3 Specific deductions denied to life insurers and fully reinsured persons
Subpart DS—Film industry expenditure
DS 2 Film production expenditure
DS 2B Expenditure in acquiring film, or film right, intended for disposal
DS 3 Clawback of deductions for film reimbursement schemes
DS 4 Meaning of film reimbursement scheme
Subpart DT—Petroleum mining expenditure
Petroleum exploration expenditure
DT 1 Petroleum exploration expenditure
DT 2 Arrangement for petroleum exploration expenditure and sale of property
DT 3 Acquisition of licences and permits
DT 4 Acquisition of exploratory material
Petroleum development expenditure
DT 5 Petroleum development expenditure
DT 6 Expenditure on petroleum mining assets
DT 7 Exploratory well expenditure
DT 8 Acquisition of certain petroleum mining assets
DT 9 Disposal of petroleum mining asset to associate
DT 10 Disposal of petroleum mining asset outside association
DT 13 Disposal of ownership interests in controlled petroleum mining entities
DT 15 Persons associated with petroleum miner
DT 16 Removal or restoration operations
DT 17 Attribution of expenditure
DT 19 Partnership interests and disposal of part of asset
DT 20 Petroleum mining operations outside New Zealand
Subpart DU—Mineral mining expenditure
DU 1 Mining exploration expenditure and mining development expenditure
DU 2 Mining exploration expenditure or mining development expenditure on acquisition of asset
DU 3 Replacing or repairing asset
DU 4 Income appropriated to expenditure
DU 5 Non-mining asset used to derive income from mining
DU 8 Meaning of asset for sections DU 1 to DU 7
DU 9 Application of sections to resident mining operators
DU 10 Application of sections to non-resident mining operators
DU 11 Disposal of mining shares by company
DU 12 Amount written off by holding company
Subpart DV—Expenditure specific to certain entities
DV 1 Publicising superannuation funds
DV 2 Transfer of expenditure to master fund
DV 3 Formula for calculating maximum deduction
DV 4 Carry forward of expenditure
DV 5 Investment funds: transfer of expenditure to master funds
DV 6 Formula for calculating maximum deduction
DV 7 Carry forward of expenditure
DV 10B Distribution to member of co-operative company, excluded from being dividend
DV 11 Maori authorities: donations
DV 13 Amalgamated company: expenditure on improvements for farming, horticultural, aquacultural, and forestry businesses
Subpart DW—Expenditure specific to certain industries
DW 3 Deduction for general insurance outstanding claims reserve
Subpart DY—Deductions under Parts F to I
DY 1 Amounts that are deductions under Parts to be rewritten
DY 2 Amounts that are not deductions under Parts to be rewritten
Subpart DZ—Terminating provisions
DZ 1 Commercial bills before 31 July 1986
DZ 2 Life insurers acquiring property before 1 April 1988
DZ 3 Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991
DZ 4 Expenditure on abandoned exploratory well before 16 December 1991
DZ 5 Farm-out arrangements for petroleum mining before 16 December 1991
DZ 6 Partnership interests and disposal of part of asset before 16 December 1991
DZ 7 Petroleum mining operations outside New Zealand before 16 December 1991
DZ 8 Buying patent rights before 1 April 1993
DZ 9 Premium paid on land leased before 1 April 1993
DZ 10 General insurance with risk period straddling 1 July 1993
DZ 11 Film reimbursement scheme on or before 30 June 2001
DZ 12 Mineral mining: 1954 to 2005
DZ 13 Enhancements to land unamortised at end of 2004-05 year
DZ 14 Patent applications before 1 April 2005
DZ 15 Geothermal wells between 31 March 2003 and 17 May 2006
DZ 16 Expenditure on improvements to aquacultural business before 1995-96 income year
DZ 17 Expenditure on improvements to forestry land before 1995-96 income year
Part E
Timing and quantifying rules
Subpart EA—Matching rules: revenue account property, prepayments, and deferred payments
EA 1 Trading stock, livestock, and excepted financial arrangements
EA 2 Other revenue account property
EA 4 Deferred payment of employment income
Subpart EB—Valuation of trading stock (including dealer's livestock)
EB 1 When this subpart applies
EB 3 Valuation of trading stock
EB 4 Trading stock valuation methods
EB 5 Transfers of trading stock within wholly-owned groups
EB 7 Cost allocation: cost-flow method
EB 8 Cost allocation: budgeted method or standard cost method
EB 12 Valuing closing stock consistently
EB 14 Low-turnover valuation methods
EB 15 Cost for low-turnover traders
EB 16 Cost allocation: cost-flow method for low-turnover traders
EB 17 Costs: manufactured or produced stock of low-turnover traders
EB 18 Costs: other stock of low-turnover traders
EB 19 Discounted selling price for low-turnover traders
EB 20 Replacement price for low-turnover traders
EB 21 Market selling value for low-turnover traders
EB 22 Valuing closing stock consistently for low-turnover traders
EB 23 Valuing closing stock under $5,000
Subpart EC—Valuation of livestock
EC 1 Application of this subpart
EC 3 Livestock valuation methods
EC 4 Value of livestock on death of person [Repealed]
EC 5 Transfers of livestock within wholly-owned groups
EC 5B Transfer of livestock because of self-assessed adverse event
Valuation of specified livestock
EC 6 Application of sections EC 7 to EC 27
EC 8 Restrictions on use of herd scheme
EC 9 Restrictions on use of national standard cost scheme
EC 10 Restrictions on use of cost price method
EC 11 Restrictions on making of elections
EC 13 Changes in partnership interests
EC 15 Determining national average market values
EC 16 Valuation under herd scheme
EC 18 Inaccurate herd value ratio
EC 19 Chatham Islands adjustment to herd value
EC 20 Herd livestock disposed of before values determined
EC 21 Herd livestock on death before values determined
EC 22 National standard cost scheme
EC 23 Determining national standard costs
EC 24 Methods for determining costs using national standard cost scheme
EC 25 Cost price, replacement price, or market value
EC 26 Bailee's treatment of livestock
Valuation of non-specified livestock
EC 28 Application of sections EC 29 to EC 31
EC 29 Determining standard values
Valuation of high-priced livestock
EC 32 Application of sections EC 33 to EC 37
EC 33 Determining depreciation percentages
EC 35 Livestock reaching national average market value and livestock no longer used for breeding
EC 36 Immature livestock and recently bought livestock
EC 38 Application of sections EC 39 to EC 48
EC 39 First income year in breeding business
EC 40 Later income years in breeding business
EC 41 Reduction: bloodstock not previously used for breeding in New Zealand other than as shuttle stallions
EC 42 Reduction: bloodstock previously used for breeding in New Zealand
EC 43 Accident, birth deformity, or infertility
EC 45 Residual value of bloodstock
EC 46 Use of bloodstock for racing
EC 47 Change of use of bloodstock in course of business
EC 48 Replacement breeding stock
Subpart ED—Valuation of excepted financial arrangements
ED 1 Valuation of excepted financial arrangements
ED 2 Transfers of certain excepted financial arrangements within wholly-owned groups
EE 2 Nature of ownership of item
EE 3 Ownership of goods subject to reservation of title
EE 4 Ownership of lessee's improvements: lessee
EE 5 Ownership of lessee's improvements: other person
Meaning of depreciable property
EE 6 What is depreciable property?
EE 7 What is not depreciable property?
EE 8 Election that property not be depreciable
How amounts of depreciation loss and depreciation recovery income are calculated
EE 9 Description of elements of calculation
EE 10 Calculation rule: item temporarily not available
EE 11 Calculation rule: income year in which item disposed of
Amount of depreciation loss under diminishing value method or straight-line method
EE 13 Application of sections EE 14 to EE 19
EE 14 Diminishing value or straight-line method: calculating amount of depreciation loss
EE 15 Amount of adjusted tax value
EE 16 Amount resulting from standard calculation
EE 17 Amount resulting from petroleum-related depreciable property calculation
EE 18 Cost: change from diminishing value to straight-line method
EE 19 Cost: fixed life intangible property
Amount of depreciation loss under pool method
EE 20 Application of sections EE 21 to EE 24
EE 21 Pool method: calculating amount of depreciation loss
EE 24 Property ceasing to qualify for pool
EE 24B Depreciation loss for plant variety rights application upon grant of rights in 2005–06 or later income year
EE 25 Setting of economic depreciation rate
EE 25B Economic rate for certain depreciable property
EE 25C Economic rate for buildings
EE 25D Economic rate for certain aircraft and motor vehicles
EE 25E Economic rate for plant, equipment, or building, with high residual value
EE 26 Annual rate for item acquired in person's 1995-96 or later income year
EE 26B Election in respect of certain depreciable property acquired on or after 1 April 2005
EE 27 Annual rate for fixed life intangible property
EE 27B Annual rate for patent granted in 2005–06 or later income year
EE 27C Annual rate for patent applications lodged with complete specifications on or after 1 April 2005 [Repealed]
EE 27D Annual rate for patents: applications lodged with complete specifications on or after 1 April 2005 [Repealed]
EE 27E Annual rate for plant variety rights [Repealed]
EE 28 Special rate or provisional rate
EE 29 Using economic rate or provisional rate instead of special rate
Improvements, items of low value, or items no longer used
Transfers of depreciable property: associated persons and non-qualifying amalgamations
EE 33 Transfer of depreciable property on or after 24 September 1997
EE 34 Transfer of depreciable property in non-qualifying amalgamation on or after 14 May 2002
EE 35 Transfer of radiocommunications licence right on or after 24 September 1997
EE 36 Transfer of depreciable intangible property on or after 1 July 1997
EE 37 Application of sections EE 41 to EE 44
EE 38 Consideration for purposes of section EE 37
EE 39 Items for purposes of section EE 37
EE 40 Events for purposes of section EE 37
EE 41 Effect of disposal or event
EE 42 Amount of depreciation recovery income when item partly used for business
EE 43 Amount of depreciation recovery income when lost or stolen items recovered
EE 44 Amount of depreciation recovery income when compensation received
EE 44B Unused geothermal well brought into use
EE 46 Meaning of adjusted tax value
EE 48 Base value in section EE 47 when none of sections EE 49, EE 50, and EZ 21(1) applies
EE 49 Base value in section EE 47 when no previous deduction
EE 50 Base value in section EE 47 when property is petroleum-related depreciable property
EE 51 Total deductions in section EE 47
EE 53 Meaning of depreciable intangible property
EE 54 Meaning of estimated useful life
EE 55 Meaning of excluded depreciable property
EE 56 Meaning of maximum pooling value
EE 57 Meaning of poolable property
EF 2 Specified superannuation contribution withholding tax
EF 4 Use of money interest payable by Commissioner
EF 5 Use of money interest payable by person
Subpart EG—Recognition of accounting treatment
EG 1 Election to use balance date used in foreign country
EG 2 Adjustment for changes to accounting practice
EG 3 Allocation of income, deductions, and credits by portfolio tax rate entity
Subpart EH—Income equalisation schemes
EH 1 Income equalisation schemes
EH 2 Income Equalisation Reserve Account
Main income equalisation scheme
EH 3 Persons to whom main income equalisation scheme applies
EH 5 Main income equalisation account
EH 6 Interest on deposits in main income equalisation account
EH 9 Income does not include excess deposit
EH 10 Refund at end of 5 years
