New Zealand Legislation: Acts
Acts are laws made by Parliament
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as at 2 December 2011
| Public Act | 2007 No 97 |
| Date of assent | 1 November 2007 |
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.
This Act is administered by the Inland Revenue Department.
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 8 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 Amounts received on disposal of business assets that include trading stock
CB 3 Profit-making undertaking or scheme
CB 4 Personal property acquired for purpose of disposal
CB 5 Business of dealing in personal property
CB 6 Disposal: land acquired for purpose or with intention of disposal
CB 7 Disposal: land acquired for purposes of business relating to land
CB 8 Disposal: land used for landfill, if notice of election
CB 9 Disposal within 10 years: land dealing business
CB 10 Disposal within 10 years: land development or subdivision business
CB 11 Disposal within 10 years of improvement: building business
CB 12 Disposal: schemes for development or division begun within 10 years
CB 13 Disposal: amount from major development or division and not already in income
CB 14 Disposal: amount from land affected by change and not already in income
CB 15 Transactions between associated persons
Exclusions for residential land
CB 16 Residential exclusion from sections CB 6 to CB 11
CB 17 Residential exclusion from sections CB 12 and CB 13
CB 18 Residential exclusion from section CB 14
Exclusions for business premises
CB 19 Business exclusion from sections CB 6 to CB 11
CB 20 Business exclusion from sections CB 12 and CB 13
CB 21 Farm land exclusion from sections CB 12 and CB 13
CB 22 Farm land exclusion from section CB 14
CB 23 Investment exclusion from sections CB 12 and CB 13
CB 23B Land partially sold or sold with other land
CB 24 Disposal of timber or right to take timber
CB 25 Disposal of land with standing timber
CB 26 Disposal of certain shares by portfolio investment entities
CB 27 Income equalisation schemes
CB 27B Entering partners’ livestock income [Repealed]
CB 28 Environmental restoration accounts
CB 30 Sale of patent applications or patent rights
CB 31 Sale of business: transferred employment income obligations
CB 32 Property obtained by theft
CB 32B Owners of look-through companies
CB 32C Income for first year of look-through company
CB 33 Amounts derived by mutual associations
CB 34 Amounts derived by members from mutual associations
CB 35 Amounts of income for partners
Emissions units under Climate Change Response Act 2002
CB 36 Disposal of emissions units
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
CC 11 Lessee acquiring lease asset on expiry of term of lease
CC 12 Lessor acquiring lease asset on expiry of term of lease
CC 13 Amounts paid in income years after hire purchase agreement ends
CD 2 Distribution excluded from being dividend
CD 4 Transfers of value generally
CD 5 What is a transfer of value?
CD 6 When is a transfer caused by a shareholding relationship?
CD 7 Bonus issues in lieu of dividend
CD 8 Elections to make bonus issue into dividend
CD 9 Interests in money or property of foreign unit trust
CD 10 Bonus issue by foreign unit trust instead of money or property
CD 12 Superannuation schemes entering trust rules
CD 13 Notional distributions of producer boards and co-operative companies
CD 14 Notional distributions of emigrating companies
CD 15 Tax credits linked to dividends
CD 16 Certain dividends not increased by tax credits
CD 18 Dividend reduced if foreign tax paid on company’s income
CD 19 Foreign tax credits and refunds linked to dividends
CD 20 Benefits of shareholder-employees or directors
CD 21 Attributed repatriations from controlled foreign companies [Repealed]
CD 22 Returns of capital: off-market share cancellations
CD 23 Ordering rule and slice rule
CD 24 Returns of capital: on-market share cancellations
CD 25 Treasury stock acquisitions
CD 26 Capital distributions on liquidation or emigration
CD 27 Property made available intra-group
CD 28 Transfers of certain excepted financial arrangements within wholly-owned groups
CD 29 Non-taxable bonus issues
CD 30 Transfer by unit trust of legal interest after beneficial interest vests
CD 33 Payments corresponding to notional distributions of producer boards and co-operative companies
CD 34 Distribution to member of co-operative company based on member’s transactions [Repealed]
CD 34B Distributions to members of co-operative companies
CD 35 Resident’s restricted amalgamations
CD 36 Foreign investment fund income
CD 37 Maori authority distributions
CD 38 General calculation rule for transfers of value
CD 39 Calculation of amount of dividend when property made available
CD 40 Adjustment if dividend recovered by company
CD 41 Adjustment if amount repaid later
CD 42 Adjustment if additional consideration paid
CD 43 Available subscribed capital (ASC) amount
CD 44 Available capital distribution amount
Attributed repatriation calculation rules
[Repealed]
CD 45 When does a person have attributed repatriation from a controlled foreign company? [Repealed]
CD 46 New Zealand repatriation amount [Repealed]
CD 47 New Zealand property amount [Repealed]
CD 48 Cost of tangible property [Repealed]
CD 49 Cost of associated party equity [Repealed]
CD 50 Outstanding balances of financial arrangements [Repealed]
CD 51 Property transfers between associated persons [Repealed]
CD 52 Unrepatriated income balance [Repealed]
CD 53 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 for personal service rehabilitation payments
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 5B Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities
CG 6 Receipts from insurance, indemnity, or compensation for trading stock
CG 7 Recoveries after deduction of payments under lease
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
CH 6 Adjustments for certain finance and operating leases
Avoidance and non-market transactions
CH 7 Adjustment for avoidance arrangements
Interest apportionment on thin capitalisation
CH 9 Interest apportionment: excess debt entity
CH 10 Interest apportionment: reporting bank
Subpart CO—Income from voluntary activities
CO 1 Income from voluntary activities
Subpart CP—Income from portfolio investment entities
CP 1 Attributed income of investors in multi-rate PIEs
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
CQ 7 Treatment of attributing interests subject to returning share transfer [Repealed]
Subpart CR—Income from insurance
CR 1 Policyholder base income of life insurer
CR 2 Shareholder base income of life insurer
CR 3 Income of non-resident general insurer
CR 4 Income for general insurance outstanding claims reserve
Subpart CS—Superannuation funds
[Repealed]
CS 2 Exclusions of withdrawals of various kinds [Repealed]
CS 3 Exclusion of withdrawal on grounds of hardship [Repealed]
CS 4 Exclusion of withdrawal to settle division of relationship property [Repealed]
CS 5 Exclusion of withdrawal paid as annuity or pension [Repealed]
CS 6 Exclusion of withdrawal on partial retirement [Repealed]
CS 7 Exclusion of withdrawal when member ends employment [Repealed]
CS 8 Exclusion of withdrawal when member ends employment: lock-in rule [Repealed]
CS 9 Exclusion of withdrawal from defined benefit fund when member ends employment [Repealed]
CS 10 When member treated as not ending employment [Repealed]
CS 10B Exclusion of permitted withdrawals from KiwiSaver schemes and complying superannuation funds [Repealed]
Transfers to or from superannuation funds and superannuation schemes
CS 11 Transfer by superannuation fund to another superannuation fund [Repealed]
CS 12 Transfer from superannuation scheme to superannuation fund [Repealed]
CS 13 Investment by superannuation fund in another superannuation fund [Repealed]
Treatment of amounts when superannuation fund becomes superannuation scheme or vice versa
CS 14 Superannuation fund becomes superannuation scheme [Repealed]
CS 15 Superannuation fund becomes foreign superannuation scheme [Repealed]
CS 16 Superannuation scheme becomes superannuation fund [Repealed]
Treatment of distributions when superannuation fund wound up
CS 17 Superannuation fund wound up [Repealed]
CS 18 Value of loan treated as fund income [Repealed]
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 Consolidated groups: income of company in group
CV 3 Consolidated groups: arrangement for disposal of shares
CV 4 Amalgamated companies: amount derived after amalgamation
CV 5 Statutory producer boards
CV 6 Crown Research Institutes
CV 7 Australian wine producer rebate
CV 8 Regulations: Australian wine producer rebate
CV 9 Supplementary dividend holding companies
CV 10 Foreign dividend payment account companies or conduit tax relief companies [Repealed]
CV 12 Trustees: amounts received after person’s death
CV 13 Amounts derived from trusts
CV 14 Distributions from community trusts
CV 15 Amounts derived from trusts while person absent from New Zealand
CV 17 Non-resident film renters
Income from business or trade-like activities
CW 1 Forestry companies established by the 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 from foreign company
CW 10 Dividend within New Zealand wholly-owned group
CW 11 Dividend of conduit tax relief holding company
CW 12 Proceeds of share disposal by qualifying foreign equity investor
CW 13 Proceeds from share or option acquired under venture investment agreement
CW 14 Dividends derived by qualifying companies
CW 15 Dividends paid by qualifying companies
CW 16 Allowance of Governor-General and other benefits and privileges
CW 17 Expenditure on account, and reimbursement, of employees
CW 17C Payments for overtime meals and certain other allowances
CW 18 Allowance for additional transport costs
CW 19 Amounts derived during short-term visits
CW 20 Amounts derived by visiting entertainers including sportspersons
CW 21 Amounts derived by visiting crew of pleasure craft
CW 22 Amounts derived by overseas experts and trainees in New Zealand by government arrangement
CW 23 Income for military or police service in operational area
CW 24 Deferred military pay for active service
CW 25 Value of board for religious society members
CW 26 Jurors’ and witnesses’ fees
Certain income of transitional resident
CW 27 Certain income derived by transitional resident
Income from living allowances, compensation, and government grants
CW 29 Reinvested amounts from foreign superannuation schemes in Australia
CW 30 Annuities from Crown Bank Accounts
CW 31 Services for members of Parliament
CW 35 Personal service rehabilitation payments
CW 36 Scholarships and bursaries
CW 37 Film production grants [Repealed]
CW 40 Local and regional promotion bodies
CW 41 Charities: non-business income
CW 42 Charities: business income
CW 46 Bodies promoting amateur games and sports
CW 48 Income from conducting gaming-machine gambling
CW 49 Bodies promoting scientific or industrial research
CW 50 Veterinary services bodies
CW 53 Distributions from complying trusts
CW 54 Foreign-sourced amounts derived by trustees
CW 55 Maori authority distributions
CW 55BA Tertiary education institutions
CW 55B Amounts of exempt income for partners
Income from certain activities
CW 56 Non-resident aircraft operators
CW 57 Non-resident company involved in exploration and development activities
CW 58 Disposal of companies’ own shares
CW 59 New Zealand companies operating in Niue
CW 59B Income of and distributions by certain international funds
CW 59C Life reinsurance outside New Zealand
CW 61 Providing standard-cost household service
CW 62 Interest paid under the KiwiSaver Act 2006
CW 64 Exemption under other Acts
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 7 Employer or associated person treated as having right to use vehicle under arrangement
CX 8 Private use of motor vehicle: use by more than 1 employee
CX 10 Employment-related loans
CX 11 Employment-related loans: loans by life insurers
CX 12 Services for members of Parliament
CX 13 Contributions to superannuation schemes
CX 14 Contributions to sickness, accident, or death benefit funds
CX 15 Contributions to funeral trusts
