1 Title

2 Commencement

3 Income Tax Act 2007

4 Flowchart B2: Calculating and satisfying income tax liabilities

5 Double tax agreements

6 Available capital distribution amount

7 Benefits, pensions, compensation, and government grants

8 Attributed income of certain investors in multi-rate PIEs

9 Available capital distribution amount: 1988 to 2010

10 Goods and services tax

11 Research or development

12 Some definitions

13 Criteria for approval of share purchase schemes: when period of restriction ends

14 Cost of acquiring timber or right to take timber: other cases

15 Section DP 11 replaced

16 Acquiring film rights

17 Mining exploration expenditure or mining development expenditure on acquisition of asset

18 Meaning of income from forestry

19 Determination alternatives

20 Consistency of use of IFRS method

21 Consideration when debt sold at discount to associate of debtor

22 Income and deduction when debt sold at discount to associate of debtor

23 Attributable CFC amount

24 Net attributable CFC income or loss

25 Adjustment of fraction for excessively debt funded CFC

26 Attributable CFC amount and net attributable CFC income or loss

27 Non-attributing active CFC: default test

28 Non-attributing active CFC: test based on accounting standard

29 Exemption for Australian unit trusts with adequate turnover or distributions

30 Limits on choice of calculation methods

31 Accounting profits method

32 Policyholder base income: non-participation policies

33 Policyholder base income: profit participation policies

34 Policyholder base allowable deductions: profit participation policies

35 Shareholder base income: non-participation policies

36 Shareholder base income: profit participation policies

37 Shareholder base allowable deductions: profit participation policies

38 Transitional adjustments: life risk

39 Policyholder income formula: PILF adjustment

40 Consistency of use of IFRS method: Determination G3 change allowed

41 Attribution rule for income from personal services

42 Loss balances not carried forward

43 Beneficiary income

44 Who is a settlor?

45 Unlisted company choosing to become portfolio listed company

46 Minimum number of investors

47 Maximum investors' interests

48 Requirements for listed PIEs: unlisted companies

49 Sections HM 56 to HM 59 replaced

50 Notified rates

51 Certain exiting investors zero-rated

52 When elections take effect

53 New section HZ 7 added

54 Tax losses

55 Using tax losses in tax year

56 Using loss balances carried forward to tax year

57 Restrictions on companies' loss balances carried forward

58 Restrictions on companies grouping tax losses

59 Restrictions relating to ring-fenced losses

60 General treatment

61 New section IQ 1B inserted

62 Ring-fencing cap on attributed CFC net losses

63 Ring-fencing cap on FIF net losses

64 Group companies using attributed CFC net losses

65 Pre-consolidation losses: general treatment

66 When group membership lacking in loss period

67 When group membership lacking in tax year of use

68 General treatment of mining companies' tax losses

69 Treatment of tax losses resulting from certain expenditure

70 Holding companies' tax losses

71 Petroleum miners' tax losses

72 Life insurers' policyholder net losses

73 Subpart IV repealed

74 Tax credits for payroll donations

75 When donation is paid to ineligible recipient

76 When donation returned to person

77 What this subpart does

78 Tax credits for supplementary dividends

79 Section LP 7 repealed

80 Relationship with exempt income rules

81 Section LP 9 repealed

82 Section LP 10 repealed

83 Tax credits for investors in multi-rate PIEs

84 Adjustments for calculation of family scheme income

85 Calculation of maximum permitted ratios

86 ICA payment of tax

87 ICA debit for loss of shareholder continuity

88 Table O2: imputation debits

89 FDPA debit for loss of shareholder continuity

90 Table O4: FDP debits

91 BETA credit for loss of shareholder continuity

92 Table O7: branch equivalent tax credits

93 MACA debit for loss of shareholder continuity

94 Table O18: Maori authority debits

95 Consolidated ICA debit for loss of shareholder continuity

96 Table O20: imputation debits of consolidated imputation groups

97 Consolidated FDPA debit for loss of shareholder continuity

98 Table O22: FDP debits of consolidated FDP groups

99 Consolidated BETA credit for loss of shareholder continuity

100 Table O25: branch equivalent tax credits of consolidated BETA groups

101 Amounts treated as income tax

102 Salary or wages

103 Amounts of tax for PAYE income payments

104 Payment of extra pay with other PAYE income payments

105 RWT rules and their application

106 Resident passive income

107 New section RE 10B inserted

108 Interest

109 Choosing higher rates

110 When payment treated as non-resident passive income

111 NRWT rules and their application

112 Obligation to withhold amounts of tax for non-resident passive income

113 When amounts of tax not withheld or partly withheld

114 When dividends fully imputed or fully credited

115 New section RF 11B

116 Interest paid by approved issuers or transitional residents

117 Overpaid RWT or NRWT

118 Definitions

119 What this subpart does

120 Tripartite relationship

121 Transparency of nominees

122 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits

123 Schedule 2—Basic tax rates for PAYE income payments

124 New schedule 6 inserted

125 Schedule 51—Identified changes in legislation

126 Lists of defined terms in Income Tax Act 2007

127 Tax Administration Act 1994

128 Interpretation

129 Giving of notices by Commissioner

130 PAYE tax codes

131 Section 24C replaced

132 New heading and new section 25A

133 Person advising retirement savings scheme of retirement scheme prescribed rate

134 Annual returns of income not required

135 Certificates about trees

136 Section 80C replaced

137 Commissioner must issue income statement

138 Statement of family scheme income

139 Taxation laws in respect of which binding rulings may be made

140 New section 113A inserted

141 Certain rights of challenge not conferred

142 Definitions

143 Limitations on assistance in recovery

144 Goods and Services Tax Act 1985

145 Meaning of associated persons

146 Imposition of goods and services tax on supply

147 Meaning of term supply

148 Income Tax Act 2004

149 Available capital distribution amount

150 Meaning of expenditure on account of an employee

151 Expenditure on account, and reimbursement, of employees

152 Research or development

153 Some definitions

154 Gifts of money by company

155 Section DP 10 replaced

156 Ring-fenced allocations

157 Branch equivalent income or loss: calculation rules

158 Accounting profits method

159 Unlisted company may choose to become portfolio listed company

160 Credits arising to imputation credit account

161 New section NF 2E inserted

162 Definitions

163 Lists of defined terms in Income Tax Act 2004

164 Credits arising to imputation credit account

165 Taxes and duties

166 Section CX 55 replaced

167 Gifts of money by company

168 Commissioner to assess borrower's repayment obligation