EH 11 Income when refund given at end of 5 years
EH 12 Application for refund by person, trustee of estate, Official Assignee, or liquidator
EH 14 Income when refund given on request
EH 15 Refund for development or recovery
EH 16 Income when refund given for development or recovery
EH 18 Income when refund given on retirement, and election to allocate amount to earlier year
EH 20 Income when refund given on death
EH 21 Income when refund given on death, and election to allocate amount to earlier year
EH 22 Income when refund given on death, and election to allocate amount to later year or years
EH 24 Income when refund given on bankruptcy
EH 26 Income when refund given on liquidation
EH 29 Deposits from which refunds come
EH 30 When person entitled to rebate of income tax
EH 31 Kind and amount of refund that entitles person to rebate of income tax
EH 32 Kind of person entitled to rebate of income tax
EH 33 Amount of rebate of income tax
EH 34 Meaning of income from forestry
EH 35 Meaning of main maximum deposit
EH 36 Meaning of self-assessed adverse event [Repealed]
Adverse event income equalisation scheme
EH 38 Persons to whom adverse event income equalisation scheme applies
EH 40 Adverse event income equalisation account
EH 41 Interest on deposits in adverse event income equalisation account
EH 43 Refund of excess deposit
EH 44 Income does not include excess deposit
EH 45 Application for refund by person, trustee of estate, Official Assignee, or liquidator
EH 47 Income when refund given on request
EH 49 Income when refund given on retirement, and election to allocate amount to earlier year
EH 51 Income when refund given on death
EH 52 Income when refund given on death, and election to allocate amount to earlier year
EH 53 Income when refund given on death, and election to allocate amount to later year or years
EH 55 Income when refund given on bankruptcy
EH 57 Income when refund given on liquidation
EH 60 Deposits from which refunds come
EH 62 Meaning of adverse event maximum deposit
EH 63 Meaning of self-assessed adverse event [Repealed]
Thinning operations income equalisation scheme
EH 65 Persons to whom thinning operations income equalisation scheme applies
EH 66 Thinning operations deposit
EH 67 Thinning operations income equalisation account
EH 68 Interest on deposits in thinning operations income equalisation account
EH 70 Refund of excess deposit
EH 71 Income does not include excess deposit
EH 72 Application for refund by person or liquidator
EH 74 Income when refund given on request
EH 75 Refund for development or recovery
EH 76 Income when refund given for development or recovery
EH 78 Income when refund given on liquidation
Refunds: general provisions, and rebate of income tax
EH 79 Sections of main income equalisation scheme that apply to thinning operations income equalisation scheme
EH 80 Meaning of thinning operations maximum deposit
Subpart EI—Spreading of specific income
EI 1 Spreading backward of income from timber
EI 2 Interest from inflation-indexed instruments
EI 3 Assigning or granting copyright
EI 3B Spreading income from patent rights
EI 4 Amount paid to lessor for non-compliance with covenant for repair
EI 5 Amount paid for non-compliance: when lessor ceases to own land
EI 6 Leases: income derived in anticipation
EI 7 Disposal of land to Crown
EI 8 Matching rule for employment income of shareholderemployee
Subpart EJ—Spreading of specific expenditure
EJ 1 Spreading backward of deductions for costs of timber
EJ 2 Spreading forward of deductions for repairs to fishing boats
EJ 3 Spreading forward of fertiliser expenditure
EJ 4 Expenditure incurred in acquiring film rights in feature films
EJ 5 Expenditure incurred in acquiring film rights in films other than feature films
EJ 6 Certification of New Zealand films
EJ 7 Film production expenditure for New Zealand films having no large budget screen production grant
EJ 8 Film production expenditure for other films having no large budget screen production grant
EJ 9 Personal property lease payments
EJ 10 Amount paid by lessee for non-compliance with covenant for repair
EJ 11 Petroleum development expenditure: default allocation rule
EJ 11B Petroleum development expenditure: reserve depletion method
EJ 12 Relinquishing petroleum permit
EJ 13 Disposal of petroleum mining asset
EJ 14 Disposal of petroleum mining asset to associate
EJ 15 Partnership interests and disposal of part of asset
EJ 16 Petroleum mining operations outside New Zealand
EJ 17 Meaning of offshore development [Repealed]
EJ 18 Meaning of petroleum mining development
EJ 19 Contributions to employees' superannuation schemes
Research, development, and resulting market development
EJ 20 Deductions for market development—product of research, development
EJ 21 Allocation of deductions for research, development, and resulting market development
Subpart EK—Environmental restoration accounts
EK 1 Environmental Restoration Funds Account
EK 2 Persons who may make payment to environmental restoration account
EK 3 Payments to environmental restoration account
EK 4 Environmental restoration account
EK 5 Details to be provided with payment to environmental restoration account
EK 6 Interest on payments to environmental restoration account
EK 9 Refund of payment if excess, lacking details
EK 10 Certain refunds not income
EK 12 Refund if request or excess balance
EK 13 Income when refund given on request
EK 14 Application for transfer
EK 16 Transfer on death, bankruptcy, or liquidation
EK 17 Minimum refund or transfer
EK 18 Payments from which refunds come
EK 19 Environmental restoration account of amalgamating company
EK 20 Environmental restoration account of member of consolidated group
EK 21 Commissioner may require notice in electronic format
EK 22 Meaning of maximum payment
Subpart EW—Financial arrangements rules
EW 2 Relationship of financial arrangements rules with other provisions
Meaning of financial arrangement and excepted financial arrangement
EW 3 What is a financial arrangement?
EW 4 What is not a financial arrangement?
EW 5 What is an excepted financial arrangement?
EW 6 Relationship between financial arrangements and excepted financial arrangements
EW 7 Change from private or domestic purpose
EW 8 Election to treat certain excepted financial arrangements as financial arrangements
Application of financial arrangements rules
EW 9 Persons to whom financial arrangements rules apply
EW 10 Financial arrangements to which financial arrangements rules apply
EW 11 What financial arrangements rules do not apply to
Calculation and allocation of income and expenditure over financial arrangement's term
EW 12 When use of spreading method required
EW 13 When use of spreading method not required
EW 14 What spreading methods do
EW 15 What is included when spreading methods used
EW 15D Determination alternatives to IFRS
EW 15E Expected value method and equity-free fair value method
EW 16 Yield to maturity method or alternative
EW 19 Choice among YTM or alternative, SL, and MV spreading methods
EW 20 Determination method or alternative
EW 21 Financial reporting method
EW 23 Failure to use method for financial reporting purposes
EW 24 Consistency of use of spreading method
EW 25 Consistency of use of straight-line method and market valuation method
EW 25B Consistency of use of specific individual methods under IFRS taxpayer method
EW 26 Change of spreading method
EW 27 Spreading method adjustment formula
EW 28 How base price adjustment calculated
EW 29 When calculation of base price adjustment required
EW 30 When calculation of base price adjustment not required
EW 31 Base price adjustment formula
Consideration when financial arrangement involves property or services
EW 32 Consideration for agreement for sale and purchase of property or services, hire purchase agreement, specified lease, or finance lease
EW 33 Consideration for hire purchase agreement or finance lease
EW 34 Consideration in foreign currency
EW 35 Value relevant for non-financial arrangements rule
Consideration treated as paid to person
EW 36 Consideration when person exits from rules: accrued entitlement
EW 37 Consideration when person enters rules: accrued obligation
EW 38 Consideration when disposal for no, or inadequate, consideration
EW 39 Consideration treated as paid to person on distribution in kind [Repealed]
EW 40 Consideration affected by unfavourable factors
Consideration treated as paid by person
EW 41 Consideration when person exits from rules: accrued obligation
EW 42 Consideration when person enters rules: accrued entitlement
EW 43 Consideration when acquisition for no, or inadequate, consideration
EW 44 Consideration treated as paid by person on distribution in kind [Repealed]
EW 45 Consideration when debt sold at discount to associate of debtor
EW 46 Consideration when debt forgiven for natural love and affection
EW 47 Consideration when debtor released from obligation
EW 47B Consideration when debtor released as condition of new start grant
Consideration when legal defeasance has occurred
Consideration when change from fair value method under IFRS method
EW 48B Consideration when change from fair value method under IFRS method
Consideration when anti-avoidance provision applies
EW 49 Anti-avoidance provisions
Income and deduction provisions specifically related to financial arrangements
EW 50 Income and deduction when debt sold at discount to associate of debtor
EW 51 Income when debt forgiven to trustee
EW 52 Deduction for security payment
Treatment of original share acquired under financial arrangement
EW 52B Share supplier under share-lending arrangement
Application of financial arrangements rules to cash basis persons
EW 54 Meaning of cash basis person
EW 55 Effect of being cash basis person
EW 58 Financial arrangements, income, and expenditure relevant to criteria
EW 59 Exclusion by Commissioner
EW 60 Trustee of deceased's estate
EW 61 Election to use spreading method
EW 62 When and how calculation of cash basis adjustment required
EW 63 Cash basis adjustment formula
Subpart EX—Controlled foreign company and foreign investment fund rules
Controlled foreign company rules
When is a company a controlled foreign company?
Calculation of person's control interest
EX 2 Four categories for calculating control interests
EX 3 Control interest: total of direct, indirect, and associated person interests
EX 4 Limits to requirement to include associated person interests
EX 6 Direct control interests include options and similar rights
EX 7 Indirect control interests
Calculation of person's income interest
EX 8 Income interests: total of direct and indirect interests
EX 10 Indirect income interests
EX 11 Options and similar rights in certain cases
EX 12 Reduction of total income interests
EX 13 Income interests of partners
Ten percent threshold and variations in income interest level
EX 14 Attribution: 10% threshold
EX 15 Associates and 10% threshold
EX 16 Income interests for certain purposes
EX 17 Income interest if variations within period
Calculation of attributed CFC income or loss
EX 18 Formula for calculating attributed CFC income or loss
EX 19 Taxable distribution from non-qualifying trust
EX 20 Reduction in attributed CFC loss
Calculation of branch equivalent income or loss
EX 21 Branch equivalent income or loss: calculation rules
EX 22 Unqualified grey list CFCs
EX 23 Tax concession grey list CFCs
EX 24 Residence in grey list country
EX 25 Companies moving to or from New Zealand
EX 26 Change of CFC's balance date
Ownership measurement concession
EX 27 Use of quarterly measurement
Anti-avoidance rule: stapled stock
EX 28 Anti-avoidance rule: stapled stock
What is a foreign investment fund?