CX 16 Contributions to life or health insurance
CX 17 Benefits provided to employees who are shareholders or investors
CX 18 Benefits provided to associates of both employees and shareholders
CX 19 Benefits provided instead of allowances
CX 20 Benefits to enable performance of duties
CX 22 Benefits to non-executive directors
CX 23 Benefits provided on premises
CX 24 Benefits related to health or safety
CX 25 Benefits provided by charitable organisations
CX 27 Assistance with tax returns
CX 30 Distinctive work clothing
CX 31 Contributions to income protection insurance
CX 32 Services provided to superannuation fund
CX 33 Goods provided at discount by third parties
CX 34 Meaning of emergency call
CX 35 Meaning of employee share loan
CX 37 Meaning of unclassified benefit
CX 38 Meaning of work-related vehicle
CX 39 Life insurers and fully reinsured persons [Repealed]
CX 40 Superannuation fund deriving amount from life insurance policy
CX 41 Resident insurance underwriters
CX 42 Disposal of ownership interests in controlled petroleum mining entities
CX 43 Farm-out arrangements for petroleum mining
CX 44 Disposal of mining shares
CX 45 Disposal of mining shares acquired with reinvestment profit
CX 46 Repayment of loans made from reinvestment profit
CX 47 Government grants to businesses
CX 48 Amounts remitted as condition of new start grant
CX 48B Issue of post-1989 forest land units [Repealed]
Government funding of film and television
CX 48C Government funding additional to government screen production payments
CX 48D Tax credits for expenditure on research and development
CX 49 Employer’s superannuation contributions
CX 50 Tax credits for KiwiSaver and complying superannuation funds
CX 50B Contributions to retirement savings schemes
CX 51 Income equalisation schemes
Emissions units under Climate Change Response Act 2002
CX 51B Disposal of pre-1990 forest land emissions units
CX 51C Disposal of fishing quota emissions units
CX 52 Refund from environmental restoration account
CX 53 Credits for inflation-indexed instruments
CX 54 Share-lending collateral under share-lending arrangements
CX 55 Proceeds from disposal of investment shares
CX 56 Attributed income of certain investors in multi-rate PIEs
CX 56B Distributions to investors in multi-rate PIEs
CX 56C Distributions to investors by listed PIEs
CX 57 Credits for investment fees
CX 58 Amounts derived by minors from trusts
CX 59 Taxable distributions from non-complying trusts
Transactions between companies in consolidated groups
CX 60 Intra-group transactions
CX 62 Amounts of excluded income for partners
CX 63 Dividends derived after company ceased to be look-through company
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 1985–1992
CZ 9B Available capital distribution amount: 1988 to 2010
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 straddling 1 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 Disposal of personal property lease asset under specified lease
CZ 21 Superannuation fund loans made to members before 1 April 1989
CZ 22 Geothermal wells between 31 March 2003 and 17 May 2006
CZ 23 Insurance or compensation for buildings replaced as revenue account property affected by Canterbury earthquakes
CZ 24 Employee benefits for Canterbury earthquake relief: not fringe benefits
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 4B Fees to purchase funds in tax pooling accounts
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 9 Interest incurred on money borrowed to acquire shares in qualifying companies
DB 10 Interest or expenditure connected to profit-related or substituting debentures
DB 10B Interest or expenditure connected to stapled debt security
Financial arrangements adjustments
DB 11 Negative base price adjustment
DB 12 Base price adjustment under old financial arrangements rules
DB 13 Repayment of debt sold at discount to associate of debtor
DB 16 Share-lending collateral under share-lending arrangements
DB 17 Replacement payments and imputation credits under share-lending arrangements
DB 18 Transaction costs: leases
DB 19 Expenses of failed or withdrawn application for resource consent
DB 20 Destruction of temporary building
DB 21 Amounts paid for non-compliance with covenant for repair
DB 22 Amounts paid for non-compliance and change in use
DB 23 Cost of revenue account property
DB 25 Cancellation of shares held as revenue account property
DB 26 Amount from profit-making undertaking or scheme and not already in income
DB 27 Amount from major development or division and not already in income
DB 28 Amount from land affected by change and not already in income
DB 29 Apportionment when land acquired with other property
DB 30 Cost of non-specified mineral
DB 32 Bad debts owed to estates
DB 37 Expenses of failed or withdrawn patent application
DB 38 Patent rights: devising patented inventions
DB 39 Patent rights acquired before 1 April 1993
DB 40 Patent applications or patent rights acquired on or after 1 April 1993
DB 41 Charitable or other public benefit gifts by company
DB 42 Property misappropriated by employees or service providers
DB 43 Making good loss from misappropriation by partners
DB 44 Restitution of stolen property
DB 45 Bribes paid to public officials
DB 46 Avoiding, remedying, or mitigating effects of discharge of contaminant
DB 47 Payments for remitted amounts
DB 48 Restrictive covenant breached
Matching rules: revenue account property, prepayments, and deferred payments
DB 49 Adjustment for opening values of trading stock, livestock, and excepted financial arrangements
DB 50 Adjustment for prepayments
DB 51 Adjustment for deferred payment of employment income
Adjustments for leases that become finance leases
DB 51B Adjustments for leases that become finance leases
DB 52 Adjustment for change to accounting practice
DB 53 Attributed PIE losses of certain investors
DB 54 Treatment of credits for investment fees
DB 54B Expenditure incurred by foreign investment PIEs
DB 55 Expenditure incurred in deriving exempt dividend
Use of motor vehicle under certain arrangements
DB 56 Expenditure incurred in operating motor vehicle under agreement or arrangement affected by section CX 7
Payments to spouses, civil union partners, or de facto partners
DB 57 Payments to spouses, civil union partners, or de facto partners other than for services
Avoidance and non-market transactions
DB 58 Adjustment for avoidance arrangements
DB 59 Market value substituted
Emissions units and liabilities under Climate Change Response Act 2002
DB 60 Acquisition of emissions units
DB 60B Liabilities for emissions
DB 61 Surrender of certain emissions units for post-1989 forest land emissions
DB 62 Deduction for legal expenses
DB 65 Allowance for certain commercial buildings
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 3B Payments to working owners
DC 4 Payments to working partners
DC 5 Payments to spouses, civil union partners, or de facto partners: services
DC 6 Contributions to employees’ benefit funds
DC 7 Contributions to employees’ superannuation schemes
DC 8 Attribution of personal services
DC 9 Restrictive covenants or exit inducements
DC 10 Sale of business: transferred employment income obligations
DC 11 Transfers of employment income obligations to associates
DC 12 Loans to employees under share purchase schemes
DC 13 Criteria for approval of share purchase schemes: before period of restriction ends
DC 14 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 fringe benefit tax 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, funding, 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 Payments for social rehabilitation
DF 5 Government funding additional to government screen production payments
Subpart DN—Attributed losses from foreign equity
Attributed controlled foreign company (CFC) 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
Foreign investment fund (FIF) loss
DN 5 Foreign investment fund loss
DN 8 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 5 Expenditure on land: planting of listed horticultural plants
DO 6 Expenditure on land: horticultural replacement planting
DO 7 Accounting for expenditure on listed horticultural plants under sections DO 5 and DO 6
DO 8 Meaning of planting and plot
DO 9 Meaning of replaced area fraction
DO 10 Farming or horticulture expenditure of lessor or sublessor
DO 11 Improvement destroyed or made useless
DO 11B Entering partners’ livestock deduction [Repealed]
DO 12 Improvements to aquacultural business
DO 13 Improvement destroyed or made useless
Subpart DP—Forestry expenditure
DP 1 Expenditure of forestry business
DP 3 Improvements to forestry land
DP 4 Improvement destroyed or made useless
DP 5 Forestry encouragement agreement: deductions
DP 6 Forestry encouragement agreement: no deduction
DP 7 Land contouring: no deduction
DP 8 Forestry business on land bought from the Crown, Maori owners, or holding company: no deduction
DP 9 Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company
DP 9B Treaty of Waitangi claim settlements: rights to take timber
DP 10 Cost of acquiring timber or right to take timber: other cases
Subpart DQ—Income equalisation schemes and environmental restoration accounts schemes
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 Policyholder base allowable deduction of life insurer
DR 2 Shareholder base allowable deduction of life insurer
DR 3 Life reinsurance outside New Zealand
DR 4 Life insurers' claims reserves
Subpart DS—Film industry expenditure
DS 2 Film production expenditure
DS 2B Expenditure when 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 privileges 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 4B Carry forward of expenditure by member funds investing in portfolio investment entities
DV 5 Investment funds: transfer of expenditure to master funds
DV 6 Formula for calculating maximum deduction
DV 7 Carry forward of expenditure
DV 11 Distribution to member of co-operative company, excluded from being dividend
DV 12 Maori authorities: donations
DV 14 Amalgamated company: expenditure on improvements for farming, horticultural, aquacultural, and forestry businesses
DV 15 Amalgamated companies: property passing on resident’s restricted amalgamation
DV 16 Consolidated groups: intra-group transactions
DV 17 Consolidated groups: expenditure or loss incurred by group companies
DV 18 Statutory producer boards and co-operative companies
DV 21 Losses for QCs entering partnership regime
DV 22 Owners of look-through companies
DV 23 Losses for QCs entering look-through companies rules
DV 24 Losses for QCs becoming sole traderships
Subpart DW—Expenditure specific to certain industries
DW 3 Non-resident general insurers, shippers, and film renters
DW 4 Deduction for general insurance outstanding claims reserve
DX 2 Tax credits: conduit financing arrangements [Repealed]
DX 3 Tax credits: supplementary dividend holding companies
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: 1954–2005
DZ 13 Enhancements to land unamortised at end of 2004–05 year
DZ 14 Deductions under specified leases
DZ 15 Patent applications before 1 April 2005
DZ 16 Geothermal wells between 31 March 2003 and 17 May 2006
DZ 17 Expenditure on improvements to aquacultural business before 1995–96 income year
DZ 18 Expenditure on improvements to forestry land before 1995–96 income year
DZ 19 Attributed CFC loss carried back under section EZ 32C
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 $10,000
EB 24 Apportionment on disposal of business assets that include trading stock
Subpart EC—Valuation of livestock
EC 1 Application of this subpart
EC 3 Livestock valuation methods
EC 4 Transfers of livestock within wholly-owned groups
EC 5 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
Partnerships: cost price and national standard cost scheme
EC 26B Entering partners' cost base
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 1B Valuation of emissions units issued for zero price
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 25 Depreciation loss for plant variety rights application granted in 2005–06 or later income year
EE 26 Setting of economic depreciation rate
EE 27 Economic rate for certain depreciable property
EE 28 Economic rate for buildings
EE 29 Economic rate for certain aircraft and motor vehicles
EE 30 Economic rate for plant, equipment, or building, with high residual value
EE 31 Annual rate for item acquired in person’s 1995–96 or later income year
EE 32 Election in relation to certain depreciable property acquired on or after 1 April 2005
EE 33 Annual rate for fixed life intangible property
EE 34 Annual rate for patent granted in 2005–06 or later income year
EE 35 Special rate or provisional rate
EE 36 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 certain amalgamations
EE 40 Transfer of depreciable property on or after 24 September 1997
EE 41 Transfer of depreciable property on certain amalgamations on or after 14 May 2002
EE 42 Transfer of radiocommunications licence right on or after 24 September 1997
EE 43 Transfer of depreciable intangible property on or after 1 July 1997
EE 44 Application of sections EE 48 to EE 52
EE 45 Consideration for purposes of section EE 44
EE 46 Items for purposes of section EE 44
EE 47 Events for purposes of section EE 44
EE 48 Effect of disposal or event
EE 49 Amount of depreciation recovery income when item partly used for business
EE 50 Amount of depreciation loss when item partly used to produce income
EE 51 Amount of depreciation recovery income when lost or stolen items recovered
EE 52 Amount of depreciation recovery income when compensation received
EE 53 Unused geothermal well brought into use
EE 55 Meaning of adjusted tax value
EE 57 Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies
EE 58 Base value in section EE 56 when no previous deduction
EE 59 Base value in section EE 56 when property is petroleum-related depreciable property
EE 60 Total deductions in section EE 56
EE 62 Meaning of depreciable intangible property
EE 63 Meaning of estimated useful life
EE 64 Meaning of excluded depreciable property
EE 65 Meaning of maximum pooling value
EE 66 Meaning of poolable property
EF 2 Employer’s superannuation contribution tax
EF 3 Accident compensation levies and premiums
EF 4 Use of money interest payable by Commissioner
EF 5 Use of money interest payable by person
EF 6 Different tax years [Repealed]
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 tax credits by portfolio tax rate entity [Repealed]
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 tax credit
EH 31 Kind and amount of refund that entitles person to tax credit
EH 32 Kind of person entitled to tax credit
EH 34 Meaning of income from forestry
EH 35 Meaning of main maximum deposit
Adverse event income equalisation scheme
EH 37 Persons to whom adverse event income equalisation scheme applies
EH 39 Adverse event income equalisation account
EH 40 Interest on deposits in adverse event income equalisation account
EH 42 Refund of excess deposit
EH 43 Income does not include excess deposit
EH 44 Application for refund by person, trustee of estate, Official Assignee, or liquidator
EH 46 Income when refund given on request
EH 48 Income when refund given on retirement, and election to allocate amount to earlier year
EH 50 Income when refund given on death
EH 51 Income when refund given on death, and election to allocate amount to earlier year
EH 52 Income when refund given on death, and election to allocate amount to later year or years
EH 54 Income when refund given on bankruptcy
EH 56 Income when refund given on liquidation
EH 59 Deposits from which refunds come
EH 61 Meaning of adverse event maximum deposit
Thinning operations income equalisation scheme
EH 63 Persons to whom thinning operations income equalisation scheme applies
EH 64 Thinning operations deposit
EH 65 Thinning operations income equalisation account
EH 66 Interest on deposits in thinning operations income equalisation account
EH 68 Refund of excess deposit
EH 69 Income does not include excess deposit
EH 70 Application for refund by person or liquidator
EH 72 Income when refund given on request
EH 73 Refund for development or recovery
EH 74 Income when refund given for development or recovery
EH 76 Income when refund given on liquidation
Refunds: general provisions, and tax credits
EH 77 Sections of main income equalisation scheme that apply to thinning operations income equalisation scheme
EH 78 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 4 Spreading income from patent rights
EI 5 Amount paid to lessor for non-compliance with covenant for repair
EI 6 Amount paid for non-compliance: when lessor ceases to own land
EI 7 Leases: income derived in anticipation
EI 8 Disposal of land to the Crown
EI 9 Matching rule for employment income of shareholder-employee
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 film grant
EJ 8 Film production expenditure for other films having no large budget film grant
EJ 10 Personal property lease payments
EJ 11 Amount paid by lessee for non-compliance with covenant for repair
EJ 12 Petroleum development expenditure: default allocation rule
EJ 12B Petroleum development expenditure: reserve depletion method
EJ 13 Relinquishing petroleum mining permit
EJ 14 Spreading deduction backwards
EJ 15 Disposal of petroleum mining asset
EJ 16 Disposal of petroleum mining asset to associate
EJ 17 Partnership interests and disposal of part of asset
EJ 18 Petroleum mining operations outside New Zealand
EJ 19 Meaning of offshore development [Repealed]
EJ 20 Meaning of petroleum mining development
EJ 21 Contributions to employees’ superannuation schemes
Research, development, and resulting market development
EJ 22 Deductions for market development: product of research, development
EJ 23 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 consolidated group company
EK 21 Notices 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 15B Applying IFRSs to financial arrangements
EW 15C Preparing and reporting methods
EW 15D IFRS financial reporting method
EW 15E Determination alternatives
EW 15G Modified fair value method
EW 15H Mandatory use of some determinations
EW 15I Mandatory use of yield to maturity method for some arrangements
EW 16 Yield to maturity method or alternative
EW 19 Choice among some 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 IFRS 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 option, 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 affected by unfavourable factors
Consideration treated as paid by person
EW 40 Consideration when person exits from rules: accrued obligation
EW 41 Consideration when person enters rules: accrued entitlement
EW 42 Consideration when acquisition for no, or inadequate, consideration
EW 43 Consideration when debt sold at discount to associate of debtor
EW 44 Consideration when debt forgiven for natural love and affection
EW 45 Consideration when debtor released from obligation
EW 46 Consideration when debtor released as condition of new start grant
EW 46B Consideration when party changes from fair value method
Consideration when legal defeasance has occurred
Consideration when anti-avoidance provision applies
EW 48 Anti-avoidance provisions
Income and deduction provisions specifically related to financial arrangements
EW 49 Income and deduction when debt sold at discount to associate of debtor
EW 50 Income when debt forgiven to trustee
EW 51 Deduction for security payment
Treatment of original share acquired under financial arrangement
EW 52 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 56 Natural person [Repealed]
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 (CFC) rules
When is a company a controlled foreign company?
EX 1 Meaning of 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 [Repealed]
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 18A Scheme for finding person's attributed CFC income or loss
EX 18 Formula for calculating attributed CFC income or loss
EX 19 Taxable distribution from non-complying trust
EX 20 Reduction in attributed CFC loss
Attributable CFC amount and net attributable CFC income or loss
EX 20B Attributable CFC amount
EX 20C Net attributable CFC income or loss
EX 20D Adjustment of fraction for excessively debt funded CFC
EX 20E Relative debt-asset ratio for CFC
Calculation of branch equivalent income or loss
[Repealed]
EX 21 Attributable CFC amount and net attributable CFC income or loss: calculation rules
EX 21B Non-attributing active CFCs
Tests for non-attributing active CFCs
EX 21C Applicable accounting standards for section EX 21E
EX 21D Non-attributing active CFC: default test
EX 21E Non-attributing active CFC: test based on accounting standard
Non-attributing Australian CFCs
EX 22 Non-attributing Australian CFCs
EX 23 Tax concession grey list CFCs [Repealed]
Change of residence of companies
EX 24 Companies moving to or from New Zealand
EX 25 Change of CFC’s balance date
Ownership measurement concession
EX 26 Use of quarterly measurement
Anti-avoidance rule: stapled stock
EX 27 Anti-avoidance rule: stapled stock
Foreign investment fund (FIF) rules
What is a foreign investment fund?
EX 29 Attributing interests in FIFs
EX 30 Direct income interests in FIFs
EX 31 Exemption for ASX-listed Australian companies
EX 32 Exemption for Australian unit trusts with adequate turnover or distributions
EX 33 Exemption for Australian regulated superannuation savings
EX 35 Exemption for 10% or greater interest in grey list company
EX 36 Venture capital company emigrating to grey list country: 10-year exemption
EX 37 Grey list company owning New Zealand venture capital company: 10-year exemption
EX 37B Share in grey list company acquired under venture investment agreement
EX 38 Exemption for employee share purchase scheme of grey list company
EX 39 Terminating exemption for grey list company with numerous New Zealand shareholders
EX 40 Foreign exchange control exemption
EX 41 Income interest of non-resident or transitional resident
EX 42 New resident’s accrued superannuation entitlement exemption
EX 43 Non-resident’s pension or annuity exemption
Calculation of FIF income or loss
EX 45 Exclusion of amounts of death benefit
EX 46 Limits on choice of calculation methods
EX 47 Method required for certain non-ordinary shares
EX 48 Default calculation method
EX 49 Accounting profits method
EX 50 Branch equivalent method
EX 51 Comparative value method
EX 52 Fair dividend rate method: usual method
EX 53 Fair dividend rate method for unit-valuing funds and others by choice
EX 54 Fair dividend rate method and cost method: when periods affected by share reorganisations
EX 55 Deemed rate of return method
EX 57 Conversion of foreign currency amounts: most methods
EX 58 Additional FIF income or loss if CFC owns FIF
Relationship with other provisions in Act
EX 59 Codes: comparative value method, deemed rate of return method, fair dividend rate method, and cost method
EX 60 Top-up FIF income: deemed rate of return method
EX 61 Top-up FIF income: 1 April 1993 uplift interests
EX 62 Limits on changes of method
EX 63 Consequences of changes in method
Cases of entry into and exit from FIF rules
EX 64 Migration of persons holding FIF interests
EX 65 Changes in application of FIF exemptions
EX 66 Entities emigrating from New Zealand
EX 66B Entities ceasing to be FIFs
EX 67 FIF rules first applying to interest on or after 1 April 2007
EX 69 Change of FIF’s balance date
EX 70 Market value of life policy and superannuation entitlements
EX 71 Non-market transactions in FIF interests
Commissioner’s default assessment power
EX 72 Commissioner’s default assessment power
Subpart EY—Life insurance rules
EY 4 Apportionment of income of particular source or nature, and of tax credits
EY 5 Part-year tax calculations
EY 6 Actuarial advice and guidance
EY 8 Meaning of life insurance
EY 9 Meaning of life insurance policy
EY 11 Superannuation schemes providing life insurance
EY 12 Meaning of life reinsurance
EY 13 Meaning of life reinsurance policy
EY 14 Life insurance and life reinsurance: how sections relate
EY 15 Policyholder base income: non-participation policies
EY 16 Policyholder base allowable deductions: non-participation policies
EY 17 Policyholder base income: profit participation policies
EY 18 Policyholder base allowable deductions: profit participation policies
EY 19 Shareholder base income: non-participation policies
EY 20 Shareholder base allowable deductions: non-participation policies
EY 21 Shareholder base income: profit participation policies
EY 22 Shareholder base allowable deductions: profit participation policies
Non-participation policies: reserves
EY 23 Reserving amounts for life insurers: non-participation policies
EY 24 Outstanding claims reserving amount: non-participation policies not annuities
EY 25 Premium smoothing reserving amount: non-participation policies not annuities
EY 26 Unearned premium reserving amount: non-participation policies not annuities
EY 27 Capital guarantee reserving amount: non-participation policies not annuities
Shareholder base other profit: profit participation policies
EY 28 Shareholder base other profit: profit participation policies that are existing business
EY 29 Shareholder base other profit: profit participation policies that are new business
Transitional adjustments and annuities
EY 30 Transitional adjustments: life risk
EY 32 Mortality profit formula: when partial reinsurance exists [Repealed]
EY 33 Mortality profit formula: individual result may be negative only in some cases [Repealed]
EY 34 Mortality profit formula: negative result [Repealed]
EY 35 How discontinuance profit is calculated [Repealed]
EY 36 Discontinuance profit for income year [Repealed]
EY 37 Discontinuance profit formula (existing policies) [Repealed]
EY 38 Discontinuance profit formula (new policies) [Repealed]
EY 39 Discontinuance profit formula (existing policies): when partial reinsurance exists [Repealed]
EY 40 Discontinuance profit formula (new policies): when partial reinsurance exists [Repealed]
EY 41 Discontinuance profit formulas: individual result may never be negative [Repealed]
EY 42 How policyholder income is calculated [Repealed]
EY 43 Policyholder income formula [Repealed]
EY 43B Policyholder income formula: FDR adjustment [Repealed]
EY 43C Policyholder income formula: PILF adjustment [Repealed]
EY 44 Policyholder income formula: when partial reinsurance exists [Repealed]
EY 45 Policyholder income formula: when life insurance business transferred [Repealed]
EY 46 Income from disposal of property [Repealed]
EY 47 Deductions for disposal of property [Repealed]
EY 48 Non-resident life insurers with life insurance policies in New Zealand
EY 49 Non-resident life insurer becoming 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 5 Reduction: bloodstock not previously used for breeding in New Zealand: pre-1 August 2006
EZ 6 Reduction: broodmare previously used for breeding in New Zealand: pre-1 August 2006
EZ 7 Buying patent rights before 1 April 1993
EZ 8 Premium paid on land leased before 1 April 1993
EZ 9 Pool method for items accounted for by globo method for 1992–93 income year
EZ 10 Pool items accounted for by globo method for 1992–93 income year
EZ 11 Amounts of depreciation recovery income and depreciation loss for part business use up to 2004–05 income year
EZ 12 Amount of depreciation loss for item acquired from associated person on or before 23 September 1997
EZ 13 Annual rate for item acquired on or after 1 April 1993 and before end of person’s 1994–95 income year
EZ 14 Pre-1993 depreciation rate
EZ 15 Annual rate for excluded depreciable property: 1992–93 tax year
EZ 16 Amount of depreciation loss for plant or machinery additional to section EZ 15 amount
EZ 17 Additional amount of depreciation loss: between 16 December 1991 and 1 April 1994
EZ 18 Section EZ 17 amount of depreciation loss when items transferred between companies in wholly-owned group before 1 April 1993
EZ 19 Section EZ 17 amount of depreciation loss when person previously exempt from tax acquires item
EZ 20 Adjusted tax value for software acquired before 1 April 1993
EZ 21 Sections EE 45 and EE 47: permanent removal: allowance before 1 April 1995
EZ 22 Base value and total deductions in section EE 56: before 1 April 1995
EZ 23 Economic rate for plant or equipment acquired before 1 April 2005 and buildings acquired before 19 May 2005
EZ 23B Property acquired after depreciable property affected by Canterbury earthquakes
EZ 25 Meaning of New Zealand-new asset
EZ 26 Meaning of qualifying capital value
EZ 27 Meaning of qualifying improvement
EZ 28 Meaning of qualifying asset
EZ 29 Private insurers under Accident Insurance Act 1998
EZ 30 Base premium for 1998–99 premium year under Accident Insurance Act 1998
Controlled foreign company and foreign investment fund rules
EZ 31 Disclosure restrictions on grey list CFCs before 2011–12 [Repealed]
EZ 32 Terminating exemption for grey list FIF investing in Australasian listed equities
EZ 32B Transitional rule for IFRS reporting [Repealed]
EZ 32C Treatment in section EX 20C of currency effects on CFC's borrowing
Old financial arrangements rules
EZ 33 Application of old financial arrangements rules
EZ 34 Election to apply financial arrangements rules in subpart EW
EZ 35 Accruals in relation to income and expenditure in respect of financial arrangements
EZ 36 Excepted financial arrangement that is part of financial arrangement
EZ 38 Income and expenditure where financial arrangement redeemed or disposed of
EZ 40 Accrued income written off
EZ 41 Sale of debt to associate of debtor
EZ 43 Variable principal debt instruments
EZ 44 Relationship with rest of Act
EZ 45 Application of old financial arrangements rules
EZ 46 Election to treat short term trade credit as financial arrangement
EZ 47 Election to continue to treat certain excepted financial arrangements as financial arrangements
EZ 49 Determination of core acquisition price where consideration for property denominated in foreign currency
EZ 50 Rules for non-market transactions
EZ 51 Transitional adjustment when changing to financial arrangements rules
EZ 52 References to new rules include old rules
EZ 52B Consistency of use of IFRS method: Determination G3 change allowed
EZ 52C Change of spreading method: Determination G22 to Determination G22A
EZ 52D Base price adjustment: financial arrangements to which Determination G22 and Determination G22A applied
Life insurance transitional adjustment: expected death strain
Expected death strain formulas
EZ 53 How expected death strain is calculated
EZ 54 Expected death strain formulas
EZ 55 Expected death strain formulas: option when more than 1 life insured
EZ 56 Expected death strain formula (life): when annuity payable on death
EZ 57 Expected death strain formulas: when annuity payable on survival to date or age specified in policy
EZ 58 Expected death strain formula (life): when partial reinsurance exists
EZ 59 Meaning of actuarial reserves
EZ 60 Actuarial reserves: calculation
Entry to new life insurance regime: transitional and miscellaneous provisions
EZ 61 Allowance for cancelled amount: spreading
EZ 62 Reinsurance transition: life financial reinsurance may be life reinsurance
EZ 63 Disposal and acquisition upon entry
Part F
Recharacterisation of certain transactions
Subpart FA—Recharacterisation of certain commercial arrangements
FA 2 Recharacterisation of certain debentures
FA 3 Recharacterisation of certain dividends: recovery of cost of shares held on revenue account
FA 4 Recharacterisation of shareholder’s base: company repurchasing share
FA 5 Assets acquired and disposed of after deduction of payments under lease
FA 6 Recharacterisation of amounts derived under finance leases
FA 7 Determining amount of loan
FA 8 Deductibility of expenditure under finance lease
FA 9 Treatment when lease ends: lessee acquiring asset
FA 10 Treatment when lease ends: lessor acquiring asset
FA 11 Adjustments for leases that become finance leases
FA 11B Adjustments for certain operating leases
FA 12 Recharacterisation of amounts derived under hire purchase agreements
FA 13 Agreements recharacterised as sale with finance provided
FA 14 Deductibility of expenditure or loss under hire purchase agreement
FA 15 Treatment when agreement ends: seller acquiring property
FA 16 Treatment when agreement ends: when seller is cash basis person
FA 17 Treatment when agreement ends: when buyer is cash basis person
FA 18 Treatment of amounts paid in income years after agreement ends
Subpart FB—Transfers of relationship property
FB 3 Land acquired for certain purposes or under certain conditions
FB 4 Land under scheme for major development or division
FB 6 Timber or right to take timber
FB 7 Land with standing timber
FB 8 Patent applications and patent rights
FB 9 Financial arrangements rules
FB 10 Continuity provisions: shares and options
FB 11 Pension payments to former employees
FB 12 Pension payments to former partners
FB 15 Specified livestock valued under herd scheme
Subpart FC—Distribution, transmission, and gifts of property
Exceptions for property transferred on death of person
FC 3 Property transferred to spouse, civil union partner, or de facto partner
FC 4 Property transferred to charities or to close relatives and others
FC 5 Land transferred to close relatives
FC 6 Forestry assets transferred to close relatives
FC 7 Transfer of prepaid property
FC 8 Transfer of certain financial arrangements
Subpart FE—Interest apportionment on thin capitalisation
FE 2 When this subpart applies
FE 3 Interest apportionment for individuals
FE 5 Thresholds for application of interest apportionment rules
FE 6 Apportionment of interest by excess debt entity
FE 7 Apportionment of interest by reporting bank
FE 11 Temporary increases or decreases in value
FE 12 Calculation of debt percentages
FE 13 Financial arrangements entered into with persons outside group
Debt percentage of New Zealand group
FE 14 Consolidation of debts and assets
Debt percentage of worldwide group
FE 17 Consolidation of debts and assets
FE 18 Measurement of debts and assets of worldwide group
FE 19 Banking group’s equity threshold
FE 20 Financial value and regulatory value
FE 21 Banking group’s New Zealand net equity
FE 22 Notional offshore investment
FE 23 Banking group’s funding debt
Determining membership of groups
FE 25 New Zealand group for excess debt entity that is a company
FE 26 Identifying New Zealand parent
FE 27 Establishing companies under parent’s control
FE 28 Identifying members of New Zealand group
FE 29 Combining New Zealand groups owned by natural persons and trustees
FE 30 Ownership interests in companies outside New Zealand group
FE 31 Worldwide group for corporate excess debt entity if not excess debt outbound company
FE 31B Worldwide group for excess debt outbound companies
FE 31C CFCs in worldwide group for natural persons or trustees described in section FE 2(1)(g)
FE 33 New Zealand banking group
FE 34 Identifying ultimate parent
FE 35 Persons who may be excluded from banking groups
FE 36 Identifying members of New Zealand banking group
FE 37 Reporting bank for New Zealand banking group
Measuring ownership interests in companies
FE 38 Measuring ownership interests in companies
FE 39 Direct ownership interests
FE 40 Tiered ownership interests
FE 41 Treatment of associated persons’ interests
Subpart FF—Interest apportionment for conduit investment
[Repealed]
FF 1 What this subpart does [Repealed]
FF 2 When interest apportionment rule applies [Repealed]
FF 3 Steps required to determine treatment of excessive interest expenditure [Repealed]
[Repealed]
FF 4 Threshold for application of interest apportionment rule [Repealed]
FF 5 Determination of excess amount of interest expenditure of group [Repealed]
FF 6 Conduit tax relief [Repealed]
FF 7 Surplus to foreign dividends [Repealed]
Membership and debt percentages of foreign groups
[Repealed]
FF 8 Identifying members of foreign groups [Repealed]
FF 9 Calculating debt percentage of New Zealand foreign groups [Repealed]
FF 10 Calculating debt percentage of consolidated foreign groups [Repealed]
FF 11 Changes in foreign group membership [Repealed]
Subpart FL—Emigration of resident companies
FL 2 Treatment of emigrating companies and their shareholders
Subpart FM—Consolidated groups of companies
FM 1 What this subpart applies to
FM 3 Liability of consolidated groups and group companies
FM 4 Limiting joint and several liability of group companies
FM 5 Liability when company leaves consolidated group
