Income Tax Act 2007 - IRD
Examined and certified:Clerk of the House of RepresentativesIn the name and on behalf of Her Majesty Queen Elizabeththe Second I hereby assent to this Act thisof November20071st dayGovernor-General.Income Tax Act 2007Public Act2007 No 97ContentsPage9494A1A2TitleCommencementAA 1AA 2AA 3AA 4Part APurpose and interpretationPurpose of ActInterpretationDefinitionsCrown bound95959596Part BCore provisionsSubpart BA—PurposeBA 1Purpose98BB 1BB 2BB 3Subpart BB—Income tax and resulting obligationsImposition of income taxMain obligationsOverriding effect of certain matters989899BC 1BC 2BC 3BC 4BC 5Subpart BC—Calculating and satisfyingincome tax liabilitiesNon-filing and filing taxpayersAnnual gross incomeAnnual total deductionNet income and net lossTaxable income1031031031031041
Income Tax Act 2007BC 6BC 7BC 82007 No 97Income tax liability of filing taxpayerIncome tax liability of person with schedular incomeSatisfaction of income tax liability106106108BD 2BD 3BD 4Subpart BD—Income, deductions, and timingIncome, exempt income, excluded income, nonresidents’ foreign-sourced income, and assessableincomeDeductionsAllocation of income to particular income yearsAllocation of deductions to particular income yearsBE 1Subpart BE—Withholding liabilitiesWithholding liabilities112BF 1Subpart BF—Other obligationsOther obligations113BD 1108109110111Subpart BG—AvoidanceBG 1Tax avoidance113BH 1Subpart BH—Double tax agreementsDouble tax agreements114CA 1CA 2Part CIncomeSubpart CA—General rulesAmounts that are incomeAmounts that are exempt income or excluded income116116CB 1CB 2Subpart CB—Income from business ortrade-like activitiesBusiness generallyAmounts derived from businessAmounts received on disposal of business assets thatinclude trading stock118119CB 3Schemes for profitProfit-making undertaking or scheme120CB 4CB 5Personal propertyPersonal property acquired for purpose of disposalBusiness of dealing in personal property120120CB 6CB 7CB 82LandDisposal: land acquired for purpose or with intention ofdisposalDisposal: land acquired for purposes of business relatingto landDisposal: land used for landfill, if notice of election120121122
2007 No 97Income Tax Act 2007CB 9 Disposal within 10 years: land dealing businessCB 10 Disposal within 10 years: land development or subdivision businessCB 11 Disposal within 10 years of improvement: buildingbusinessCB 12 Disposal: schemes for development or division begunwithin 10 yearsCB 13 Disposal: amount from major development or divisionand not already in incomeCB 14 Disposal: amount from land affected by change and notalready in incomeCB 15 Transactions between associated persons122123124125125126128Exclusions for residential landCB 16 Residential exclusion from sections CB 6 to CB 11CB 17 Residential exclusion from sections CB 12 and CB 13CB 18 Residential exclusion from section CB 14128129130Exclusions for business premisesCB 19 Business exclusion from sections CB 6 to CB 11CB 20 Business exclusion from section CB 12130131Exclusions for farm landCB 21 Farm land exclusion from sections CB 12 and CB 13CB 22 Farm land exclusion from section CB 14131132Exclusion for investment landCB 23 Investment exclusion from section CB 12133TimberCB 24 Disposal of timber or right to take timberCB 25 Disposal of land with standing timber133133InvestmentsCB 26 Certain disposals by portfolio investment entities134Farming, forestry, or fishingCB 27 Income equalisation schemes135Environmental restorationCB 28 Environmental restoration accounts135MineralsCB 29 Disposal of minerals137Intellectual propertyCB 30 Sale of patent applications or patent rights137Transfer of businessCB 31 Sale of business: transferred employment incomeobligations1383