EX 30 Attributing interests in FIFs
EX 31 Direct income interests in FIFs
EX 33 Exemptions: direct income interests in FIF in grey list country
EX 33B Exemptions limited by income years: shares in certain grey list companies
EX 33C Exemption: shares in listed Australian company
EX 33D Exemption: units in certain Australian unit trusts
EX 33E Australian superannuation fund exemption
EX 34 Foreign exchange control exemption
EX 35 Income interest of non-resident or transitional resident
EX 36 New resident's accrued superannuation entitlement exemption
EX 37 Non-resident's pension or annuity exemption
Calculation of FIF income or loss
EX 39 Exclusion of amounts of death benefit
EX 40 Limits on choice of calculation methods
EX 40B Use of particular calculation methods required
EX 41 Default calculation method
EX 42 Accounting profits method
EX 43 Branch equivalent method
EX 44 Comparative value method
EX 44B Fair dividend rate method
EX 44C Fair dividend rate method: usual method
EX 44D Fair dividend rate method: method for unit valuers and persons valuing interests daily
EX 44E Fair dividend rate method and cost method: calculating items in formulas for periods affected by share reorganisations
EX 45 Deemed rate of return method
Additional FIF income or loss if CFC owns FIF
EX 46 Additional FIF income or loss if CFC owns FIF
Relationship with other provisions in Act
EX 47 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method
EX 48 Top-up FIF income: deemed rate of return method
EX 49 Top-up FIF income: 1 April 1993 uplift interests
EX 50 Limits on changes of method
EX 51 Consequences of changes in method
Cases of entry into and exit from FIF rules
EX 52 Migration of persons holding FIF interests
EX 53 Changes in application of FIF exemptions
EX 54 FIFs migrating from New Zealand
EX 54B FIF rules first applying to interest for income year beginning on or after 1 April 2007
EX 55 Death of persons holding FIF interests [Repealed]
EX 57 Change of FIF's balance date
EX 58 Market value of life policy and superannuation entitlements
EX 59 Non-market transactions in FIF interests
Commissioner's default assessment power
EX 60 Commissioner's default assessment power
Subpart EY—Life insurance rules
EY 2 Matters to which this subpart relates
EY 3 Meaning of actuarial reserves
EY 4 Actuarial reserves: calculation
EY 5 Actuarial reserves: actuary's declaration
EY 6 Actuarial reserves: powers of Commissioner
EY 8 Meaning of life insurance
EY 9 Meaning of life insurance policy
EY 11 Meaning of life reinsurance
EY 12 Meaning of life reinsurance policy
EY 13 Life insurance and life reinsurance: how sections relate
EY 14 How premium loading is calculated
EY 15 Premium loading: when life insurers providing life insurance at start of income year
EY 16 Premium loading: when life insurers not providing life insurance at start of income year
EY 17 Premium loading formulas
EY 18 Premium loading formulas: when life insurers not providing life insurance at start of income year
EY 19 Premium loading formulas: option when more than 1 life insured
EY 20 Premium loading formula (life): when annuity payable on death
EY 21 Premium loading formulas: when annuity payable on survival to date or age specified in policy
EY 22 Premium loading formula (life): when partial reinsurance exists
EY 23 Premium loading formulas: individual result may never be negative
EY 24 How mortality profit is calculated
EY 25 Mortality profit: when life insurers providing life insurance at start of income year
EY 26 Mortality profit: when life insurers not providing life insurance at start of income year
EY 27 Mortality profit formula
EY 28 Mortality profit formula: when life insurers not providing life insurance at start of income year
EY 29 Mortality profit formula: option when more than 1 life insured
EY 30 Mortality profit formula: when annuity payable on death
EY 31 Mortality profit formula: when partial reinsurance exists
EY 32 Mortality profit formula: individual result may be negative only in some cases
EY 33 Mortality profit formula: negative result
EY 34 How discontinuance profit is calculated
EY 35 Discontinuance profit for income year
EY 36 Discontinuance profit formula (existing policies)
EY 37 Discontinuance profit formula (new policies)
EY 38 Discontinuance profit formula (existing policies): when partial reinsurance exists
EY 39 Discontinuance profit formula (new policies): when partial reinsurance exists
EY 40 Discontinuance profit formulas: individual result may never be negative
EY 41 How policyholder income is calculated
EY 42 Policyholder income formula
EY 42B Policyholder income formula: FDR adjustment
EY 42C Policyholder income formula: PILF adjustment
EY 43 Policyholder income formula: when partial reinsurance exists
EY 44 Policyholder income formula: when life insurance business transferred
EY 45 Income from disposal of property
EY 46 Deductions for disposal of property
EY 47 Non-resident life insurers with life insurance policies in New Zealand
EY 48 Non-resident life insurer may become resident
Subpart EZ—Terminating provisions
EZ 1 Life insurers acquiring property before 1 April 1988
EZ 2 Deductions for disposal of property: 1982-83 and 1989-90 income years
EZ 3 Petroleum development expenditure from 1 October 1990 to 15 December 1991
EZ 4 Valuation of livestock bailed or leased as at 2 September 1992
EZ 4B Reduction: bloodstock not previously used for breeding in New Zealand: pre-1 August 2006
EZ 4C Reduction: broodmare previously used for breeding in New Zealand: pre-1 August 2006
EZ 5 Buying patent rights before 1 April 1993
EZ 6 Premium paid on land leased before 1 April 1993
EZ 7 FIF interests held on 1 April 1993 [Repealed]
EZ 8 Pool method for items accounted for by globo method for 1992-93 income year
EZ 9 Pool items accounted for by globo method for 1992-93 income year
EZ 10 Amounts of depreciation recovery income and depreciation loss for part business use in or before 1992-93 income year
EZ 11 Amount of depreciation loss for item acquired from associated person on or before 23 September 1997
EZ 12 Annual rate for item acquired on or after 1 April 1993 and before end of person's 1994-95 income year
EZ 13 Pre-1993 depreciation rate
EZ 14 Annual rate for excluded depreciable property: 1992-93 tax year
EZ 15 Amount of depreciation loss for plant or machinery additional to section EZ 14 amount
EZ 16 Additional amount of depreciation loss: between 16 December 1991 and 1 April 1994
EZ 17 Section EZ 16 amount of depreciation loss when items transferred between companies in wholly-owned group before 1 April 1993
EZ 18 Section EZ 16 amount of depreciation loss when person previously exempt from tax acquires item
EZ 19 Adjusted tax value for software acquired before 1 April 1993
EZ 20 Sections EE 38 and EE 40: permanent removal: allowance before 1 April 1995
EZ 21 Base value and total deductions in section EE 47: before 1 April 1995
EZ 21B Economic rate for plant or equipment acquired before 1 April 2005 and buildings acquired before 19 May 2005
EZ 23 Meaning of New Zealand-new asset
EZ 24 Meaning of qualifying capital value
EZ 25 Meaning of qualifying improvement
EZ 26 Meaning of qualifying asset
EZ 27 Private insurers under Accident Insurance Act 1998
EZ 28 Base premium for 1998-99 premium year under Accident Insurance Act 1998
EZ 29 Disclosure restrictions on grey list CFCs before 2011–12
Old financial arrangements rules
EZ 30 Application of old financial arrangements rules
EZ 31 Election to apply financial arrangements rules in subpart EW
EZ 32 Accruals in relation to income and expenditure in respect of financial arrangements
EZ 33 Excepted financial arrangement that is part of financial arrangement
EZ 35 Income and expenditure where financial arrangement redeemed or disposed of
EZ 37 Accrued income written off
EZ 38 Sale of debt to associate of debtor
EZ 40 Variable principal debt instruments
EZ 41 Relationship with rest of Act
EZ 42 Application of old financial arrangements rules
EZ 43 Election to treat short term trade credit as financial arrangement
EZ 44 Election to continue to treat certain excepted financial arrangements as financial arrangements
EZ 46 Determination of core acquisition price where consideration for property denominated in foreign currency
EZ 47 Rules for non-market transactions
EZ 48 Transitional adjustment when changing to financial arrangements rules
EZ 49 References to new rules include old rules
EZ 50 Transitional rule for IFRS financial reporting method
EZ 51 Transitional rule for financial reporting method
EZ 52 Transitional rule for changes from the fair value method
Part F
Apportionment and recharacterised transactions
FB 2 Apportionment of income derived partly in New Zealand and partly elsewhere
FB 3 Disposal of trading stock
FB 4 Income derived from disposal of trading stock together with other assets of business
FB 7 Depreciation: partial income-producing use
FC 1 Floating rate of interest on debentures
FC 2 Interest on debentures issued in substitution for shares
FC 4 Valuation adjustments where company acquires its shares
FC 5 Assets purchased and resold after deduction of payments under lease
FC 6 Effect of specified lease on lessor and lessee
FC 7 Income of lessor under specified lease
FC 8 Deduction to lessee under specified lease
FC 8A Lease of personal property lease asset treated as sale
FC 8B Rules for personal property lease asset during term of finance lease
FC 8C Termination of finance lease
FC 8D Lessor's use of personal property lease asset after finance lease ends
FC 8E Purchase and sale of personal property lease asset by lessee or associated person
FC 8H Adjustment required if lease becomes finance lease
FC 8I Adjustment required for certain operating leases entered before 20 June 2007
FC 10 Taxation of hire purchase agreements
FC 13 Premiums derived by non-resident general insurers treated as being derived from New Zealand
FC 14 Non-resident general insurers' income
FC 15 Non-resident general insurers' expenditure
FC 16 Liability to make return and pay income tax
FC 17 Premiums paid to residents of Switzerland
FC 18 Non-resident shippers' income
FC 19 Non-resident shippers' excluded income
FC 20 Non-resident shippers' expenditure
FC 21 Amounts derived by non-residents from renting films
FC 22 Tax treatment of foreign-sourced amounts derived by transitional resident
FC 23 General requirements for being transitional resident
Subpart FCB—Emigration of resident companies
FCB 1 Tax effects of company becoming non-resident to reflect tax effects of liquidation
FCB 2 Emigrating company treated as paying distribution to shareholders
FCB 3 Emigrating company treated as disposing of property and immediately reacquiring property
Subpart FD—Consolidation of companies
FD 1 Purpose and application of consolidated grouping provisions
FD 3 Companies which may constitute consolidated group
FD 4 Formation of consolidated group
FD 5 Company may not be member of more than 1 consolidated group
FD 7 Joining existing consolidated group
FD 8 Leaving consolidated group
FD 9 Part income year accounts and part tax year income allocation
FD 10 Special provisions relating to dispositions of property
FD 11 Application of international tax rules
Subpart FDA—Imputation group of companies
FDA 1 Companies that may constitute imputation group
FDA 2 Formation, entry, and combination of imputation groups
FDA 4 Liability of members of imputation group
FDA 6 Leaving imputation group
FE 1 Amalgamation of companies: purpose
FE 2 Cancellation of shares held by amalgamating company on amalgamation
FE 3 Deduction to amalgamated company for bad debts and expenditure
FE 4 Amalgamated company to assume unexpired accrual expenditure and profits or gains of amalgamating company
FE 5 Transfer of property or obligations under financial arrangements deemed to be at market value
FE 6 Acquisition of property by amalgamated company on qualifying amalgamation
FE 6A Deduction to amalgamating company for depreciable property transferred
FE 7 Succession of obligations of amalgamating company under financial arrangement on amalgamation
FE 8 Amalgamated company to assume rights and obligations of amalgamating company
FE 9 Amalgamation not to result in deemed income or remission of liabilities
FE 10 Treatment of financial arrangements between amalgamating companies
Subpart FF—Transfers under relationship agreements
FF 7 Disposal of timber under relationship agreement
FF 8 Patent applications and patent rights
FF 15 Amount of depreciation loss for qualifying assets
FF 18 Land used in specified activity