FM 6 Some general rules for treatment of consolidated groups
Calculating taxable income for consolidated group returns
FM 7 Treatment of amounts derived or expenditure incurred
FM 8 Transactions between group companies: income
FM 9 Amounts that are company’s income
FM 10 Expenditure: intra-group transactions
FM 11 Expenditure: nexus with income derivation
FM 12 Expenditure when deduction would be denied to consolidated group
FM 14 Part-year financial statements
Accounting for particular property
FM 15 Amortising property and revenue account property
FM 16 Land or business: certain farming or forestry expenditure
FM 18 Financial arrangements: transfer from company A to company B
FM 19 Financial arrangements: transfer for fair and reasonable consideration
FM 20 Financial arrangements: transfer at market value
FM 21 Property transfers when companies leave consolidated groups
FM 22 Arrangements to avoid consolidation rules
FM 23 Arrangements for disposal of shares
Treatment of foreign dividends
[Repealed]
FM 24 General treatment of foreign dividends [Repealed]
FM 25 Reduction in payments for foreign dividends [Repealed]
FM 26 Using tax losses to pay FDP [Repealed]
FM 28 Refund when consolidated group has loss
FM 29 Treatment of credit balance in consolidated group’s FDP account
FM 30 Application of certain provisions to consolidated groups
Membership of consolidated groups
FM 32 Restriction on membership of consolidated groups
FM 33 When membership is reduced
Forming, joining, or leaving consolidated groups
FM 35 Forming consolidated group
FM 36 Joining existing consolidated group
FM 37 Leaving consolidated group
When membership starts and stops
FM 38 Notice requirements on forming or joining consolidated group
FM 39 Choosing to leave consolidated group
FM 40 Losing eligibility or entitlement to be part of consolidated group
Subpart FN—Imputation groups of companies
FN 1 When this subpart applies
FN 3 Liabilities of companies in imputation group
FN 5 Imputation groups with reduced numbers
FN 7 Forming imputation groups
FN 8 Trans-Tasman imputation groups and resident imputation subgroups
FN 9 Joining existing imputation group
FN 10 When membership of imputation group ends
FN 11 Company choosing to leave imputation group
FN 12 Company no longer eligible or entitled to membership
FN 13 Imputation group with no nominated company
FN 14 Effect of liquidation of company
Subpart FO—Amalgamation of companies
FO 3 Resident’s restricted amalgamations
FO 4 Rights and obligations of amalgamated companies
FO 5 Amalgamations and remitted liabilities
Treatment of shares, income, expenditure, and bad debts
FO 7 Income derived after amalgamation
FO 8 Bad debts and expenditure or loss on resident’s restricted amalgamation
FO 9 Unexpired portion of prepaid expenditure
Property passing to amalgamated company on amalgamation
FO 10 When property passes on resident’s restricted amalgamation
FO 11 When property passes on amalgamation other than resident’s restricted amalgamation
FO 12 Financial arrangements: resident’s restricted amalgamation, companies in wholly-owned group
FO 13 Financial arrangements: resident’s restricted amalgamation, calculation method unchanged
FO 14 Financial arrangements: resident’s restricted amalgamation, other cases
FO 15 Financial arrangements: amalgamation other than resident’s restricted amalgamation
Treatment of financial arrangements between amalgamating companies
FO 18 When amalgamating companies are parties to financial arrangement
FO 19 Calculation of outstanding accrued balance: consideration for discharge
FO 20 Calculation of outstanding accrued balance: amounts remitted
Subpart FZ—Terminating provisions
FZ 1 Treatment of interest payable under debentures issued before certain date
FZ 2 Effect of specified lease on lessor and lessee
FZ 3 Income of lessor under specified lease
FZ 4 Deductions under specified leases
FZ 6 Transitional valuation rule for estate property
Part G
Avoidance and non-market transactions
GA 1 Commissioner’s power to adjust
GA 2 Commissioner’s power to adjust: fringe benefit tax
Subpart GB—Avoidance: specific
Arrangements involving dividend stripping
GB 1 Arrangements involving dividend stripping
Arrangements involving transfer pricing
GB 2 Arrangements involving transfer pricing
Arrangements involving tax losses
GB 3 Arrangements for carrying forward loss balances: companies
GB 4 Arrangements for grouping tax losses: companies
Arrangements to defeat continuity provisions
GB 5 Arrangements involving trust beneficiaries
Arrangements involving qualifying companies
GB 6 Arrangements involving qualifying companies
Arrangements involving controlled foreign companies
GB 7 Arrangements involving CFC control interests
GB 8 Arrangements involving attributed repatriation from CFCs
GB 9 Temporary disposals of direct control or income interests
GB 10 Temporary acquisitions of direct control or income interests
GB 11 Temporary increases in totals for control interest categories
GB 12 Temporary reductions in totals for control interest categories
GB 13 When combination of changes reduces income
GB 14 When combination of changes increases loss
GB 15 CFC income or loss: arrangements related to quarterly measurement
GB 15B Supplies affecting default test for non-attributing active CFC
GB 15C Arrangements related to accounting test for non-attributing active CFC
Arrangements involving foreign investment funds
GB 16 FIF income or loss: arrangements for measurement day concessions
Arrangements involving film rights
GB 17 Excessive amounts for film rights or production expenditure
GB 18 Arrangements to acquire film rights or incur production expenditure
GB 19 When film production expenditure payments delayed or contingent
Arrangements involving petroleum mining
GB 20 Arrangements involving petroleum mining
Arrangements involving financial arrangements
GB 21 Dealing that defeats intention of financial arrangements rules
Arrangements involving trust beneficiary income
GB 22 Arrangements involving trust beneficiary income
GB 23 Excessive remuneration to relatives
GB 24 Exemption for genuine contracts
GB 25 Close company remuneration to shareholders, directors, or relatives
GB 25B Excessive effective look-through interests
Arrangements involving repatriation of commercial bills
GB 26 Arrangements involving repatriation of commercial bills
Attribution rule for income from personal services
GB 27 Attribution rule for income from personal services
GB 28 Interpretation of terms used in section GB 27
GB 29 Attribution rule: calculation
Arrangements involving restrictive covenants
GB 30 Arrangements to avoid taxation of restrictive covenant payments
Arrangements involving fringe benefit tax
GB 31 FBT arrangements: general
GB 32 Benefits provided to employee’s associates
Arrangements involving depreciation loss
GB 33 Arrangements involving depreciation loss
Arrangements involving imputation rules
GB 34 ICA arrangements for carrying amounts forward
GB 35 Imputation arrangements to obtain tax advantage
GB 36 Reconstruction of imputation arrangements to obtain tax advantage
GB 37 Arrangements for payment of dividend by other companies
GB 38 When sections GB 35 to GB 37 apply to consolidated groups
Arrangements involving foreign dividends
GB 39 FDP arrangements: general [Repealed]
GB 40 BETA arrangements for carrying amounts forward
GB 41 FDPA arrangements for carrying amounts forward
Arrangements involving Maori authority credits
GB 42 Maori authority credit arrangements to obtain tax advantage
GB 43 Reconstruction of Maori authority credit arrangements to obtain tax advantage
Arrangements involving tax credits for families
GB 44 Arrangements involving tax credits for families
Arrangements involving money not at risk
GB 45 Arrangements involving money not at risk
GB 46 Deferral of surplus deductions from arrangements
GB 47 Calculation rules for sections GB 45 and GB 46
GB 48 Defined terms for sections GB 45 and GB 46
Arrangements involving returning share transfers
GB 49 Arrangements involving returning share transfers
Arrangements involving partners
GB 50 Arrangements involving partners
Subpart GC—Market value substituted
Disposals of trading stock or similar property
GC 1 Disposals of trading stock at below market value
GC 2 Disposals of timber rights or standing timber
GC 3 Disposals by life insurers
GC 3B Disposals of emissions units
GC 4 Disposals and acquisitions of FIF attributing interests
GC 4B Disposals of ETS units at below market value [Repealed]
GC 5 Leases for inadequate rent
GC 6 Purpose of rules and nature of arrangements
GC 7 Excess amount payable by person
GC 8 Insufficient amount receivable by person
GC 9 Compensating arrangement: person paying less than arm’s length amount
GC 10 Compensating arrangement: person receiving more than arm’s length amount
GC 11 Requests for matching treatment
GC 12 Effect on person's withholding obligations
GC 13 Calculation of arm’s length amounts
GC 14 Definitions for sections GC 6 to GC 13
Subpart GZ—Terminating provisions
GZ 1 Limitation on section GB 20: petroleum mining arrangements
GZ 2 Arrangements involving cancellation of conduit tax relief credits
GZ 3 Donations of trading stock for relief of Canterbury earthquakes
Part H
Taxation of certain entities
Subpart HA—Qualifying companies (QC) and loss-attributing qualifying companies (LAQC)
HA 2 Meaning of qualifying company
HA 3 Meaning of loss-attributing qualifying company [Repealed]
HA 5 Elections to become qualifying company
HA 7 Shareholding requirements
HA 7B Grandparenting requirement
HA 8 Shareholders’ personal liability
HA 8B No CFC income interests or FIF direct income interests of 10% or more
HA 9 Limit on foreign non-dividend income
HA 10 Nature of LAQC shares [Repealed]
HA 11 When requirements no longer met: qualifying companies
HA 11B When requirements no longer met: LAQCs
Treatment of profits, dividends, and tax losses
HA 13 Qualifying companies’ distributions
HA 14 Dividends paid by qualifying companies
HA 15 Fully imputed distributions
HA 16 Dividends paid by qualifying companies to trustee shareholders
HA 17 Dividends derived by qualifying companies
HA 18 Treatment of dividends when qualifying company status ends
HA 19 Credit accounts and dividend statements
HA 20 Attribution of tax losses [Repealed]
HA 21 Loss balances not carried forward
HA 22 Group companies using tax losses
HA 23 Treatment of tax losses on amalgamation
Special tax matters for loss-attributing qualifying companies
[Repealed]
HA 24 Treatment of tax losses other than certain foreign losses [Repealed]
HA 25 Treatment of certain foreign losses [Repealed]
HA 26 Attribution when balance dates differ [Repealed]
HA 27 Attribution when loss results in reduction in value of shares [Repealed]
Elections: qualifying companies
HA 28 Elections by trustee shareholders
HA 29 Elections by majority shareholders
HA 30 When elections take effect
HA 31 Revocation of directors’ elections
HA 32 Revocation of shareholders’ elections: by notice
HA 33 Revocation of shareholders’ elections: by event
HA 33B Transitional rules for look-through companies, partnerships, and sole traderships
HA 34 Period of grace following death of shareholder
HA 35 Period of grace following revocation of election
HA 36 Period of grace following revocation of joint election
HA 37 Period of grace for new shareholder
Elections: loss-attributing qualifying companies
[Repealed]
HA 38 Elections by directors and shareholders required [Repealed]
HA 39 Revocation of elections [Repealed]
Qualifying company election tax
HA 40 Liability for qualifying company election tax
HA 41 Calculating qualifying company election tax
HA 42 Paying qualifying company election tax
Effective interests in qualifying companies
HA 43 Meaning of effective interest
HA 44 Measuring effective interests
Subpart HB—Look-through companies
HB 1 Look-through companies are transparent
HB 2 Previous income and expenditure or loss
HB 3 Loss balances extinguished
HB 4 General provisions relating to disposals
HB 5 Disposal of owner’s interests
HB 6 Disposal of trading stock
HB 7 Disposal of depreciable property