Income Tax Act 20072007 No 97Stolen propertyCB 32 Property obtained by theft138Mutual associationsCB 33 Amounts derived by mutual associationsCB 34 Amounts derived by members from mutual associations139139Subpart CC—Income from holding property(excluding equity)Land useCC 1CC 2LandNon-compliance with covenant for repair141141CC 3CC 4CC 5CC 6CC 7CC 8Financial instrumentsFinancial arrangementsPayments of interestAnnuitiesPrizes received under Building Societies Act 1965Consideration other than in moneyUse of money interest payable by Commissioner142142143143144144RoyaltiesCC 9 RoyaltiesCC 10 Films145146Finance leasesCC 11 Lessee acquiring lease asset on expiry of term of leaseCC 12 Lessor acquiring lease asset on expiry of term of lease147147Hire purchase agreementsCC 13 Amounts paid in income years after hire purchase agreement ends148Subpart CD—Income from equityIncomeCD 1CD 2DividendDistribution excluded from being dividendWhat is a dividend?CD 3 Meaning of dividendCD 4 Transfers of value generallyCD 5 What is a transfer of value?CD 6 When is a transfer caused by a shareholdingrelationship?CD 7 Bonus issues in lieu of dividendCD 8 Elections to make bonus issue into dividendCD 9 Interests in money or property of foreign unit trustCD 10 Bonus issue by foreign unit trust instead of money orproperty4150150151151151152153154154155
2007 No 97Income Tax Act 2007CD 11 Avoidance arrangementsCD 12 Superannuation schemes entering trust rulesCD 13 Notional distributions of producer boards andco-operative companiesCD 14 Notional distributions of emigrating companiesCD 15 Tax credits linked to dividendsCD 16 Certain dividends not increased by tax creditsCD 17 Credit transfer noticeCD 18 Dividend reduced if foreign tax paid on company’sincomeCD 19 Foreign tax credits and refunds linked to dividendsCD 20 Benefits of shareholder-employees or directorsCD 21 Attributed repatriations from controlled foreigncompaniesCD 22CD 23CD 24CD 25CD 26CD 27CD 28CD 29CD 30CD 31CD 32CD 33CD 34CD 35CD 36CD 37What is not a dividend?Returns of capital: off-market share cancellationsOrdering rule and slice ruleReturns of capital: on-market share cancellationsTreasury stock acquisitionsCapital distributions on liquidation or emigrationProperty made available intra-groupTransfers of certain excepted financial arrangementswithin wholly-owned groupsNon-taxable bonus issuesTransfer by unit trust of legal interest after beneficialinterest vestsFlat-owning companiesEmployee benefitsPayments corresponding to notional distributions of producer boards and co-operative companiesDistribution to member of co-operative company basedon member’s transactionsResident’s restricted amalgamationsForeign investment fund incomeMaori authority distributionsCalculation rulesCD 38 General calculation rule for transfers of valueCD 39 Calculation of amount of dividend when property madeavailableCD 40 Adjustment if dividend recovered by companyCD 41 Adjustment if amount repaid laterCD 42 Adjustment if additional consideration paidCD 43 Available subscribed capital (ASC) amountCD 44 Available capital distribution 841851925
Income Tax Act 2007CD 45CD 46CD 47CD 48CD 49CD 50CD 51CD 522007 No 97Attributed repatriation calculation rulesWhen does a person have attributed repatriation from acontrolled foreign company?New Zealand repatriation amountNew Zealand property amountCost of tangible propertyCost of associated party equityOutstanding balances of financial arrangementsProperty transfers between associated personsUnrepatriated income balancePrevention of double taxationCD 53 Prevention of double taxation of share cancellationdividendsReturning share transfersCD 54 Replacement paymentsCE 1CE 2CE 3CE 4Subpart CE—Employee or contractor incomeEmployment incomeAmounts derived in connection with employmentValue and timing of benefits under share purchaseagreementsRestrictions on disposal of shares under share purchaseagreementsAdjustments to value of benefits under share 2212214215CE 5CE 6CE 7DefinitionsMeaning of expenditure on account of an employeeMeaning of share: when share acquiredMeaning of share purchase agreement215217218CE 8Attributed incomeAttributed income from personal services218Restrictive covenants and exit inducement paymentsCE 9 Restrictive covenantsCE 10 Exit inducementsIncome protection insuranceCE 11 Proceeds from claims under policies of income protection insuranceTax creditsCE 12 Tax credits added to caregiver’s incomeCF 16Subpart CF—Income from living allowances,compensation, and government grantsBenefits, pensions, compensation, and government grants218220220221221