Subpart FG—Apportionment of interest costs
FG 2 Entities to which interest deduction rules potentially apply
FG 3 When interest apportioned under section FG 8 or annual total deduction adjusted under section FG 8B
FG 4 Rules for calculating New Zealand group debt percentage
FG 5 Rules for calculating worldwide group debt percentage
FG 6 Concession for on-lending
FG 7 Concession for exchange rate fluctuations
FG 8 Apportionment of interest deductions—taxpayer not in New Zealand banking group
FG 8B Adjustment of annual total deduction—reporting bank
FG 8C New Zealand banking group of registered bank
FG 8D Reporting bank for New Zealand banking group
FG 8E Measurement periods and measurement days
FG 8F Financial value and regulatory value
FG 8G New Zealand net equity of New Zealand banking group
FG 8I Valuation of debt and risk-weighted exposures
FG 8J Treatment of temporary change in New Zealand net equity or net equity threshold
FG 9 Treatment of specified leases and interest expense
Subpart FH—Foreign attributed income excess interest allocation
FH 1 Circumstances in which group excess interest allocation required
FH 2 Rules for determining company's foreign attributed income group
FH 3 Rules for determining New Zealand foreign attributed income group debt percentage
FH 4 Rules for determining consolidated foreign attributed income group debt percentage
FH 5 Rule for calculating group excess interest allocation amount
FH 6 Rule for calculating company's excess interest allocation percentage
FH 7 Rule for calculating individual excess interest allocation amount
FH 8 Rules for applying surplus group excess interest allocation amount to increase income tax and dividend withholding payment
Subpart I—Effect of certain disposals and resulting acquisitions
FI 1 Disposals and resulting acquisitions to which subpart FI applies
FI 2 Disposal and resulting acquisition of property treated as occurring at market value
FI 3 Date on which disposal and resulting acquisition treated as occurring
FI 4 Disposal and resulting acquisition of property by spouse, civil union partner, or de facto partner on death of person
FI 5 Distributions of property to close relatives and others
FI 6 Disposal and resulting acquisition of timber
FI 7 Relationship of section FI 2(2) to subpart CB
FI 8 Relationship of subpart FI to unexpired prepayments
FI 9 Death occurring before 1 October 2005
FI 10 Value of property acquired by beneficiary of trust before 1 October 2005
FI 11 Disposal of certain financial arrangements on death
Subpart FZ—Terminating provisions
FZ 1 Deduction for dividends paid on certain preference shares
FZ 2 Amounts owing under convertible notes deemed to be share capital and holders deemed to be shareholders
Part G
Avoidance and non-market transactions
GB 1 Agreements purporting to alter incidence of tax to be void
Subpart GC—Avoidance: specific
GC 1 Arrangement to defeat application of cross-border arrangement provision
GC 2 Arrangements to defeat application of net loss carry forward provisions
GC 3 Effect on continuity provisions of change in beneficiaries of trust
GC 4 Arrangement to defeat application of net loss offset provisions
GC 5 Arrangement to defeat application of qualifying company provisions
GC 6 Arrangement to defeat application of depreciation provisions
GC 7 Arrangements in respect of CFCs
GC 8 Arrangement to defeat application of CFC attributed repatriation provisions
GC 9 Variations in control or income interests in foreign companies
GC 10 Attributed CFC income and FIF income: arrangements in respect of elections
GC 11A Non-market transactions to acquire film rights
GC 11B Manipulation of arrangements to acquire film rights
GC 14A Sale or transfer of commercial bill to New Zealand resident
GC 14B Attribution rule for personal services
GC 14C Definitions for use in section GC 14B
GC 14D Attribution rule: calculation
GC 14E Attribution rule: exception
GC 14EB Treatment of dividends as if from qualifying company [Repealed]
GC 14F Arrangement to avoid application of restrictive covenant rule
GC 14G Arrangement to avoid application of rules for returning share transfers
GC 15 Benefit given to associated person of employee
GC 16 Value of motor vehicle acquired from associated person
GC 17 Fringe benefit tax: general
GC 17B Fringe benefit tax: arrangement void
GC 18 Agreements not to make tax deductions to be void
GC 19 Resident withholding tax
GC 20 Agreements not to make resident withholding tax deductions to be void
GC 21 Imputation continuity requirements
GC 22 Imputation: arrangement to obtain tax advantage
GC 23 Imputation: dividend paid by another company
GC 24 Application of specific imputation provisions to consolidated groups
GC 25 Avoidance of dividend withholding payments
GC 26 Arrangement to defeat application of branch equivalent tax account provisions
GC 27 Arrangement to defeat application of dividend withholding payment account provisions
GC 27A Arrangement to obtain tax advantage with respect to Maori authority credit account provisions (subpart MK)
GC 28 Tax credits for families
Arrangements involving money not at risk
GC 29 Application of sections GC 29 to GC 31
GC 30 Defined terms for sections GC 29 to GC 31
GC 31 Deferral of surplus deductions from arrangement
Subpart GD—Non-market transactions
GD 1 Sale or other disposal of trading stock for inadequate consideration
GD 2 Distribution of trading stock to shareholders of company [Repealed]
GD 3 Payment of excessive salary or wages, or allocation of excessive share of profits or losses, to relative employed by or in partnership with taxpayer
GD 4 Payments to taxpayer's spouse, civil union partner or de facto partner
GD 5 Excessive remuneration by close company to shareholder, director, or relative
Superannuation and life insurance
GD 6 Value of loans provided by superannuation fund deemed to be income of fund
GD 7 Distribution of property to policyholders
GD 10 Leases for inadequate rent
GD 11 Financial arrangements rules
GD 12 Non-market transactions for incurring film production expenditure
GD 12A Film production expenditure if payments postponed or contingent
GD 12B Manipulation of arrangements to incur film production expenditure
GD 13 Cross-border arrangements between associated persons
GD 14 Attributing interests in FIFs
GD 15 Disposal of timber, or right to take timber, or standing timber to associated person
GD 16 Disposals of ETS units at below market value
Subpart GE—Non-market transactions: specific
GE 1 New Zealand Raspberry Marketing Council
Subpart GZ—Terminating provisions
GZ 1 Pre-1974 agreements purporting to alter incidence of tax
Part H
Treatment of net income of certain entities
Subpart HB—Consolidated groups of companies
HB 1 Returns, assessments, and liability of consolidated group
HB 2 Taxable income to be calculated generally as if group were single company
Subpart HC—Special partnerships
HC 1 Special partnerships [Repealed]
HD 1 Assessment of partners, co-trustees, and joint venturers
Subpart HF—Mutual associations
HF 1 Profits of mutual associations in respect of transactions with members
Subpart HG—Qualifying companies
HG 1 Qualifying company regime
HG 2 Determination of effective interest in company
HG 3 Director elections, and revocation of director elections
HG 5 Revocation of shareholder elections
HG 6 Period of grace for new elections following death, revocation of shareholder election, or issue of new shares
HG 7 Date on which non-complying company ceases to be qualifying company, and Commissioner's power to defer
HG 8 Liability of electing shareholder for income tax of company
HG 9 Taxation of shareholders in qualifying companies
HG 10 Taxation of qualifying company
HG 11 Taxation on election to become qualifying company
HG 12 Payment of qualifying company election tax
HG 13 Dividends from qualifying company
HG 14 Loss attributing qualifying companies
HG 14A Minority shareholders in loss attributing qualifying companies
HG 15 Revocation of loss attribution elections
HG 16 Net losses of loss attributing qualifying company to be attributed to shareholders
HG 17 Attributed CFC losses and FIF losses
HG 18 Company that ceases to be loss attributing qualifying company also ceases to be qualifying company
HH 1A Treatment of settlements on trust
HH 2 Trusts settled by persons before becoming resident
HH 3A Beneficiary income of minors
HH 3B Exemption for beneficiary income $1,000 or less
HH 3C Source of beneficiary income
HH 3D Treatment of various settlements
HH 3F Definitions of guardian, minor, and relative
HH 5 Existing trusts becoming subject to tax
HH 6 Distributions from trusts
HH 7 Commissioner may determine amount of trustee income
HH 8 Income received by trustee after death of deceased person
HI 1 Application of Act to Maori authority
HI 2 Eligibility to be Maori authority
HI 3 Election to become Maori authority
HI 4 Distributions by Maori authority
HI 5 Amount distributed to member by Maori authority
HI 6 Proportional allocation required if distribution includes amount other than taxable Maori authority distribution
HI 7 Distribution includes Maori authority credit attached and RWT deducted
HI 8 Treatment of companies and trusts that elect to apply this subpart
HI 9 Market value calculations
HJ 1 Government Superannuation Fund
HK 1 Agent to make returns and be assessed as principal
HK 2 Rate and amount of tax payable by agent
HK 3 Liability of principal not affected
HK 4 Agent may recover tax from principal
HK 5 Agent may retain from money of principal amount required for tax
HK 6 Assessment deemed authority for payment of tax by agent
HK 7 Agents to be personally liable for payment of tax
HK 8 Relation of principal and agent arising in effect
HK 9 Guardian of person under disability to be agent
HK 10 Liability of mortgagee in possession
HK 11 Liability for tax payable by company left with insufficient assets
HK 12 Company deemed agent of debenture holders
HK 13 Modification of agency provisions in respect of income from company debentures
Agents of absentees and non-residents
HK 16 Liability of agent of absentee principal for returns and tax
HK 17 Partner of absentee deemed agent
HK 18 Master of ship deemed agent of absentee owner
HK 19 Tenant, mortgagor, or other debtor to be agent of absentee landlord, mortgagee, or other creditor
HK 20 Person having disposal of income deemed agent
HK 21 Company to be agent of absentee shareholders
HK 22 Trustee of group investment fund to be agent of absentee investors
HK 23 Banking company to be agent of absentee depositors
HK 24 Liability as agent of employer of non-resident taxpayer and employer's agent
HK 25 Non-resident trader to be agent of employees in New Zealand
HK 26 Agents in New Zealand of principals resident abroad
Subpart HL—Portfolio investment entities
HL 1 Intended effect on portfolio tax rate entities and investors
Eligibility requirements: portfolio investment entities and foreign investment vehicles
HL 3 Eligibility requirements for entities
HL 4 Effect of failure to meet eligibility requirements for entities
HL 5 Foreign investment vehicles
HL 5B Meaning of investor and portfolio investor class
HL 5C Income interest requirement
HL 6 Investor membership requirement
HL 7 Investor return adjustment requirement: portfolio tax rate entity
HL 8 Imputation credit distribution requirement: portfolio listed company
HL 9 Investor interest size requirement
HL 10 Further eligibility requirements relating to investments
Becoming and ceasing to be portfolio investment entity
HL 11 Election to become portfolio investment entity and cancellation of election
HL 11B Unlisted company may choose to become portfolio listed company
HL 12 Becoming portfolio investment entity
HL 13 Tax consequences from transition
HL 14 Ceasing to be portfolio investment entity
Periods relevant to calculation of portfolio entity tax liability
HL 15 Portfolio allocation period and portfolio calculation period
Allocation of income in some cases
HL 16 Treatment of income from interest if no investor entitled or investor has conditional entitlement
HL 17 Certain new investors treated as part of existing portfolio investor class
Calculating portfolio entity tax liability
HL 18 Portfolio class net income and portfolio class net loss for portfolio allocation period
HL 19 Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period
HL 19B Treatment of certain provisions made by portfolio tax rate entity
HL 20 Portfolio entity tax liability and rebates of portfolio tax rate entity for period
Payment by portfolio tax rate entity of tax for tax year