HB 8 Disposal of financial arrangements and certain excepted financial arrangements
HB 9 Disposal of short-term agreements for sale and purchase
HB 11 Limitation on deductions by persons with interests in look-through companies
HB 12 Limitation on deductions by owners of look-through companies: carry-forward
HC 2 Obligations of joint trustees for calculating income and providing returns
HC 5 Amounts derived by trustees
HC 8 Amounts received after person’s death
HC 14 Distributions from trusts
HC 15 Taxable distributions from non-complying and foreign trusts
HC 16 Ordering rule for distributions from non-complying and foreign trusts
Tax treatment of amounts that beneficiaries derive from trusts
HC 17 Amounts derived as beneficiary income
HC 18 Taxable distributions from foreign trusts
HC 19 Taxable distributions from non-complying trusts
HC 20 Distributions from complying trusts
HC 21 Distributions from community trusts
HC 22 Use of tax losses to reduce taxable distributions from non-complying trusts
HC 23 Temporary absences of beneficiaries
Tax treatment of trustee income
HC 25 Foreign-sourced amounts: non-resident trustees
HC 26 Foreign-sourced amounts: resident trustees
Settlors and their liabilities
HC 28 Activities treated as those of settlor
HC 29 Settlors’ liability to income tax
Treatment of transition situations
HC 30 Treatment of foreign trusts when settlor becomes resident
Valuation of property, trading stock, and financial arrangements
HC 31 When existing trusts come into tax base
Rate and payment of income tax
HC 32 Liability of trustee as agent
HC 33 Choosing to satisfy income tax liability of trustee
HC 34 Taxable distributions from non-complying trusts
HC 35 Beneficiary income of minors
HC 36 Trusts and minor beneficiary rule
HC 37 Testamentary trusts and minor beneficiary rule
HD 2 Joint liability of principal and agent for tax obligations
HD 3 Agents’ duties and liabilities
HD 5 Matters between principals and agents
HD 6 When relationship effectively that of principal and agent
HD 8 Circumstances giving rise to agency
HD 10 Mortgagees in possession
HD 14 Companies issuing debentures
HD 15 Asset stripping of companies
HD 16 Non-resident general insurers
HD 17 Agent paying premiums to residents of Switzerland
HD 18 Agency in relation to absentees generally
HD 19 Persons receiving absentees’ income
HD 20 Persons carrying on business for absentees
HD 20B General partners and partners carrying on with or managing business involving absentees
HD 23 Trustees of group investment funds
HD 25 Persons remitting amounts outside New Zealand
HD 26 Agency in relation to non-residents generally
HD 28 Government pensions and payments under superannuation schemes
HD 29 Persons buying goods from overseas
Subpart HE—Mutual associations
HE 1 Income and deductions of mutual associations
HE 2 Classes of mutual transaction
HE 4 Apportionment when transactions with members and non-members
HE 5 Association rebates paid by shares or credit
HF 1 Maori authorities and the Maori authority rules
HF 2 Who is eligible to be a Maori authority?
HF 3 Applying provisions to Maori authorities
HF 4 What constitutes a Maori authority distribution?
HF 5 Notional distributions of co-operative companies
HF 6 Tax treatment of Maori authority distributions
HF 7 Taxable Maori authority distributions
HF 9 Treatment of companies and trusts that choose to apply this subpart
HF 10 Market value calculations
HF 11 Choosing to become Maori authority
Subpart HG—Joint venturers, partners, and partnerships
HG 2 Partnerships are transparent
HG 3 General provisions relating to disposals
HG 4 Disposal upon final dissolution
HG 5 Disposal of partner’s interests
HG 6 Disposal of trading stock
HG 7 Disposal of depreciable property
HG 8 Disposal of financial arrangements and certain excepted financial arrangements
HG 9 Disposal of short-term agreements for sale and purchase
HG 11 Limitation on deductions by partners in limited partnerships
HG 12 Limitation on deductions by partners in limited partnerships: carry-forward
Subpart HL—Portfolio investment entities
[Repealed]
[Repealed]
HL 1 Intended effect on portfolio tax rate entities and investors [Repealed]
HL 2 Scheme of subpart [Repealed]
Eligibility requirements: portfolio investment entities and foreign investment vehicles
[Repealed]
HL 3 Eligibility requirements for entities [Repealed]
HL 4 Effect of failure to meet eligibility requirements for entities [Repealed]
HL 5 Foreign investment vehicles [Repealed]
HL 5B Meaning of investor and portfolio investor class [Repealed]
HL 5C Income interest requirement [Repealed]
HL 6 Investor membership requirement [Repealed]
HL 7 Investor return adjustment requirement: portfolio tax rate entity [Repealed]
HL 8 Imputation credit distribution requirement: portfolio listed company [Repealed]
HL 9 Investor interest size requirement [Repealed]
HL 10 Further eligibility requirements relating to investments [Repealed]
Becoming and ceasing to be portfolio investment entity
[Repealed]
HL 11 Election to become portfolio investment entity and cancellation of election [Repealed]
HL 12 Unlisted company choosing to become portfolio listed company [Repealed]
HL 13 Becoming portfolio investment entity [Repealed]
HL 14 Tax consequences from transition [Repealed]
HL 15 Ceasing to be portfolio investment entity [Repealed]
Periods relevant to calculation of portfolio entity tax liability
[Repealed]
HL 16 Portfolio allocation period and portfolio calculation period [Repealed]
Allocation of income in some cases
[Repealed]
HL 17 Treatment of income from interest when entitlement conditional or lacking [Repealed]
HL 18 Certain new investors treated as part of existing portfolio investor class [Repealed]
Calculating portfolio entity tax liability
[Repealed]
HL 19 Portfolio class net income and portfolio class net loss for portfolio allocation period [Repealed]
HL 19B Treatment of certain provisions made by portfolio tax rate entity
HL 20 Portfolio class taxable income and portfolio class taxable loss for portfolio allocation period [Repealed]
HL 21 Portfolio entity tax liability and tax credits of portfolio tax rate entity for period [Repealed]
Payment by portfolio tax rate entity of tax for tax year
[Repealed]
HL 22 Payments of tax by portfolio tax rate entity making no election [Repealed]
HL 23 Payments of tax by portfolio tax rate entity choosing to pay provisional tax [Repealed]
HL 24 Payments of tax by portfolio tax rate entity choosing to make payments when investor leaves [Repealed]
HL 25 Optional payments of tax by portfolio tax rate entities [Repealed]
[Repealed]
HL 26 Portfolio investor allocated income and portfolio investor allocated loss [Repealed]
HL 27 Treatment of portfolio investor allocated loss for zero-rated portfolio investors and investors with portfolio investor exit period [Repealed]
[Repealed]
HL 28 Treatment of portfolio investor allocated loss for other investors [Repealed]
HL 29 Credits received by portfolio tax rate entity or portfolio investor proxy [Repealed]
Treatment of losses for entity
[Repealed]
HL 30 Portfolio entity formation loss [Repealed]
HL 31 Portfolio class taxable income and portfolio class taxable loss for tax year [Repealed]
HL 32 Treatment of portfolio class taxable loss and portfolio class land loss for tax year [Repealed]
[Repealed]
HL 33 Portfolio investor proxies [Repealed]
Subpart HM—Portfolio investment entities
HM 1 Outline of subpart and relationship with other Parts
HM 2 What is a portfolio investment entity?
HM 5 What is an investor class?
HM 6 Intended effects for multi-rate PIEs and investors
HM 6B Optional look-through rules for PIEs
HM 10 Exclusion: life insurance business
HM 13 Maximum shareholdings in investments
HM 14 Minimum number of investors
HM 15 Maximum investor interests
HM 17 Same rights to all investment proceeds
HM 18 Requirements for listed PIEs: unlisted companies
HM 19 Requirements for listed PIEs: fully crediting distributions
HM 19B Modified rules for foreign investment zero-rate PIEs
HM 19C Modified rules for foreign investment variable-rate PIEs
HM 20 Re-entering as PIE: 5-year rule
HM 21 Exceptions for certain investors
HM 22 Exceptions for certain funds
HM 23 Exceptions for foreign PIE equivalents
HM 24 Ending of New Zealand residence
HM 25 When entity no longer meets investment or investor requirements
HM 26 Starting life insurance business
HM 27 When multi-rate PIE no longer meets investor interest adjustment requirements
HM 28 When listed PIE no longer meets crediting requirement
HM 29 Choosing to cancel status
HM 30 When foreign PIE equivalent no longer meets requirements
HM 31 Rules for multi-rate PIEs
HM 32 Rules for and treatment of investors in multi-rate PIEs
HM 33 Proxies for PIE investors
Attributing income to investors
HM 35 Determining net amounts and taxable amounts
HM 35B Treatment of certain provisions made by multi-rate PIEs
HM 35C Determining amounts for notified foreign investors
HM 36 Calculating amounts attributed to investors
HM 37 When income cannot be attributed
HM 38 When superannuation fund investor has conditional entitlement
HM 39 New investors in existing investor classes
HM 40 Deductions for attributed PIE losses for zero-rated and exiting investors
Calculating and paying tax liability
HM 41 Options for calculation and payment of tax
HM 42B Part-year tax calculations for PIEs under the exit calculation option for the 2010–11 tax year
HM 43 Quarterly calculation option
HM 44 Provisional tax calculation option
HM 44B NRWT calculation option
HM 47 Calculation of tax liability or tax credit of multi-rate PIEs
Adjusting investors’ interests
HM 48 Adjustments to investor interests or to distributions
HM 49 Tax credits: when sections HM 50 to HM 55 apply
HM 50 Attributing credits to investors
HM 51 Use of foreign tax credits by PIEs
HM 52 Use of foreign tax credits by zero-rated and certain exiting investors
HM 53 Use of tax credits other than foreign tax credits by PIEs
HM 54 Use of tax credits other than foreign tax credits by investors
Special rules for foreign investment PIEs
HM 55D Requirements for investors in foreign investment PIEs
HM 55E Changes in status of investors in foreign investment PIEs
HM 55F Treatment of income attributed to notified foreign investors
HM 55G Allowable amounts and thresholds for income with New Zealand source
HM 55H Treatment when certain requirements for foreign investment PIEs not met
Prescribed and notified rates for investors in multi-rate PIEs
HM 56 Prescribed investor rates: schedular rates
HM 57 Prescribed investor rates for certain investors: 0%
HM 58 Transition of rate for certain investors
HM 59 Prescribed investor rates for certain investors: 0% [Repealed]
HM 61 Certain exiting investors zero-rated
HM 62 Exit levels for investors
Losses of certain multi-rate PIEs
HM 64 Use of investor classes’ losses
HM 65 Use of land losses of investor classes
HM 66 Formation losses carried forward to tax year
HM 67 Formation losses carried forward to first quarter
HM 68 When formation losses carried forward are less than 5% of formation investment value
HM 69 When formation losses carried forward are 5% or more of formation investment value: 3-year spread
HM 70 Maximum amount of formation losses allocated by multi-rate PIEs to investor classes
HM 71B Choosing to become foreign investment PIE
HM 72 When elections take effect
HM 73 Transition: provisional tax
HM 74 Transition: entities with non-standard income years
HM 75 Transition: treatment of shares held in certain companies
HM 76 Transition: FDPA companies
Partnerships and joint ventures
[Repealed]
HR 1 Partnerships and joint ventures [Repealed]
HR 3 Definitions for section HR 2: group investment funds
HR 4 Government Superannuation Fund
HR 4B Crown activities through New Zealand Superannuation Fund
HR 5 Airport operators: general
HR 6 Airport operator’s assets
HR 7 Meaning of airport operator’s activities
Financial institution special purpose vehicles
HR 9 Financial institution special purpose vehicles are transparent
HR 9B Bankruptcy-remote property during application of section HR 9
HR 10 What happens when vehicle stops being financial institution special purpose vehicle?