2007 No 97CF 2CG 1CG 2CG 3CG 4CG 5CG 6CG 7Income Tax Act 2007Remission of specified suspensory loansSubpart CG—RecoveriesAmount of depreciation recovery incomeRemitted amountsBad debt repaymentRecovered expenditure or lossRecoveries or receipts by employers from superannuation schemesReceipts from insurance, indemnity, or compensation fortrading stockRecoveries after deduction of payments under lease223224224225225226227227CH 2CH 3Subpart CH—AdjustmentsMatching rules: revenue account property,prepayments, and deferred paymentsAdjustment for closing values of trading stock, livestock,and excepted financial arrangementsAdjustment for prepaymentsAdjustment for deferred payment of employment incomeCH 4Change to accounting practiceAdjustment for change to accounting practice230CH 5Goods and services tax (GST)Adjustment for GST231CH 1CH 6CH 7CH 8Finance leasesAdjustments under consecutive or successive financeleasesAvoidance and non-market transactionsAdjustment for avoidance arrangementsMarket value substitutedInterest apportionment on thin capitalisationCH 9 Interest apportionment: excess debt entityCH 10 Interest apportionment: reporting bank229230230231232232233233CP 1Subpart CP—Income from portfolio investment entitiesPortfolio investor allocated income233CQ 1CQ 2CQ 3Subpart CQ—Attributed income from foreign equityAttributed controlled foreign company incomeAttributed controlled foreign company incomeWhen attributed CFC income arisesCalculation of attributed CFC income234234236CQ 4Foreign investment fund incomeForeign investment fund income2367
Income Tax Act 20072007 No 97CQ 5CQ 6When FIF income arisesCalculation of FIF income236239CR 1CR 2CR 3Subpart CR—Income from life insuranceIncome of life insurerAmount of income of life insurerIncome of non-resident general insurer240241241CS 1Subpart CS—Superannuation fundsWithdrawalsWithdrawals244ExclusionsExclusions of withdrawals of various kindsExclusion of withdrawal on grounds of hardshipExclusion of withdrawal to settle division of relationshippropertyCS 5 Exclusion of withdrawal paid as annuity or pensionCS 6 Exclusion of withdrawal on partial retirementCS 7 Exclusion of withdrawal when member endsemploymentCS 8 Exclusion of withdrawal when member ends employment: lock-in ruleCS 9 Exclusion of withdrawal from defined benefit fund whenmember ends employmentCS 10 When member treated as not ending employmentCS 2CS 3CS 4Transfers to or from superannuation funds andsuperannuation schemesCS 11 Transfer by superannuation fund to another superannuation fundCS 12 Transfer from superannuation scheme to superannuationfundCS 13 Investment by superannuation fund in another superannuation fundTreatment of amounts when superannuation fundbecomes superannuation scheme or vice versaCS 14 Superannuation fund becomes superannuation schemeCS 15 Superannuation fund becomes foreign superannuationschemeCS 16 Superannuation scheme becomes superannuation reatment of distributions when superannuation fundwound upCS 17 Superannuation fund wound up258Treatment of loans to membersCS 18 Value of loan treated as fund income2588
2007 No 97Income Tax Act 2007CT 6CT 7Subpart CT—Income from petroleum miningDisposal of exploratory material or petroleum miningassetDamage to assetsExploratory well used for commercial productionPartnership interests and disposal of part of assetPetroleum mining operations outside New ZealandDefinitionsMeaning of petroleum minerMeaning of petroleum mining assetCU 1Subpart CU—Income from mineral miningIntroductory provisionMining company’s 2 kinds of incomeCT 1CT 2CT 3CT 4CT 5CU 2CU 3CU 4CU 5CU 6CU 7CU 8CU 9CU 10CU 11CU 12CU 13CU 14CU 15CU 16CU 17CU 18CU 19CU 20Income from miningMining company that processes or manufacturesDisposal of assetsCompensation for lost, destroyed, or damaged assetsCompensation and scrap payment: income from miningCompensation and scrap payment: use to replace orrepair assetCompensation and scrap payment: not income fromminingCompensation and scrap payment: more thanexpenditurePrevious deduction for income appropriatedMining asset used to derive income other than incomefrom miningMeaning of asset for sections CU 3 to CU 10Application of sections to resident mining operatorsApplication of sections to non-resident mining operatorsRecovery of reinvestment profit on disposal of miningsharesRecovery of reinvestment profit not used for miningpurposesRecovery of reinvestment profit on repayment of loansRepayment by mining company of amount written offAmount treated as repayment for purposes of sectionCU 17: excessAmount treated as repayment for purposes of sectionCU 17: net incomeMining company or mining holding company liquidatedDefinitionsCU 21 Meaning of income from 02722722732742742752762772772782792812819