HL 21 Payments of tax by portfolio tax rate entity making no election
HL 22 Payments of tax by portfolio tax rate entity choosing to pay provisional tax
HL 23 Payments of tax by portfolio tax rate entity choosing to make payments when investor leaves
HL 23B Optional payments of tax by portfolio tax rate entities
HL 24 Portfolio investor allocated income and portfolio investor allocated loss
HL 25 Treatment of portfolio investor allocated loss for zero-rated portfolio investors and investors with portfolio investor exit period
HL 26 Treatment of portfolio investor allocated loss for other investors
Treatment of credits received by entity
HL 27 Credits received by portfolio tax rate entity or portfolio investor proxy
Treatment of losses for entity
HL 28 Portfolio entity formation loss
HL 29 Portfolio class taxable income and portfolio class taxable loss for tax year
HL 30 Treatment of portfolio class taxable loss and portfolio class land loss for tax year
HL 31 Portfolio investor proxies
Subpart HZ—Terminating provisions
HZ 2 Trusts that may become qualifying trusts
Subpart ID—Application of Part to schedular income
ID 1 No offset in calculating some income tax liabilities
IE 1 Net losses may be offset against future net income
IE 2 Specified activity net losses
IE 3 Attributed CFC net losses
Subpart IF—Net losses: companies
IF 1 Net losses may be offset against future net income
IF 2 Special provision in relation to net losses of companies for 1990-91 and 1991-92 income years
IF 3 Attributed CFC net losses
IF 4 Losses, attributed CFC net losses, and FIF net losses of amalgamating company
IF 5 Ordering of losses of amalgamated company
IF 6 Losses, attributed CFC net losses, and FIF net losses of amalgamated company
IF 7 Offsetting supplementary dividend against net income
Subpart IG—Net losses: groups of companies
IG 1 Companies included in group of companies
IG 2 Net loss offset between group companies
IG 3 Special provisions in relation to group companies for 1991-92 tax year
IG 4 Group of companies attributed CFC net losses
IG 5 Group of companies FIF net losses
IG 6 Loss carry forward and grouping by consolidated group and consolidated group members
IG 7 Attributed CFC net losses and FIF net losses of consolidated group members
IG 8 Net losses, attributed CFC net losses, and FIF net losses of amalgamated company
IG 9 Net losses, attributed CFC net losses, and FIF net losses offset against net income of amalgamated company
IG 10 Net losses used to pay penalties
IH 1 Losses of mining companies and petroleum miners
IH 2 Companies engaged in exploring for, searching for, or mining petroleum
IH 3 Loss carry back by petroleum miners
IH 4 Companies engaged in exploring for, searching for, or mining certain minerals
IH 5 Resident mining operators
Subpart II—Losses: life insurers
II 2 Policyholder net loss for tax year preceding 1990-91
II 3 Carry forward of policyholder net loss
IZ 1 Application of this subpart
IZ 4 Payment of withdrawal tax
IZ 5 Evidence of liability in proceedings for recovery
IZ 7 Application of other provisions to withdrawal tax
KB 2 Proportionate adjustment to rebates on change of return date
KB 3 Calculations of rebates producing negative amounts
KC 2 Rebate in certain cases for children
KC 3 Transitional tax allowance
KC 4 Rebate in certain cases for housekeeper
KC 5 Rebate in respect of gifts of money
KC 6 Rebate in respect of redundancy payment
Subpart KD—Tax credits for families
KD A1 Calculation of tax credits under this subpart
KD 1 Determination of net income
KD 1A Working for Families tax credits
KD 2 Calculation of subpart KD credit
KD 2AAAB Continuation of child tax credit payments
KD 2AA Rules for subpart KD credit
KD 2A Calculating net contributions to family tax credit, in-work tax credit child tax credit, and parental tax credit
KD 3 Calculation of minimum family tax credit
KD 3A Rules for minimum family tax credit
KD 3B Applications for guaranteed minimum family tax credit
KD 4 Allowance of credit of tax in end of year assessment
KD 5 Credit of tax by instalments
KD 5B Rates for interim instalments for period beginning on or after 1 July 1998 [Repealed]
KD 5C Adjustment of family tax credit amounts, abatement threshold amounts, amounts of in-work tax credit and parental tax credit, and amount of minimum family tax credit
KD 6 Chief executive to deliver credit of tax
KD 7 Commissioner to deliver credit of tax by instalments
KD 7A Effect of extra interim instalment on entitlement to tax credit
KD 8 Credit of tax deemed to be excluded income
KE 1 Rebate for interest on home vendor mortgages
Subpart KF—Rebates for non-residents
Subpart KG—Industry-specific rebates
KG 1 Rebate for savings in special farm, fishing vessel, and home ownership accounts
KH 2 Calculation of percentage of shareholders not resident
Subpart KI—Rebates for portfolio tax rate entities
KI 1 Rebate for portfolio tax rate entity relating to certain investors
Subpart KJ—KiwiSaver scheme and complying superannuation fund tax credits
KJ 1 Tax credits relating to KiwiSaver scheme and complying superannuation fund members
KJ 6 Tax credits relating to employers contributing to KiwiSaver schemes and complying superannuation funds
KJ 10 Treatment when short payment and unpaid amount of compulsory employer contributions found after tax credit used
KJ 12 Group of persons 1 employer
Subpart KZ—Terminating provisions
KZ 1 Rebate from tax payable by persons receiving war pension
KZ 2 Rebate in respect of loss not carried forward
KZ 3 Continuation of rebates in respect of certain specified development projects
Subpart LB—Imputation credits: shareholders and imputation system
LB 1 Determination of amount of credit in certain cases
LB 1A Treatment of imputation credits of beneficiary minor
LB 2 Credit of tax for imputation credit
LB 3 Credit of retirement scheme contribution withholding tax for imputation credit
LC 1 Credits in respect of tax paid in country or territory outside New Zealand
LC 1A Amendment of schedule 6 by Order in Council
LC 3 Recovery of excess credit allowed through not taking into account refund of foreign tax
LC 4 Foreign tax credits: CFCs
LC 5 Group of companies CFC tax credits
LC 8 CFC tax credits of amalgamating company
LC 9 Ordering of CFC tax credits of amalgamated company
LC 10 CFC tax credits of amalgamated company
LC 11 CFC tax credits of amalgamated company credited against income tax liability of another company
LC 12 CFC tax credits of company credited against income tax liability of amalgamated company
LC 13 Information for credit to be furnished within 4 years
LC 14 Ascertainment of New Zealand income tax liability
LC 15 United Kingdom tax on dividends [Repealed]
LC 16 Foreign tax credits of consolidated group members
Subpart LD—Credit for tax paid or withheld
LD 1 Tax deductions to be credited against tax assessed
LD 1B Tax deductions from certain accident compensation payments: credit allowed to provider
LD 1C Tax deductions from certain accident compensation payments: credit allowed to claimant
LD 2 Non-resident withholding tax: credit allowed
LD 3 Resident withholding tax payments to be credited against income tax assessed
LD 3A Maori authority credit to be credited against income tax assessed
LD 4 Credit of retirement scheme contribution withholding tax for Maori authority credit
LD 6 Allowance for provisional tax paid by agent
LD 7 Provisional tax to be credited against income tax liability
LD 8 Credit of tax for dividend withholding payment credit in hands of shareholder
LD 9 Refund to non-resident or exempt shareholders
LD 10 Credit for investor for tax paid by entity if portfolio investor allocated income not excluded income
LD 10B Credit for zero-rated portfolio investor for tax paid by entity in relation to portfolio investor allocated income
LD 11 Credit for investor for payment under section HL 21(5) by entity for portfolio investor exit period
LD 12 Credit for retirement scheme contribution withholding tax if retirement scheme contribution not excluded income
Subpart LE—Non-resident investors
LE 2 Credits in respect of dividends to non-resident investors
LE 3 Special rules for holding companies
LE 4 Allocation of deductions by section LE 3 holding company
Subpart LF—Underlying foreign tax credits
LF 1 Underlying foreign tax credits generally, and interpretation
LF 2 Granting of underlying foreign tax credit
LF 3 Amount of underlying foreign tax credit
LF 4 Dividends from lower-tier companies
LF 5 Dividends from grey list companies
LF 6 Procedures with respect to underlying foreign tax credit
LF 7 Interest paid in conduit financing arrangements
Subpart LG—Conduit tax relief credits
LG 1 Conduit tax relief additional dividends
MB 2 Who pays provisional tax?
MB 2A Election to be provisional taxpayer [Repealed]
MB 2B Amount of provisional tax based on 1997-98 or earlier tax year [Repealed]
MB 3 Becoming provisional taxpayer by election
MB 3B Provisional taxpayer affected by self-assessed adverse event or qualifying event [Repealed]
Calculation of provisional tax liability
MB 4 Methods for calculating provisional tax liability
MB 5A Amount of provisional tax instalments in transitional year [Repealed]
Instalments of provisional tax
MB 8 Provisional tax payable in instalments
MB 9 Calculating amount of instalment under standard and estimation methods
MB 9A Provisional tax and attribution rule for services [Repealed]
MB 10 Calculating amount of instalment using GST ratio
MB 11 Using GST refund to pay instalment of provisional tax
MB 11B Transitional provisions relating to alignment of dates of payment for provisional tax and GST [Repealed]
MB 13 Paying 2 instalments for tax year
MB 14 Paying 1 instalment for tax year
Requirements for using GST ratio
MB 16 Choosing to use GST ratio
MB 17 Changing determination method
MB 19 Calculating residual income tax in transitional years
MB 20 Paying provisional tax in transitional years
MB 21 Calculating instalments in transitional years: standard method
MB 22 Calculating instalments in transitional years: estimation method
MB 23 Calculating instalments in transitional years: GST ratio method
MB 24 Consequences of change in balance date
When provisional taxpayers start or stop paying GST, or change taxable periods
MB 25 Registering for GST or cancelling registration
MB 27 Payment of provisional tax instalments when GST cycle changed
Penalties and interest provisions
MB 28 Application of provisions of Tax Administration Act 1994
Treatment of groups of companies and amalgamated companies
MB 29 Provisional tax rules and consolidated groups
MB 30 Residual income tax of consolidated groups
MB 31 Consolidated groups using estimation method
MB 32 Consolidated groups using GST ratio method
MB 33 Wholly-owned groups of companies
MB 34 Amalgamated companies: calculating residual income tax
MB 35 Attribution rule for services
MB 36 Overpaid provisional tax
MB 37 Further income tax credited to provisional tax liability
MB 38 Provisional taxpayer affected by self-assessed adverse event or qualifying event
Subpart MBA—Pooling of provisional tax
MBA 2 Function of intermediary and tax pooling account
MBA 3 Application to establish tax pooling account
MBA 5 Deposits to tax pooling account
MBA 6 Transfers from tax pooling account
MBA 7 Refunds from tax pooling account
MBA 8 Wind up of tax pooling account
MBA 9 Tax treatment of payments of interest
Subpart MBB—Early-payment discount of income tax
MBB 2 Availability of early-payment discount
MBB 3 Credit treated as being payment as income tax
MD 2 Limit on refunds and allocations of tax
MD 2A Limits on refunds of tax for certain qualifying unit trusts and group investment funds
MD 2B Limits on refunds of tax in relation to Maori authorities
MD 3 Refund of income tax not to exceed amount of credit balance
MD 5 No credits or debits for excess income tax or dividend withholding payments not refunded or allocated
Subpart ME—Imputation credit accounts
Imputation credit accounts: general
ME 1 Companies required to maintain imputation credit account
ME 1A Companies electing to maintain imputation credit account
ME 1B Amount of dividend for imputation rules if paid in Australian currency
ME 2 Balance of imputation credit account
ME 3 Imputation credit account
ME 4 Credits arising to imputation credit account
ME 5 Debits arising to imputation credit account
ME 6 Company may attach imputation credit to dividend
ME 6B Share user may attach imputation credit to replacement payment
ME 7 Transfer by life insurance company of credit balance to policyholder credit account
ME 8 Allocation rules for imputation credits
ME 9 Further tax payable where end of year debit balance, or when company ceases to be imputation credit account company
ME 9B Imputation credit account company leaving wholly-owned group
ME 9C Imputation credit account company joining wholly-owned group
Consolidated imputation groups
ME 10 Consolidated imputation group to maintain separate imputation credit account
ME 11 Credits arising to imputation credit account of group
ME 12 Debits arising to imputation credit account of group
ME 13 Debiting and crediting between consolidated imputation group and individual companies
ME 14 Application of specific imputation provisions to consolidated imputation groups
ME 15 Resident life insurance companies to maintain policyholder credit account
ME 16 Calculation of balance of policyholder credit account
ME 17 Policyholder credit account of company
ME 18 Credits and debits arising to policyholder credit account of company
ME 19 Election to use credit balance as credit against policyholder base income tax liability or as credit in imputation credit account
ME 19A Credit balance may be transferred on transfer of life insurance business
ME 20 Determinations by Commissioner as to credits and debits arising to policyholder credit account
ME 21 Person may elect to maintain policyholder credit account
ME 22 Policyholder credit account of person
ME 23 Credits and debits arising to policyholder credit account of person
ME 24 Use of credit balance to reduce income tax
Policyholder credit accounts: consolidated groups
ME 25 Policyholder credit accounts and consolidated groups
ME 26 Credits and debits arising to group policyholder credit account
ME 27 Debiting and crediting between group and individual policyholder credit accounts
ME 28 Application of policyholder credit account provisions to consolidated group
Imputation credit accounts and policyholder credit accounts: amalgamated companies
ME 29 Debits and credits arising to imputation credit account or policyholder credit account on amalgamation
Imputation credit accounts: statutory producer boards
ME 30 Statutory producer board may determine to attach imputation credit to certain distributions
ME 31 Amount of imputation credit to be attached to cash distribution
ME 32 Amount of imputation credit to be attached to notional distribution
ME 33 Notional distribution deemed to be dividend
ME 34 Statutory producer boards and dividend withholding payments
Imputation credits: co-operative companies
ME 35 Co-operative company may make annual determination to attach imputation credit to certain distributions
ME 36 Amount of imputation credit to be attached to cash distribution
ME 37 Amount of imputation credit to be attached to notional distribution
ME 38 Notional distribution deemed to be dividend or taxable Maori authority distribution
ME 39 Co-operative companies and dividend withholding payments
Imputation credit accounts: credits and debits incorrectly recorded
ME 40 Determinations by Commissioner as to credits and debits arising to imputation credit account
Imputation credit accounts: unit trusts and group investment funds
ME 41 Special debits arising to imputation credit account of unit trust or group investment fund
Subpart MF—Branch equivalent tax accounts
Branch equivalent tax accounts of companies
MF 1 Company may elect to maintain branch equivalent tax account
MF 2 Balance of branch equivalent tax account
MF 3 Branch equivalent tax account of company
MF 4 Credits and debits arising to branch equivalent tax account of company
MF 5 Use of credit to reduce dividend withholding payment, or use of debit to satisfy income tax liability
MF 6 Determinations by Commissioner as to credits and debits arising to branch equivalent tax account
MF 7 Branch equivalent tax accounts and consolidated groups
MF 8 Debits and credits arising to group branch equivalent tax account
MF 9 Debiting and crediting between group and individual branch equivalent tax accounts
MF 10 Use of consolidated group credit to reduce dividend withholding payment, or use of group or individual debit to satisfy income tax liability
Branch equivalent tax accounts of persons
MF 11 Person may elect to maintain branch equivalent tax account
MF 12 Branch equivalent tax account of person
MF 13 Credits and debits arising to branch equivalent tax account of person
MF 14 Debit election to offset income tax payable in respect of foreign dividend
MF 15 Extension of branch equivalent tax account provisions to certain FIF income
MF 16 Debits and credits arising to branch equivalent tax account of amalgamated company on amalgamation
Subpart MG—Dividend withholding payment accounts
MG 1 Balance of dividend withholding payment account
MG 2 Company may elect to maintain dividend withholding payment account
MG 3 Dividend withholding payment account
MG 4 Credits arising to dividend withholding payment account
MG 5 Debits arising to dividend withholding payment account
MG 6 Company may attach dividend withholding payment credit to dividend
MG 7 Transfer by life insurance company of credit balance to policyholder credit account
MG 8 Allocation rules for dividend withholding payment credits
MG 8B Policyholder credit account companies and dividend withholding payment credits
MG 9 Further dividend withholding payment payable by company
MG 10 Dividend with both imputation credit and dividend withholding payment credit attached
MG 11 Transfer of credit balance to imputation credit account
Credits and debits incorrectly recorded
MG 12 Determinations by Commissioner as to credits and debits arising to dividend withholding payment credit account
MG 13 Dividend withholding payment accounts and consolidated groups
MG 14 Credits arising to group dividend withholding payment account
MG 15 Debits arising to group dividend withholding payment account
MG 16 Debiting and crediting between group and individual dividend withholding payment accounts
MG 16A Application of specific dividend withholding provisions to consolidated groups
MG 17 Debits and credits arising to dividend withholding payment account of amalgamated company on amalgamation
Subpart MH—Payment of tax by public authorities
MH 1 Payment of tax by public authorities
Subpart MI—Conduit tax relief accounts
MI 1 Balance of conduit tax relief account
MI 2 Company may elect to be conduit tax relief company and maintain conduit tax relief account
MI 3 Conduit tax relief account
MI 4 Credits arising to conduit tax relief account
MI 5 Debits arising to conduit tax relief account
MI 6 End of imputation year clearing transfer to or from dividend withholding payment account
MI 7 Attachment of conduit tax relief credit to dividend
MI 8 Allocation rules for conduit tax relief credits
MI 9 Arrangement to obtain tax advantage
MI 10 Dividend withholding payment payable in respect of conduit tax relief account debits
MI 11 Refund of tax in respect of transfer from dividend withholding payment account
Credits and debits incorrectly recorded
MI 12 Correction by Commissioner of credits and debits
MI 13 Debits and credits arising to conduit tax relief account of amalgamated company on amalgamation
MI 14 Consolidated group to maintain separate conduit tax relief account
MI 15 Consolidated group conduit tax relief account
MI 16 Consolidated group member is conduit tax relief company
MI 17 Credits arising to group conduit tax relief account
MI 18 Debits arising to group conduit tax relief account
MI 19 Debiting and crediting between group and individual conduit tax relief accounts
MI 20 End of imputation year clearing transfer to or from dividend withholding payment account
MI 21 Dividend with-holding payment payable in respect of group conduit tax relief account debits
MI 22 Application of specific conduit tax relief account provisions to consolidated groups
Subpart MJ—Supplementary available subscribed capital accounts
MJ 1 Qualifying unit trust or group investment fund may elect to maintain supplementary available subscribed capital account
MJ 2 Balance of supplementary available subscribed capital account
MJ 3 Supplementary available subscribed capital account
MJ 4 Supplementary available subscribed capital account: opening balance
MJ 5 Credits arising to supplementary available subscribed capital account
MJ 6 Debits arising to supplementary available subscribed capital account
Liquidation of qualifying unit trust or group investment fund
MJ 7 Special rule for certain qualifying unit trusts and group investment funds
Credits and debits incorrectly recorded
MJ 8 Correction by Commissioner of credits and debits
Subpart MK—Maori authority credit accounts
MK 1 Maori authority to maintain Maori authority credit account
MK 2 Balance of Maori authority credit account
MK 3 Maori authority credit account
MK 4 Credits arising to Maori authority credit account
MK 5 Debits arising to Maori authority credit account
MK 6 Maori authority may attach Maori authority credit to distribution
MK 7 Allocation rules for Maori authority credit account credits
MK 8 Further tax payable for end of year debit balance or when Maori authority ceases to exist
Credits and debits incorrectly recorded
MK 9 Correction by Commissioner of credits and debits
Subpart MZ—Terminating provisions
MZ 1 Savings for certain credits arising in relation to overpayment of income tax or dividend withholding payment
MZ 2 Ordering rule for purposes of section MZ 1
MZ 3 Transfers of dividend withholding payment credit balance to imputation credit account
MZ 4 Attachment of dividend withholding payment credits to dividends to non-residents
MZ 5 Application of excess tax to nil period
MZ 6 Application of excess tax for 2001-02 tax year
MZ 7 Application of allocation debit rules to certain dividends [Repealed]
MZ 8 Certain elections to become provisional taxpayer
MZ 9 Amount of provisional tax based on 199798 or earlier tax year
MZ 10 Calculating provisional tax instalments: section MB 4
MZ 11 Calculating provisional tax instalments: sections MB 7 and MB 10
MZ 12 Calculating provisional tax instalments: section MB 9
Part N
Withholding taxes and taxes on income of others
NB 1 Withholding tax obligations of consolidated group members
Subpart NBA—PAYE intermediaries
NBA 2 Accreditation requirements of PAYE intermediaries
NBA 3 Approval by Commissioner of employer arrangements with PAYE intermediary
NBA 4 Employer having PAYE intermediary: responsibilities and status under PAYE rules and SSCWT rules
NBA 5 PAYE intermediary: responsibilities and status under PAYE rules and SSCWT rules
NBA 6 Operation of trust account
NBA 7 Refund by Commissioner of deductions
NBA 8 Termination of employer arrangements with PAYE intermediary
Subpart NBB—Subsidy payable to certain listed PAYE intermediaries
NBB 2 Accreditation of listed PAYE intermediary
NBB 3 Obligations of listed PAYE intermediaries
NBB 5 Listed PAYE intermediary claim form
NBB 6 Calculation and payment of subsidy to certain listed PAYE intermediaries
NBB 7 Termination of employer arrangements with listed PAYE intermediary
Subpart NC—Withholding of PAYE
NC 1 Application of PAYE rules
NC 2 Tax deductions to be made by employers or PAYE intermediaries
NC 3 Tax deductions from amounts credited to or applied for employees
NC 4 Benefits and superannuation and other payments deemed to be salary or wages
NC 5 Payment to be made by employee where tax deduction exceeds source deduction payment
NC 6 Amounts of tax deductions
NC 7 Delivery of withholding declaration
NC 8 Application of tax codes specified in tax code declarations or tax code certificates
NC 8A Entitlement to undertake employment
NC 9 Cessation of transitional tax allowance for purposes of tax code
NC 10 Amount of total tax deduction where several deductions made for 1 week
NC 11 Increased deductions to cover deficiency in deductions from advance payments
NC 12 Amount of tax deductions for pay period current when tax deductions altered
NC 12A Employee using incorrect tax code
NC 13 Power of Commissioner to reduce tax deductions
NC 14 Special tax code certificates
Duties of employer or PAYE intermediary as to deductions
NC 15 Payment of tax deductions to Commissioner
Employee's duties where deductions not made
NC 16 Employee to pay deductions to Commissioner
NC 18 Bond in lieu of tax deductions in case of certain non-resident employees
NC 19 Amount of tax deductions deemed to be received by employee
NC 20 Application of other provisions to amounts payable under PAYE rules
ND 1 Employer's liability for fringe benefit tax
ND 1A Private use of motor vehicle: value of benefit
ND 1AB Private use of motor vehicle: 24-hour period
ND 1B Private use of motor vehicle: test period to establish private use
ND 1C Subsidised transport: value of benefit
ND 1D Employment-related loans: value of benefit using prescribed interest
ND 1DB Employment-related loans: election to value benefit using market interest
ND 1E Employment-related loans: repayment
ND 1F Employment-related loans: regulations
ND 1G Meaning of prescribed interest
ND 1H Contributions to superannuation schemes: value of benefit
ND 1I Contributions to funds, trusts, and insurance: value of benefit
ND 1IB Benefits provided by charitable organisations
ND 1K Services: value of benefit
ND 1L When value of fringe benefit cannot be ascertained
ND 1M Meaning of identical goods
ND 1O Goods on special with staff discount
ND 1P Definitions for sections ND 1N and ND 1O
ND 1R Adjustments for unclassified benefits on amalgamation
Taxable value of fringe benefits
ND 1S Payments towards fringe benefits
ND 1T Private use of motor vehicle: determining taxable value in cases of part ownership
ND 1U Private use of motor vehicle: when schedular value not used
ND 1V Private use of motor vehicle: when schedular value used
ND 2 Election to pay fringe benefit tax per quarter
ND 3 Attributed fringe benefits
ND 4 Attributed fringe benefits: exception for subsidised transport
ND 5 Multi-rate calculation for attributed fringe benefits
ND 5A Special rule for fringe benefits attributed to shareholder-employees or employees receiving attributed income
ND 6 Calculation of fringe benefit tax on non-attributed fringe benefits
ND 7 Definition of cash remuneration
ND 7A Timing of certain cash remuneration
ND 8 Special rule for employer who stops employing staff during tax year
ND 8B Special rule for employer who is charitable organisation providing short-term charge facility
ND 9 Payment of fringe benefit tax: first 3 quarters of tax year
ND 10 Payment of fringe benefit tax: final quarter of tax year
ND 11 Payment of fringe benefit tax: no fringe benefit provided during quarter
ND 12 Special filing rule for employer who stops employing staff during tax year
ND 13 Payment of fringe benefit tax on annual basis for employees who are not shareholder-employees
ND 14 Payment of fringe benefit tax on income year basis for shareholder-employees
ND 15 Change in period for which fringe benefit tax payable
ND 16 Amendment to thresholds for fringe benefit categories by Order in Council
Subpart NE—Specified superannuation contribution withholding tax
NE 2 Specified superannuation contribution withholding tax imposed
NE 2AA Employee election that higher rate of specified superannuation contribution withholding tax apply [Repealed]
NE 2AB Employer election that progressive rates of specified superannuation contribution withholding tax apply [Repealed]
NE 2A Employee election that specified superannuation contributions be treated as salary or wages
NE 2B Employer election that progressive rates of specified superannuation contribution withholding tax apply
NE 3 Specified superannuation contribution withholding tax to be deducted
NE 3B Calculation amounts in relation to current specified superannuation contribution for complying superannuation fund
NE 6 Tax deemed for certain purposes to have been received by superannuation fund
NE 7 Application of other provisions to specified superannuation contribution withholding tax
Subpart NEA—Tax on certain withdrawals from superannuation funds
NEA 1 Recovery of tax paid by superannuation fund
Subpart NEB—Retirement scheme contribution withholding tax
NEB 1 Retirement scheme contribution withholding tax imposed
NEB 2 Retirement scheme contribution withholding tax to be deducted
NEB 3 Payment and notice of deductions
NEB 5 Retirement savings schemes
NEB 6 Retirement scheme contributors
NEB 7 Application of other provisions to retirement scheme contribution withholding tax
Subpart NF—Resident withholding tax
Liability to pay resident withholding tax
NF 2 Liability to pay resident withholding tax
NF 2AA Election to be RWT proxy
NF 2A Election to apply higher rate of deduction
NF 2B Companies to notify interest payer
NF 2C Transitional rule: notifications by companies between 1 April 2001 and 31 May 2001 (both dates inclusive)
NF 2D Election rates of deduction for companies
NF 2E Amounts withheld from distributions to holders of FIF attributing interests
NF 3 Requirements for agents or trustees to make resident withholding tax deductions on receipt of payments
Payment of resident withholding tax
NF 4 Payment of deductions of resident withholding tax to Commissioner
NF 5 Non-resident withholding tax deducted in substitution for resident withholding tax
NF 6 Resident withholding tax deductions varied to correct errors
NF 8 Resident withholding tax deductions from dividends deemed to be dividend withholding payment credits
NF 8A Resident withholding tax deductions from distributions treated as Maori authority credits
NF 8B Resident withholding tax deductions from replacement payments treated as imputation credits
NF 9 Certificates of exemption
NF 11 Cancellation of certificates of exemption
NF 12 Amount of resident withholding tax deduction deemed to have been received
NF 13 Application of other provisions in relation to resident withholding tax
Subpart NG—Non-resident withholding tax
NG 1 Application of NRWT rules
NG 2 Non-resident withholding tax imposed
NG 3 Non-resident withholding tax to be final tax in certain cases
NG 4 Non-resident withholding tax to be minimum tax in certain cases
NG 5 Persons who may apply for approval
NG 6 Approval of person as approved issuer
Deduction of non-resident withholding tax
NG 8 Deduction of non-resident withholding tax
NG 9 Non-resident withholding tax on dividends not paid in money
NG 10 Power of Commissioner to grant relief from or vary amount of deductions
Payment of non-resident withholding tax
NG 11 Payment of deductions of non-resident withholding tax to Commissioner
NG 12 Person deriving non-resident withholding income to pay non-resident withholding tax to Commissioner
NG 13 Failure to make deductions of non-resident withholding tax or to make payments to Commissioner
NG 14 Non-resident withholding tax on dividends paid to company under control of non-resident
NG 15 Deductions of non-resident withholding tax deemed to be received by person entitled to payment
NG 16 Non-resident withholding tax deducted in error
NG 16A Variation in non-resident withholding tax deductions to correct errors
NG 16B Person withholding amount as retirement scheme contribution withholding tax when liable for non-resident withholding tax
NG 17 Application of other provisions to non-resident withholding tax
Subpart NH—Dividend withholding payments
NH 1 Liability to make deduction in respect of foreign withholding payment dividend
NH 2 Amount of dividend withholding payment to be deducted
NH 3 Payment and recovery of dividend withholding payment
NH 4 Refund for overpayment and to company in loss
NH 5 Dividend withholding payments and consolidated groups
NH 6 Application of specific dividend withholding payment provisions to consolidated groups
NH 7 Reduction in liability under conduit tax relief
Subpart NZ—Terminating provisions
NZ 1 Adjustment of dividends payable to preference shareholders
Part O
Definitions and related matters
Subpart OB—General definitions
OB 2 Meaning of source deduction payment
OB 3 Meaning of qualifying company
OB 3A Extended meaning of charitable purpose
Subpart OC—Special entities subject to tax
OC 3 Statutory producer boards
OC 4 Co-operative marketing companies: regulations
Subpart OD—Control interests, associated parties, and nominees
OD 1 Defining when company is under control of persons
Measurement of control and ownership interests
OD 2 Purpose of provisions governing measurement of voting and market value interests
OD 5 Modifications to measurement of voting and market value interests in case of continuity provisions
OD 5AA Modifications to voting and market value interests for application of continuity provisions to reverse takeover
OD 5A Modifications to measurement of voting and market value interests in cases of continuity provisions and demutualisation of insurers
OD 5B Modifications to measurement of voting and market value interests in cases of continuity provisions and legislative conversion of companies of proprietors
OD 6 Modifications to measurement of voting and market value interests in case of credit account continuity provisions
OD 7 Defining when 2 persons are associated persons
OD 8 Further definitions of associated persons
Subpart OE—Source of income and residence
OE 1 Determination of residence of person other than company
OE 2 Determination of residence of company
OE 4 Classes of income treated as having source in New Zealand
OE 5 Commission agency contracts performed out of New Zealand
OE 7 Conduit tax relief holding companies and group members
OE 8 Residence of conduit tax relief company shareholders
Subpart OF—References to balance dates and years
OF 1 References to balance dates and years generally
OF 2 References to years in particular provisions
Part Y
Repeals, amendments, and savings
YA 2 Consequential amendments to other enactments
YA 4 Saving of binding rulings
YA 5 Saving of accrual determinations
YA 5B Saving of effect of section 394L(4A) of Income Tax Act 1976
YA 5C Saving effect of section DF 5 of Income Tax Act 1994
YA 6 Comparative tables of old and new provisions
Schedule 1
Basic rates of income tax and specified superannuation contribution withholding tax
Schedule 2
Fringe benefit values
Schedule 3
International tax rules: grey list countries
Schedule 4
Foreign investment funds
Schedule 5
Low tax jurisdictions or territories
Schedule 6
Countries whose taxes receive limited recognition for certain New Zealand tax purposes
Schedule 6B
Expenditure in avoiding, remedying, or mitigating detrimental effects of discharge of contaminant
Schedule 7
Expenditure on farming, aquacultural, and forestry improvements
Schedule 8
Types and classes of livestock
Schedule 9
Categories of livestock for which national standard costs to be declared
Schedule 10
Straight-line equivalents of diminishing value rates of depreciation
Schedule 11
Banded rates of depreciation
Schedule 11B
Banded rates of depreciation
Schedule 12
Amount that, for purposes of section KD 5(6), is deemed to be equivalent of an annual amount
Schedule 13
Months for payment of provisional tax and terminal tax
Schedule 14
Rate of resident withholding tax deductions
Schedule 15
Statutory producer boards
Schedule 16
Depreciable land improvements
Schedule 17
Depreciable intangible property
Schedule 19
Basic tax deductions
Schedule 20
Enactments repealed
Schedule 22
Amendments to Tax Administration Act 1994
This Act is the Income Tax Act 2004.
Compare: 1994 No 164 s AA 1(1)
(1) This Act comes into force on 1 April 2005.
(2) However, except when the context requires otherwise, this Act applies only—
(a) with respect to the tax on income derived in the 2005-06 tax year and later tax years, in the case of a person whose income year is the same as the tax year; and
(b) with respect to the tax on income derived in the corresponding income years, in the case of a person whose income year is not the same as the tax year.
Defined in this Act: corresponding income year, income, income year, tax, tax year,
Compare: 1994 No 164 s AA 1(2), (3)
The main purposes of this Act are—
(a) to define, and impose tax on, net income:
(b) to impose obligations concerning tax:
(c) to set out rules for calculating tax and for satisfying the obligations imposed.
Defined in this Act: net income, tax,
Compare: 1994 No 164 s AA 1
Paragraphs (a) and (b) were amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting the expression “:”
for the expression “; and”
.
(1) Diagrams, flowcharts, readers' notes, and the lists of defined terms following sections are included in this Act only as interpretational aids. If there is conflict between an interpretational aid and a provision of this Act, the provision prevails.
(2) If a defined term is used in a section and is not included in the list of defined terms following the section, the term is nevertheless used in the section as defined.
Compare: 1994 No 164 s AA 3(2)
(1) Except in this Part and Parts B to E, a reference to this Act includes a reference to the Tax Administration Act 1994 unless the context requires that it not be included.
(2) 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 O (Definitions and related matters).