Subpart HZ—Terminating provisions
HZ 1 Distributions from trusts of pre-1989 tax reserves
HZ 2 Trusts that may become complying trusts
HZ 3 Special partnerships: transition into limited partnerships and limited partnerships deduction rules
HZ 4 Overseas limited partnerships: transition into limited partnerships deduction rules
HZ 4B Qualifying companies: transition into partnership
HZ 4C Qualifying companies: transition into look-through companies
HZ 4D Qualifying companies: transition into sole traderships
HZ 5 Transitional provisions for PIE rules
HZ 6 Saving of binding rules relating to portfolio investment entities
HZ 7 Saving of binding rulings relating to settlements on trusts
Subpart IA—General rules for tax losses
IA 3 Using tax losses in tax year
IA 4 Using loss balances carried forward to tax year
IA 5 Restrictions on companies’ loss balances carried forward
IA 6 Restrictions on companies grouping tax losses
IA 7 Restrictions relating to ring-fenced tax losses
IA 8 Restrictions relating to schedular income
Subpart IC—Grouping tax losses
IC 1 Company A making tax loss available to company B
IC 2 Threshold levels for grouping tax losses in tax year
IC 3 Common ownership: group of companies
IC 4 Common ownership: wholly-owned groups of companies
IC 5 Company B using company A’s tax loss
IC 6 Common ownership for period
IC 8 Limitations on amounts used
IC 9 Date for payment and notice to Commissioner
IC 10 When companies have different balance dates
IC 11 Reduction of amounts used by companies
IC 12 Bad debts or decline in value of shares
IC 13 Variation of requirements for development companies in Niue
Subpart ID—Use of tax losses by consolidated groups
ID 1 Treatment of tax losses by consolidated groups
ID 2 Pre-consolidation losses: general treatment
ID 3 Pre-consolidation losses: use by group companies
ID 4 Pre-consolidation losses on entry: part-year rule
ID 5 Pre-consolidation losses on exit: part-year rule
Subpart IE—Treatment of tax losses on amalgamation of companies
IE 1 When this subpart applies
IE 2 Treatment of tax losses by amalgamating company
IE 3 Treatment of tax losses by amalgamated company
IE 4 Group companies’ treatment of tax losses on amalgamation
IE 5 Applying the continuity provisions when companies amalgamate
Subpart IP—Meeting requirements for part-years
IP 1 When this subpart applies
IP 2 Group companies’ common span
Tax loss components carried forward
IP 3 Continuity breach: tax loss components of companies carried forward
IP 4 Breach in income year in which tax loss component arises
IP 5 Breach in tax year in which loss balance is grouped
IP 6 Financial statements required
Subpart IQ—Attributed controlled foreign company net losses and foreign investment fund net losses
IQ 1A When this subpart applies
IQ 1B Losses carried forward to tax year
IQ 2 Ring-fencing cap on attributed CFC net losses
IQ 2B Effect of attributed CFC net loss and FIF net loss from before first affected year
IQ 3 Ring-fencing cap on FIF net losses
IQ 4 Group companies using attributed CFC net losses
IQ 5 Group companies using FIF net losses [Repealed]
IQ 6 Pre-consolidation losses: general treatment
IQ 7 When group membership lacking in loss period
IQ 8 When group membership lacking in tax year of use
IQ 9 When attributed CFC net loss becomes FIF net loss
Subpart IS—Mining companies’ and petroleum miners’ tax losses
IS 1 General treatment of mining companies' net losses
IS 2 Treatment of net losses resulting from certain expenditure
IS 3 Holding companies’ tax losses
IS 4 Adjustments in certain circumstances
IS 5 Petroleum miners’ tax losses
IS 6 When company stops being mining company
Subpart IT—Cancellation of life insurer's losses
IT 1 Cancellation of life insurer's policyholder net losses
IT 2 Cancellation of life insurer's tax loss when allowed into policyholder base
Subpart IV—Treatment of certain supplementary dividends
IV 1 Supplementary dividend holding companies
Subpart IW—Use of tax losses to pay shortfall penalties
Subpart IZ—Terminating provisions
IZ 1 Use of specified activity net losses
IZ 2 Petroleum mining companies: treatment of payments from shareholders
IZ 3 Petroleum mining companies: use of loss balances
IZ 4 Tax losses for tax years before 1977–78 tax year
IZ 5 Companies’ tax losses for tax years before 1991–92 tax year
IZ 6 Companies’ tax losses for 1990–91 and 1991–92 tax years
IZ 7 Grouping tax losses for tax years before 1981–82 and between 1981–82 and 1991–92
Part L
Tax credits and other credits
Subpart LA—General rules for tax credits
LA 2 Satisfaction of income tax liability
LA 3 When total tax credit less than or equal to income tax liability
LA 4 When total tax credit more than income tax liability
LA 5 Treatment of remaining credits
LA 6 Remaining refundable credits: PAYE, RWT, and certain other items
LA 7 Remaining refundable credits: tax credits under social policy schemes
LA 8 Remaining refundable credits: non-resident withholding tax
LA 8B General rules particular to life insurers
Subpart LB—Tax credits for payments, deductions, and family payments
LB 1 Tax credits for PAYE income payments
LB 2 Tax credits for provisional tax payments
LB 3 Tax credits for resident withholding tax
LB 5 Tax credits for non-resident withholding tax
LB 7 Tax credits related to personal service rehabilitation payments: providers
LB 8 Tax credits related to personal service rehabilitation payments: payers
Subpart LC—Tax credits for natural persons
Tax credits for persons on low incomes
[Repealed]
LC 1 When net income under low income amount [Repealed]
LC 2 When net income in low income abatement range [Repealed]
Tax credits for transitional circumstances
LC 4 Tax credits for transitional circumstances
LC 5 Meaning of engaged in full-time work
LC 6 Tax credits for housekeeping
LC 9 Tax credits for absentees
Adjustments to certain tax credits
LC 10 Adjustment for change in return date
LC 11 Adjustment when person is non-resident for part of tax year
LC 12 Assessment when person is non-resident
Tax credits for independent earners
LC 13 Tax credits for independent earners
Subpart LD—Tax credits for gifts and donations
Charitable and other public benefit gifts
LD 1 Tax credits for charitable or other public benefit gifts
LD 3 Meaning of charitable or other public benefit gift
LD 4 Tax credits for payroll donations
LD 5 Calculating amount of tax credit and filing particulars
LD 6 When donation is paid to ineligible recipient
LD 7 When donation returned to person
LD 8 Meaning and ranking of payroll donation
Subpart LE—Tax credits for imputation credits
LE 1 Tax credits for imputation credits
LE 2 Use of remaining credits by companies and trustees
LE 2B Use of remaining credits by life insurer on policyholder base
LE 3 Use of remaining credits by others
LE 4 Trustees for minor beneficiaries
LE 7B Credit of RSCT for imputation credit
LE 8 Application of imputation ratio
LE 9 Application of combined imputation and FDP ratio
Subpart LF—Tax credits for foreign dividend payment (FDP) credits
LF 1 Tax credits for FDP credits
LF 2 Trustees for minor beneficiaries
LF 7 Application of combined imputation and FDP ratio
LF 8 Credits for persons who are non-resident or who receive exempt income
Subpart LH—Tax credits for expenditure on research and development
LH 1 Who this subpart applies to [Repealed]
LH 2 Tax credits relating to expenditure on research and development [Repealed]
LH 3 Requirements [Repealed]
LH 4 Calculation of amount of credit [Repealed]
LH 5 Adjustments to eligible expenditure [Repealed]
LH 6 Research and development activities outside New Zealand [Repealed]
LH 7 Research and development activities and related terms
LH 8 Orders in Council [Repealed]
LH 9 Internal software development: general [Repealed]
LH 10 Internal software development: no associated internal software developer [Repealed]
LH 11 Internal software development: associated internal software developer with same income year [Repealed]
LH 12 Internal software development: associated internal software developer with different income year [Repealed]
LH 13 Internal software development: limit [Repealed]
LH 14 Treatment of depreciation loss for certain depreciable property [Repealed]
LH 14B Recovery of overpaid tax credit
LH 15 Listed research providers [Repealed]
LH 16 Industry research co-operatives [Repealed]
Subpart LJ—Tax credits for foreign income tax
LJ 2 Tax credits for foreign income tax
LJ 3 Meaning of foreign income tax
LJ 4 Meaning of segment of foreign-sourced income
LJ 5 Calculation of New Zealand tax
LJ 6 Taxable distributions and NRWT rules
LJ 7 Repaid foreign tax: effect on income tax liability
LJ 8 Repaid foreign tax: effect on FDP liability
Subpart LK—Tax credits relating to attributed controlled foreign company income
LK 1 Tax credits relating to attributed CFC income
LK 2 Calculation of amount of credit
Use of credits in later tax years
LK 5 Companies’ credits carried forward
LK 5B Credits from tax year before first affected year
LK 6 Use of credits by group companies
Treatment of taxable distributions
LK 7 Taxable distributions and NRWT rules
LK 8 Tax credits of consolidated companies
LK 9 Use of company’s credits carried forward
LK 10 When group membership lacking in tax year in which credit arises
LK 11 When group membership lacking in tax year in which credit used
LK 12 Treatment of credits when companies amalgamate
LK 13 Use of credits by amalgamated company
LK 14 Use by amalgamated company of credits carried forward
LK 15 Use of amalgamating company’s credits
Subpart LL—Underlying foreign tax credits (UFTC)
LL 1 What this subpart does [Repealed]
LL 2 Tax credits for underlying foreign tax [Repealed]
LL 3 Meaning of grey list dividend [Repealed]
LL 4 Tracking accounts [Repealed]
LL 5 Meaning of foreign dividend company net earnings [Repealed]
LL 6 Foreign dividend company lower tier UFTCs [Repealed]
LL 7 Conduit financing arrangements [Repealed]
LL 8 Currency conversion [Repealed]
LL 9 Some definitions [Repealed]
Subpart LO—Tax credits for Maori authority credits
LO 1 Tax credits for Maori authority credits
LO 2B Credit of RSCT for Maori authority credit
LO 3 Application of Maori authority distribution ratio
Subpart LP—Tax credits for supplementary dividends
LP 2 Tax credits for supplementary dividends
LP 4 Continuity rules for carrying credits forward