Income Tax Act 2007CU 22CU 23CU 24CU 25CU 26CU 27CU 28CU 29CV 1CV 2CV 3CV 4CV 5CV 6CV 7CV 8CV 9CV 10CV 11CV 12CV 13CV 14CV 15CV 16CV 172007 No 97Meaning of mining companyMeaning of mining development expenditureMeaning of mining exploration expenditureMeaning of mining operationsMeaning of mining ventureMeaning of resident mining operatorMeaning of specified mineralOther definitionsSubpart CV—Income specific to certain entitiesGroup companiesConsolidated groups: income of company in groupConsolidated groups: arrangement for disposal of sharesAmalgamated companies: amount derived afteramalgamationStatutory producer boardsCrown Research InstitutesAustralian wine producer rebateRegulations: Australian wine producer rebateSupplementary dividend holding companiesForeign dividend payment account companies or conduittax relief companiesMaori authoritiesTrustees: amounts received after person’s deathAmounts derived from trustsDistributions from community trustsAmounts derived from trusts while person absent fromNew ZealandNon-resident shippersNon-resident film rentersCW 2CW 3Subpart CW—Exempt incomeIncome from business or trade-like activitiesForestry companies established by the Crown, Maoriowners, and holding companies buying land with standing timber from foundersForestry encouragement agreementsForestry companies and Maori investment companiesCW 4CW 5CW 6CW 7CW 8Income from holding property (excluding equity)Annuities under life insurance policiesPayments of interest: post-war creditsPayments of interest: farm mortgagesForeign-sourced interestMoney lent to government of New ZealandCW 04
2007 No 97CW 9CW 10CW 11CW 12CW 13CW 14CW 15Income Tax Act 2007Income from equityDividend derived by company from overseasDividend within New Zealand wholly-owned groupDividend of conduit tax relief holding companyProceeds of share disposal by qualifying foreign equityinvestorProceeds from share or option acquired under ventureinvestment agreementDividends derived by qualifying companiesDividends paid by qualifying companiesEmployee or contractor incomeCW 16 Income of Governor-GeneralCW 17 Expenditure on account, and reimbursement, ofemployeesCW 18 Allowance for additional transport costsCW 19 Amounts derived during short-term visitsCW 20 Amounts derived by visiting entertainers includingsportspersonsCW 21 Amounts derived by visiting crew of pleasure craftCW 22 Amounts derived by overseas experts and trainees inNew Zealand by government arrangementCW 23 Income for military or police service in operational areaCW 24 Deferred military pay for active serviceCW 25 Value of board for religious society membersCW 26 Jurors’ and witnesses’ feesCertain income of transitional residentCW 27 Certain income derived by transitional residentCW 28CW 29CW 30CW 31CW 32CW 33CW 34CW 35CW 36CW 37Income from living allowances, compensation, andgovernment grantsPensionsReinvested amounts from foreign superannuationschemes in AustraliaAnnuities from Crown Bank AccountsServices for members of ParliamentMaintenance paymentsAllowances and benefitsCompensation paymentsPayment to claimant of certain accident compensationpaymentsScholarships and bursariesFilm production grantsIncome of certain entitiesCW 38 Public 011
Income Tax Act 2007CW 39CW 40CW 41CW 42CW 43CW 44CW 45CW 46CW 47CW 48CW 49CW 50CW 51CW 52CW 53CW 54CW 55Local authoritiesLocal and regional promotion bodiesCharities: non-business incomeCharities: business incomeCharitable bequestsFriendly societiesFuneral trustsBodies promoting amateur games and sportsTAB and racing clubsIncome from conducting gaming-machine gamblingBodies promoting scientific or industrial researchVeterinary services bodiesHerd improvement bodiesCommunity trustsDistributions from complying trustsForeign-sourced amounts derived by trusteesMaori authority distributionsCW 58CW 59CW 60CW 61CW 62CW 63CW 64Income from certain activitiesNon-resident aircraft operatorsNon-resident company involved in exploration anddevelopment activitiesDisposal