Income Tax Act 2007

CB 9 Disposal within 10 years: land dealing business
Income

(1)

An amount that a person derives from disposing of land is income of the person if—

(a)

they dispose of the land within 10 years of acquiring it; and

(b)

at the time they acquired the land, they carried on a business of dealing in land, whether or not the land was acquired for the purpose of the business.

Income: associated person in business of dealing in land

(2)

An amount that a person (person A) derives from disposing of land within 10 years of acquiring it is income of person A if a person (person B) associated with them at the time the land was acquired carried on a business of dealing in land, whether or not—

(a)

person A carried on a business of dealing in land; or

(b)

the land was acquired for the purpose of person B’s business.

Exclusions

(3)

Subsection (2) is overridden by the exclusions in sections CB 15C and CB 15D, for bodies linked or associated with a local authority and for companies in the same wholly-owned group as Kāinga Ora–Homes and Communities, and subsections (1) and (2) are overridden by the exclusions in sections CB 16 and CB 19, for residential land and for business premises.

Defined in this Act: amount, associated person, business, dispose, income, Kāinga Ora–Homes and Communities, land, year

Compare: 2004 No 35 s CB 7

Section CB 9(3): replaced (with effect on 1 July 2017), on 18 March 2019, by section 116 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section CB 9(3): amended (with effect on 1 October 2019), on 23 March 2020, by section 190 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).

Section CB 9 list of defined terms Kāinga Ora–Homes and Communities: inserted (with effect on 1 October 2019), on 23 March 2020, by section 190 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).