LP 5 Application of benchmark dividend rules and imputation credit ratio
LP 6 Deriving supplementary dividend and breach of terms of trust
Supplementary dividend holding companies
LP 7 Requirements for supplementary dividend holding companies
LP 8 Relationship with exempt income rules
LP 9 Relationship with RWT rules
LP 10 Limitation on deductions
Subpart LQ—Tax credits of conduit tax relief companies
LQ 1 Tax credits of CTR companies [Repealed]
LQ 2 Limitation on amount of credit [Repealed]
LQ 3 Determining percentage of non-resident shareholders [Repealed]
LQ 4 Date for determining percentage of non-resident shareholders [Repealed]
Subpart LR—Tax credits for policyholder income
LR 1 Tax credits for policyholder income
Subpart LS—Tax credits for multi-rate PIEs and investors
LS 1 Tax credits for multi-rate PIEs
LS 2 Tax credits for investors in multi-rate PIEs
LS 3 Tax credits for zero-rated investors
LS 4 Tax credits for certain exiting investors
Subpart LZ—Terminating provisions
Underlying foreign tax credits
LZ 1 Low tax jurisdiction companies
Credits for certain non-resident investment companies
LZ 2 Certain development projects
LZ 3 Interest derived from development investments
LZ 4 Dividends derived from development investments
Credits for interest on home vendor mortgages
LZ 6 Interest on home vendor mortgages
LZ 7 Maximum amount of credit under section LZ 6
LZ 8 Meaning of home vendor mortgage
Credits for savings in special home ownership accounts
LZ 9 Savings in special home ownership accounts
LZ 10 Maximum amount for 1 special home ownership account for 1 tax year
LZ 11 Maximum amount for all special home ownership accounts for all tax years
LZ 12 Meaning of increase in savings
Part M
Tax credits paid in cash
MA 2 Relationship with core provisions
MA 4 Calculation of amounts of credit producing negative amounts
MA 5 Advice from outside agencies
MA 7 Meaning of full-time earner for family scheme
MA 8 Some definitions for family scheme
Subpart MB—Adjustment of net income for family scheme
MB 1 Adjustments for calculation of family scheme income
MB 2 Adjustment for period that is less or more than 1 year
MB 3 When person carries on 1 or more businesses or investment activities
MB 4 Family scheme income of major shareholders in close companies
MB 5 Treatment of distributions from superannuation schemes
MB 6 Treatment of distributions from retirement savings schemes
MB 7 Family scheme income of settlor of trust
MB 8 Family scheme income from fringe benefits
MB 9 Family scheme income from deposits in main income equalisation accounts
MB 10 Family scheme income from certain pensions and annuities
MB 11 Family scheme income from amounts derived by dependent children
MB 12 Family scheme income from non-residents' foreign-sourced income
MB 13 Family scheme income from other payments
Subpart MC—Entitlements under family scheme
MC 2 Who qualifies for entitlements under family scheme?
MC 3 First requirement: person’s age
MC 4 Second requirement: principal care
MC 5 Third requirement: residence
MC 6 When person does not qualify
MC 7 When spouse or partner entitled under family scheme
MC 9 Credits for person aged 18
MC 11 Relationship periods and entitlement periods
Subpart MD—Abating WFF tax credits
MD 2 Calculating net contributions to credits
MD 3 Calculation of family tax credit
MD 4 Entitlement to in-work tax credit
MD 5 First requirement: person’s age
MD 6 Second requirement: principal care
MD 7 Third requirement: residence
MD 8 Fourth requirement: person not receiving benefit
MD 9 Fifth requirement: full-time earner
MD 10 Calculation of in-work tax credit
MD 11 Entitlement to parental tax credit
MD 12 Calculation of parental tax credit
MD 13 Calculation of family credit abatement
MD 14 Person receiving protected family tax credit
MD 15 Family scheme income for purposes of section MD 14
MD 16 Calculation of parental tax credit abatement
Subpart ME—Minimum family tax credit
ME 1 Minimum family tax credit
ME 2 Meaning of employment for this subpart
ME 3 Meaning of net family scheme income
MF 1 Application for payment of tax credit by instalment
MF 2 When person not entitled to payment by instalment
MF 3 Calculating amount of interim WFF tax credit
MF 4 Requirements for calculating instalment of tax credit
MF 4B Calculation of instalments: 1 April 2008 to 30 September 2008
MF 4C Calculation of instalments: 1 October 2008 to 31 March 2009
MF 4D Calculation of instalments: 1 April 2010 to 30 September 2010
MF 4E Calculation of instalments: 1 October 2010 to 31 March 2011
MF 5 Recovery of overpaid tax credit
MF 6 Overpayment or underpayment of tax credit
Subpart MK—Tax credits for KiwiSaver schemes and complying superannuation funds
MK 1 Tax credits for superannuation contributions
Tax credits for fund providers
MK 5 Crown contributions for members
MK 6 Credit given by fund providers
MK 8 Treatment of tax credits on permanent emigration
[Repealed]
MK 9 Eligibility requirements [Repealed]
MK 10 Amount of credit [Repealed]
MK 11 When tax credits arise [Repealed]
MK 12 Using tax credits [Repealed]
MK 13 When short payment and unpaid compulsory employer contributions found after tax credit used [Repealed]
MK 14 Employees opting out [Repealed]
MK 16 Private domestic workers
Subpart ML—Tax credits for redundancy payments
ML 2 Tax credit for redundancy payments
Subpart MZ—Terminating provisions
MZ 1 Entitlement to child tax credit
MZ 2 Calculation of child tax credit
MZ 3 Exclusions from determination of family scheme income
OA 3 General rules for maintaining memorandum accounts
OA 4 Certain credits and debits arising only in group accounts
OA 7 Opening balances of memorandum accounts
Shareholder continuity requirements
OA 8 Shareholder continuity requirements for memorandum accounts
Treatment of credits and debits on resident’s restricted amalgamation
OA 9 General treatment of credits and debits on resident’s restricted amalgamation
OA 10 When credits or debits due to amalgamating company but not recorded
OA 11 FDP account on resident’s restricted amalgamation
OA 12 CTR account on resident’s restricted amalgamation [Repealed]
OA 13 Policyholder credit account on resident’s restricted amalgamation
Amalgamation of companies in consolidated groups
OA 14 Continuity of shareholding when group companies amalgamate
OA 15 When credits or debits due to consolidated group but not recorded
OA 16 When FDP account ends on resident’s restricted amalgamation
OA 17 When policyholder credit account ends on resident’s restricted amalgamation
OA 18 Calculation of maximum permitted ratios
Subpart OB—Imputation credit accounts (ICA)
OB 1 General rules for companies with imputation credit accounts
OB 2 Australian companies with imputation credit accounts
OB 3 Imputation credit accounts
OB 3B General rule for life insurer's policyholder base
OB 5 ICA deposit in tax pooling account
OB 6 ICA transfer from tax pooling account
OB 7 ICA payment of further income tax
OB 7B ICA payment of qualifying company election tax
OB 7C ICA expenditure on research and development
OB 8 ICA resident withholding tax withheld
OB 9 ICA dividend derived with imputation credit
OB 9B ICA attributed PIE income with imputation credit
OB 10 ICA dividend derived with FDP credit
OB 11 ICA payment of FDP [Repealed]
OB 12 ICA transfer from FDP account
OB 13 ICA transfer of debit balance on leaving wholly-owned group
OB 14 ICA payment of tax on leaving wholly-owned group
OB 15 ICA payment of tax on joining wholly-owned group
OB 16 ICA attribution for personal services
OB 17 ICA transfer from policyholder credit account [Repealed]
OB 18 ICA transfer from ASC account
OB 19 ICA transfer to master fund
OB 20 ICA distribution with Maori authority credit
OB 21 ICA balance of Maori authority credit account
OB 22 ICA replacement payment to company under share-lending arrangement
OB 23 ICA credit transfer to company
OB 24 ICA credit on resident’s restricted amalgamation
OB 25 ICA reversal of tax advantage arrangement
OB 26 ICA elimination of double debit
OB 27 ICA non-resident withholding tax withheld
OB 28 ICA payment of amount of tax for schedular payment
OB 29 ICA payment of schedular income tax
OB 31 ICA allocation of provisional tax
OB 32 ICA refund of income tax
OB 33 ICA amount applied to pay other taxes
OB 34 ICA refund from tax pooling account
OB 35 ICA transfer within tax pooling account
OB 35B ICA debit for transfer from tax pooling account for policyholder base liability
OB 37 ICA refund of tax credit
OB 39 ICA transfer for net foreign attributed income [Repealed]
OB 40 ICA attribution for personal services
OB 41 ICA debit for loss of shareholder continuity
OB 42 ICA on-market cancellation
OB 43 ICA breach of imputation ratio
OB 44 ICA debit on leaving wholly-owned group
OB 46 ICA transfer from member fund
OB 47 Debit for policyholder base imputation credits
OB 48 ICA credit balance when Maori authority credit account starts
OB 49 ICA replacement payment by company under share-lending arrangement
OB 50 ICA returning share transfer
OB 51 ICA credit transfer by company
OB 52 ICA imputation credit of consolidated imputation group
OB 53 ICA debit on resident’s restricted amalgamation
OB 54 ICA tax advantage arrangement
OB 55 ICA retrospective imputation credit
OB 58 ICA refund of amount of tax for schedular payment
OB 59 ICA refund of schedular income tax
Imputation credits attached to dividends
OB 60 Imputation credits attached to dividends
OB 61 ICA benchmark dividend rules
OB 62 Retrospective attachment of imputation credits
OB 65 Further income tax for ICA closing debit balance
OB 66 Further income tax when company stops being ICA company
OB 67 Reduction of further income tax
OB 68 Income tax paid satisfying liability for further income tax
OB 69 Further income tax paid satisfying liability for income tax
OB 70 Application of other provisions
OB 71 Imputation additional tax on leaving wholly-owned group
OB 72 Imputation additional tax on joining wholly-owned group
OB 72B Limit on using entitlement to refund after joining wholly-owned group
Distributions of statutory producer boards and co-operative companies
OB 73 Statutory producer boards attaching imputation credits to cash distributions
OB 74 Statutory producer boards attaching imputation credits to notional distributions