of companies’ own sharesNew Zealand companies operating in NiueStake moneyProviding standard-cost household serviceInterest paid under the KiwiSaver Act 2006Avoidance arrangementsExemption under other ActsCX 1Subpart CX—Excluded incomeGoods and services taxGoods and services taxCW 56CW 572007 No 342342343344344346346347347347350Fringe benefitsCX 2CX 3CX 4CX 5CX 6CX 7CX 812Introductory provisionsMeaning of fringe benefitExcluded incomeRelationship with assessable incomeRelationship with exempt incomeFringe benefitsPrivate use of motor vehicleEmployer or associated person treated as having right touse vehicle under arrangementPrivate use of motor vehicle: use by more than1 employee350351351351352353354
2007 No 97CX 9CX 10CX 11CX 12CX 13CX 14CX 15CX 16CX 17CX 18Income Tax Act 2007Subsidised transportEmployment-related loansEmployment-related loans: loans by life insurersServices for members of ParliamentContributions to superannuation schemesContributions to sickness, accident, or death benefitfundsContributions to funeral trustsContributions to life or health insuranceBenefits provided to employees who are shareholders orinvestorsBenefits provided to associates of both employees andshareholders354354355356356356357357359360CX 19CX 20CX 21CX 22CX 23CX 24CX 25CX 26CX 27CX 28CX 29CX 30CX 31CX 32CX 33Exclusions and limitationsBenefits provided instead of allowancesBenefits to enable performance of dutiesBusiness toolsBenefits to non-executive directorsBenefits provided on premisesBenefits related to health or safetyBenefits provided by charitable organisationsNon-liable paymentsAssistance with tax returnsAccommodationEntertainmentDistinctive work clothingContributions to income protection insuranceServices provided to superannuation fundGoods provided at discount by third 67CX 34CX 35CX 36CX 37CX 38DefinitionsMeaning of emergency callMeaning of employee share loanMeaning of private useMeaning of unclassified benefitMeaning of work-related vehicle367368369369369InsuranceCX 39 Life insurers and fully reinsured personsCX 40 Superannuation fund deriving amount from life insurance policyCX 41 Resident insurance underwritersPetroleum miningCX 42 Disposal of ownership interests in controlled petroleummining entities37037137137213
Income Tax Act 20072007 No 97CX 43 Farm-out arrangements for petroleum mining372Mineral miningCX 44 Disposal of mining sharesCX 45 Disposal of mining shares acquired with reinvestmentprofitCX 46 Repayment of loans made from reinvestment profit372373Government grantsCX 47 Government grants to businessesCX 48 Amounts remitted as condition of new start grantSuperannuation and savingsCX 49 Employer’s superannuation contributionsCX 50 Tax credits for KiwiSaver and complying superannuationfunds375375376378378Farming, forestry, or fishingCX 51 Income equalisation schemes379Environmental restorationCX 52 Refund from environmental restoration account379Inflation-indexed instrumentsCX 53 Credits for inflation-indexed instruments379Share-lending arrangementsCX 54 Share-lending collateral under share-lendingarrangementsPortfolio investment incomeCX 55 Proceeds from certain disposals by portfolio investmententities or New Zealand Superannuation FundCX 56 Portfolio investor allocated income and distributions ofincome by portfolio investment entitiesCX 57 Credits for certain fees by portfolio tax rate entities380380381382Minors’ beneficiary incomeCX 58 Amounts derived by minors from trustsCX 59 Taxable distributions from non-complying trusts382383Transactions between companies inconsolidated groupsCX 60 Intra-group transactions383Avoidance arrangementsCX 61 Avoidance arrangements383CZ 1CZ 2CZ 314Subpart CZ—Terminating provisionsShare purchase agreement income before 19 July 1968Mining company’s 1970–71 tax yearExchange variations on 8 August 1975384385386