Compare: 1994 No 164 s AA 4
Subpart BB—Income tax and resulting obligations
BB 3 Overriding effect of certain matters
Subpart BC—Calculating and satisfying income tax liabilities
BC 1 Non-filing and filing taxpayers
BC 6 Income tax liability of filing taxpayer
BC 7 Income tax liability of person with schedular income
BC 9 Satisfaction of income tax liability
Subpart BD—Income, deductions, and timing
BD 1 Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income
BD 3 Allocation of income to particular income years
BD 4 Allocation of deductions to particular income years
Subpart BE—Withholding liabilities
The purposes of this Part are—
(a) to impose income tax, provisional tax, withholding tax, and other tax obligations concerning taxes:
(b) to set out procedures to be followed for calculating tax and satisfying the obligations imposed under this Act
(c) to provide a basis for applying the other Parts:
(d) generally to set up the scheme of the Act and the main links between its Parts.
Defined in this Act: income tax, provisional tax, tax,
Compare: 1994 No 164 s BA 1
Paragraphs (a) to (c) were amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting the expression “:”
for the expression “; and”
.
Income tax is imposed on taxable income, at the rate or rates of tax fixed by an annual taxing Act, and is payable to the Crown under this Act and the Tax Administration Act 1994.
Defined in this Act: annual taxing Act, income tax, tax, taxable income,
Compare: 1994 No 164 s BB 1
(1) A person's income tax liability for a tax year must be calculated, and satisfied by the person, under subpart BC (Calculating and satisfying income tax liabilities).
(2) Despite subsection (1), a non-filing taxpayer is not required to file a return of income.
(3) A provisional taxpayer must pay provisional tax for a tax year under the provisional tax rules.
(4) A person who has a withholding liability must satisfy it under subpart BE (Withholding liabilities).
(5) A person who has an obligation under subpart BF (Other obligations) must satisfy it under that subpart.
Defined in this Act: income tax liability, non-filing taxpayer, provisional tax rules, provisional tax, provisional taxpayer, return of income, tax year,
Compare: 1994 No 164 s BB 2
(1) Under Part G (Avoidance and non-market transactions), the Commissioner may counteract a tax advantage from a tax avoidance arrangement.
(2) Despite anything in this Act, except section BH 1(5) (Double tax agreements), or in any other enactment, under subpart BH (Double tax agreements) a double tax agreement has effect in relation to—
(a) income tax; or
(b) any other tax imposed by this Act; or
(c) the exchange of information that relates to a tax, as defined in paragraphs (a)(i) to (v) of the definition of tax in section 3 of the Tax Administration Act 1994.
Defined in this Act: Commissioner, double tax agreement, income tax, tax, tax avoidance arrangement,
Compare: 1994 No 164 s BB 3
BC 1 Non-filing and filing taxpayers
BC 6 Income tax liability of filing taxpayer
BC 7 Income tax liability of person with schedular income
(1) The income tax liability of a non-filing taxpayer for a tax year is the total tax withheld from amounts of income included in the taxpayer's annual gross income for the year.
(2) The income tax liability of a filing taxpayer for a tax year is calculated under sections BC 2 to BC 6.
(3) If a filing taxpayer has schedular income, their income tax liability calculation is modified by section BC 7.
Defined in this Act: amount, annual gross income, filing taxpayer, income, income tax liability, non-filing taxpayer, schedular income, tax, tax year,
Compare: 1994 No 164 ss BC 1(1), BC 2
A person's annual gross income for a tax year is the total of their assessable income that is allocated to the corresponding income year.
Defined in this Act: annual gross income, assessable income, corresponding income year, tax year,
Compare: 1994 No 164 s BC 4
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 deduction, corresponding income year, deduction, tax year,
Compare: 1994 No 164 s BC 5
(1) If, for a tax year, a person's annual gross income is more than their annual total deduction, the difference is their net income for the year.
(2) If, for a tax year, a person's annual gross income equals their annual total deduction, their net income for the year is zero.
(3) If, for a tax year, a person's annual total deduction is more than their annual gross income, the difference is their net loss for the year, and their net income for the year is zero.
(4) A person with a net loss for a tax year may, under Part I (Treatment of net losses),—
(a) subtract the net loss from their net income for a future tax year; or
(b) make the net loss available to another person to subtract from that other person's net income for that or a future tax year.
Defined in this Act: annual gross income, annual total deduction, net income, net loss, tax year,
Compare: 1994 No 164 s BC 6
A person's taxable income for a tax year is determined by subtracting any available net losses that the person has from their net income under Part I (Treatment of net losses).
Defined in this Act: available net loss, net income, taxable income, tax year,
Compare: 1994 No 164 s BC 7
(1) The income tax liability of a filing taxpayer for a tax year is the amount calculated under subsections (2) to (5).
(2) The unadjusted income tax liability of the filing taxpayer for the tax year is calculated by multiplying their taxable income for the tax year by the applicable basic tax rate.
(3) The unadjusted income tax liability of the filing taxpayer becomes their adjusted income tax liability by subtracting their allowable rebates from their unadjusted income tax liability.
(4) If the adjusted income tax liability is more than zero, that amount is the filing taxpayer's income tax liability for the tax year.
(5) If the adjusted income tax liability is zero or negative, the filing taxpayer's income tax liability for the tax year is zero.
Defined in this Act: adjusted income tax liability, allowable rebates, amount, applicable basic tax rate, filing taxpayer, income tax liability, tax year, taxable income, unadjusted income tax liability,
Compare: 1994 No 164 s BC 8(1)-(5)
(1) The income tax liability for a tax year of a person who has schedular income for the year is the total of—
(b) the amount that would be their income tax liability for the year if they had no schedular income.
(2) If a person has 1 kind of schedular income for a tax year, their schedular income tax liability for the year is the amount that would be the income tax liability for the year if their only income for the year were that schedular income.
(3) If a person has more than 1 kind of schedular income for a tax year, their schedular income tax liability for the year is the total of the amounts calculated for each kind of schedular income.
Defined in this Act: amount, income, income tax liability, schedular income, schedular income tax liability, tax year,
Compare: 1994 No 164 s BC 3
(1) If a person's adjusted income tax liability is negative for a tax year, their amount of surplus rebates is the lesser of—
(a) the total of the refundable rebates to which they are entitled for the year; and
(b) the difference between zero and their adjusted income tax liability.
(2) The Commissioner must refund the amount of surplus rebates under section KD 4 (Allowance of credit of tax in end of year assessment).
Defined in this Act: adjusted income tax liability, amount, Commissioner, refundable rebate, tax year,
Compare: 1994 No 164 ss BC 8(6), BC 10(1)
(1) Credits for tax paid or tax withheld, calculated under Part L (Credits), satisfy a person's income tax liability for a tax year as far as the credits extend.
(2) If the person's income tax liability is more than the total of their credits, the difference is the person's terminal tax. The person must pay the terminal tax to complete the satisfaction of their income tax liability.
Defined in this Act: income tax liability, tax, tax year, terminal tax,
Compare: 1994 No 164 ss BC 1(2), BC 9(1)
(1) The composition of a person's surplus credits is determined as if their credits for tax paid or tax withheld were set off against their income tax liability in the following order:
(a) non-refundable credits:
(b) credits for supplementary dividends allowed to them under subpart LE (Non-resident investors):
(c) convertible credits:
(d) refundable credits.
(2) If, for a tax year, the total of a person's credits for tax paid or tax withheld is more than their income tax liability, then,—
(a) first, their surplus credits are offset against their other income tax obligations, under Parts L (Credits) and M (Tax payments); and
Defined in this Act: Commissioner, convertible credit, income tax, income tax liability, non-refundable credit, refundable credit, supplementary dividend, surplus refundable credits, tax, tax year,
Compare: 1994 No 164 ss BC 9(2), (3), BC 10(2)
BD 1 Income, exempt income, excluded income, non-residents' foreign-sourced income, and assessable income
(1) An amount is income of a person if it is their income under a provision in Part C (Income).
(2) An amount of income of a person is exempt income if it is their exempt income under a provision in subpart CW (Exempt income) or CZ (Terminating provisions).
(3) An amount of income of a person is excluded income if—
(a) it is their excluded income under a provision in subpart CX (Excluded income) or CZ (Terminating provisions); and
(b) it is not their non-residents' foreign-sourced income.
(4) An amount of income of a person is non-residents' foreign-sourced income if—
(a) the amount is a foreign-sourced amount; and
(b) the person is a non-resident when it is derived; and
(c) the amount is not income of a trustee to which section HH 4(3) (Trustee income) applies.
(5) An amount of income of a person is assessable income in the calculation of their annual gross income if it is not income of any of the following kinds:
(a) their exempt income:
(b) their excluded income:
(c) their non-residents' foreign-sourced income.
Defined in this Act: amount, annual gross income, assessable income, excluded income, exempt income, foreign-sourced amount, income, non-resident, non-residents' foreign-sourced income,
Compare: 1994 No 164 s BD 1
Subsection (5)(a) and (b) were amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) bysubstituting the expression “:”
for the expression “; or”
.
(1) Every amount of income must be allocated to an income year under this section.
(2) An amount of income is allocated to the income year in which the amount is derived, unless a provision in any of Parts C or E to I provides for allocation on another basis.
(3) When the time of derivation of an amount of income is being determined, regard must be had to case law, which—
(a) requires some people to recognise income on an accrual basis; and
(b) requires other people to recognise income on a cash basis; and
(c) more generally, defines the concept of derivation.
(4) Despite subsection (3), income that has not previously been derived by a person is treated as being derived when it is credited in their account or, in some other way, dealt with in their interest or on their behalf.
(5) Part E (Timing and quantifying rules) contains a number of provisions that—
(a) specifically modify the allocation of income or have the effect of modifying the allocation of income; or
(b) allocate income as part of the process of quantifying it.
(6) An amount of income may be allocated only once.
Defined in this Act: amount, income, income year,
Compare: 1994 No 164 ss BD 3(1)-(4), EB 1(1)
(1) Every deduction must be allocated to an income year under this section.
(2) A deduction for an amount of expenditure or loss is allocated to the income year in which the expenditure or loss is incurred, unless a provision in any of Parts D to I provides for allocation on another basis.
(3) When the time of incurrence of an amount of expenditure or loss is being determined, regard must be had to case law, which—
(a) requires some people to recognise expenditure or loss on an accrual basis; and
(b) requires other people to recognise expenditure or loss on a cash basis; and
(c) more generally, defines the concept of incurrence.
(4) Part E (Timing and quantifying rules) contains a number of provisions that—
(a) specifically modify the allocation of deductions or have the effect of modifying the allocation of deductions; or
(b) allocate deductions as part of the process of quantifying them.
(5) If an expenditure or loss gives rise to more than 1 deduction, the deductions are allocated to income years to the extent that their total is no more than the amount of the expenditure or loss.
Defined in this Act: amount, deduction, income year, loss,
Compare: 1994 No 164 ss BD 4, EF 1(1)(a)
(1) A person who makes a source deduction payment must withhold an amount from the payment under the PAYE rules.
(2) A person who makes a payment of resident withholding income must withhold an amount from the payment under the RWT rules.
(3) A person who makes a payment of non-resident withholding income must withhold an amount from the payment under the NRWT rules.
(4) A person who provides a fringe benefit to another person must pay fringe benefit tax under the FBT rules.
(5) A person who makes a specified superannuation contribution to a superannuation fund must pay specified superannuation contribution withholding tax under the SSCWT rules.
(5B) A person who makes a retirement scheme contribution to a reti