(1) In these regulations, unless the context otherwise requires,—
Act means the Land and Income Tax Act 1954
Appeal Authority means the Cooperative Milk Marketing Companies Income Tax Appeal Authority established under these regulations
available subscribed capital per share has the meaning given to available subscribed capital in section YA 1 of the Income Tax Act 2007
capital loss, in relation to any company, means any loss incurred by the company on the sale or other realisation of any trading assets which has not been taken into account in calculating the trading profit or trading loss of the company
capital profit, in relation to any company, means any profit made by the company on the sale or other realisation of any trading assets which has not been taken into account in calculating the trading profit or trading loss of the company
company or co-operative milk marketing company means a co-operative milk marketing company as defined in subsection (1) of section 146A of the Act
dairy asset means any asset which is used exclusively for dairy purposes
dairy purposes means the purposes of the collection, handling, manufacture, treatment, or marketing of milk or cream, or any product of milk or cream which the Commissioner determines is dairy produce for the purposes of section 146A of the Act
dual-purpose asset means any asset which is used partly for dairy purposes and partly for trading purposes
financial year, in relation to any company, means a year ending with the date of the annual balance of the company's accounts
gross income has the meaning given to income in section YA 1 of the Income Tax Act 2007
ordinary trading income, in relation to any company, means income which is assessable income or non-assessable income as defined in section 2 of the Act; but does not include any amount which is deemed under regulation 5 to be assessable income; and does not include any dividends received from shares which the Commissioner has determined to be dairy assets if the Commissioner is satisfied that the dividends have been applied in acquiring further share capital in the company declaring the dividends
ordinary trading loss means a loss calculated in accordance with the provisions of the Act for the calculation of assessable income
special trading expenditure means all expenditure for trading purposes which is not deductible in calculating the ordinary trading income; but does not include—
trading asset, in relation to any company, means any asset of the company which is used exclusively for trading purposes; but does not include any amounts owing to the company by its suppliers or its employees, or any cash, or any amount standing to the credit of the company with any bank
trading bank means any bank carrying on business in New Zealand, other than a trustee savings bank and the Post Office Savings Bank
trading purposes means any purposes other than dairy purposes.
(2) Expressions used in these regulations, unless the context otherwise requires, have the same meanings as in the Act.
(4) For the purposes of these regulations the amount of the deductible trading balance of any company for any financial year shall be calculated as the amount which in the opinion of the Commissioner is the sum of the following amounts:
provided that paragraph (d) shall not apply with respect to the financial year corresponding with the income year commencing on 1 April 1960.
(5) For the purposes of these regulations the net value of the trading assets of a company shall be calculated by ascertaining the aggregate cost of those trading assets and deducting therefrom the amount of any depreciation properly allowable thereon under the Act and the amount of any mortgage, charge, or liability owing in respect of the purchase or acquisition of any of those trading assets, not being an amount owing to any trading bank: