Taxation (Limited Partnerships) Act 2008

Public Act	2008 No 2
Date of assent	13 March 2008
Commencement	see section 2

1 Title

2 Commencement

Part 1
Amendments to Income Tax Act 2007

3 Income Tax Act 2007

4 New section CB 27B

CB 27B Entering partners’ livestock income

5 New heading and section CB 35 added

Partners and partnerships

CB 35 Amounts of income for partners

6 Meaning of asset for sections CU 3 to CU 10

7 Amount treated as repayment for purposes of section CU 17: net income

8 New heading and section CW 55B added

Partners and partnerships

CW 55B Amounts of exempt income for partners

9 New heading and section CX 62 added

Partners and partnerships

CX 62 Amounts of excluded income for partners

10 New heading and section DV 20 added

Partners and partnerships

DV 20 Partners

11 New section DO 11B inserted

DO 11B Entering partners’ livestock deduction

12 Meaning of asset for sections DU 1 to DU 7

13 Financial arrangements, income, and expenditure relevant to criteria

14 Section EX 13 repealed

15 Cash basis holder

16 Attribution rule: calculation

17 New heading and section GB 50 added

Arrangements involving partners

GB 50 Arrangements involving partners

18 Section HD 20 replaced

HD 20 Persons carrying on business for absentees

HD 20B General partners and partners carrying on with or managing business involving absentees

19 New subpart HG

Subpart HG—Joint venturers, partners, and partnerships

Joint venturers

HG 1 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 the sale and purchase of property or services

HG 10 Disposal of livestock

HG 11 Limitation on deductions by partners in limited partnerships

HG 12 Limitation on deductions by partners in limited partnerships: carry-forward

20 Section HR 1 repealed

21 New sections HZ 3 and HZ 4

HZ 3 Special partnerships: transition into limited partnerships and limited partnerships deduction rules

HZ 4 Overseas limited partnerships: transition into limited partnerships deduction rules

22 When unincorporated bodies hold certificates

23 Definitions

24 Partnerships: partnership and partner

25 Partnerships: partnership and associate of partner

26 Classes of income treated as having New Zealand source

Part 2
Amendments to other revenue Acts

Tax Administration Act 1994

27 Tax Administration Act 1994

28 Keeping of business records

29 Section 42 replaced

42 Returns by joint venturers, partners, and partnerships

Goods and Services Tax Act 1985

30 Interpretation

Legislative history

The Parliament of New Zealand enacts as follows:

New Zealand Legislation: Acts

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Taxation (Limited Partnerships) Act 2008 No 2, Public Act

Taxation (Limited Partnerships) Act 2008

Contents

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