2007 No 97CZ 4CZ 5CZ 6CZ 7CZ 8CZ 9CZ 10CZ 11CZ 12CZ 13CZ 14CZ 15CZ 16CZ 17CZ 18CZ 19CZ 20CZ 21CZ 22Income Tax Act 2007Mineral mining: company making loan before1 April 1979Exempt interest: overseas money lent to government orlocal or public authority before 29 July 1983Commercial bills before 31 July 1986Primary producer co-operative companies: 1987–88income yearFarm-out arrangements for petroleum mining before16 December 1991Available capital distribution amount: 1965 and1985–1992Transitional relief for calculation of attributed repatriation dividends: 2 July 1992Recovery of deductions for software acquired before1 April 1993General insurance with risk period straddling1 July 1993Treatment of units and interests in unit trusts and groupinvestment funds on issue as at 1 April 1996Treatment of superannuation fund interests in groupinvestment funds on 1 April 1999Accident insurance contracts before 1 July 2000Interest payable to exiting company: 2001Dividend of exiting company: 2001Benefit provider approved within 6 months of25 November 2003Community trust receipts in 2004–05 or 2005–06 taxyearDisposal of personal property lease asset under specifiedleaseSuperannuation fund loans made to members before1 April 1989Geothermal wells between 31 March 2003 and 17 96397398398399DA 1DA 2DA 3DA 4Part DDeductionsSubpart DA—General rulesGeneral permissionGeneral limitationsEffect of specific rules on general rulesTreatment of amount of depreciation loss401402403404DB 1Subpart DB—Specific rules for expenditure typesTaxesTaxes, other than GST, and penalties40715
Income Tax Act 2007DB 2DB 3DB 42007 No 97Goods and services taxDetermining tax liabilitiesChatham Islands duesFinancing costsDB 5 Transaction costs: borrowing money for use as capitalDB 6 Interest: not capital expenditureDB 7 Interest: most companies need no nexus with incomeDB 8 Interest: money borrowed to acquire shares in groupcompaniesDB 9 Interest incurred on money borrowed to acquire shares inqualifying companiesDB 10 Interest or expenditure connected to profit-related or substituting debenturesDB 11DB 12DB 13DB 14DB 15Financial arrangements adjustmentsNegative base price adjustmentBase price adjustment under old financial arrangementsrulesRepayment of debt sold at discount to associate ofdebtorSecurity paymentSuretiesShare-lending arrangementsDB 16 Share-lending collateral under share-lendingarrangementsDB 17 Replacement payments and imputation credits undershare-lending arrangementsPremises or land costsDB 18 Transaction costs: leasesDB 19 Expenses of failed or withdrawn application for resourceconsentDB 20 Destruction of temporary buildingDB 21 Amounts paid for non-compliance with covenant forrepairDB 22 Amounts paid for non-compliance and change in useDB 23DB 24DB 25DB 26DB 2716Revenue account propertyCost of revenue account propertyShare lossesCancellation of shares held as revenue account propertyAmount from profit-making undertaking or scheme andnot already in incomeAmount from major development or division and notalready in 9419419420420421422423423425425426
2007 No 97Income Tax Act 2007DB 28 Amount from land affected by change and not already inincomeDB 29 Apportionment when land acquired with other propertyDB 30 Cost of non-specified mineral427428428Bad debtsDB 31 Bad debtsDB 32 Bad debts owed to estatesDB 33DB 34DB 35DB 36DB 37DB 38DB 39DB 40Research and developmentScientific researchResearch or developmentSome definitionsPatent expensesExpenses of failed or withdrawn patent applicationPatent rights: devising patented inventionsPatent rights acquired before 1 April 1993Patent applications or patent rights acquired on or after1 April 1993MarketingDB 41 Charitable or other public benefit gifts by companyTheft and briberyDB 42 Property misappropriated by employees or serviceprovidersDB 43 Making good loss from misappropriation by partnersDB 44 Restitution of stolen propertyDB 45 Bribes paid to public officialsPollution controlDB 46 Avoiding, remedying, or mitigating effects of dischargeof contaminantRepaymentsDB 47 Payments for remitted amountsDB 48 Restrictive covenant breachedMatching rules: revenue account property,prepayments, and deferred paymentsDB 49 Adjustment for opening values of trading stock, livestock, and excepted financial arrangementsDB 50 Adjustment for prepaymentsDB 51 Adjustment for deferred payment of employment incomeChange to accounting practiceDB 52 Adjustment for change to accounting 44344444644744844945045017
Income Tax Act 2007Investment incomeDB 53 Portfolio investment entities: zero-rated portfolio investors and allocated lossesDB 54 Portfolio investment entities: treatment of certain feeschargedExempt incomeDB 55 Expenditure incurred in deriving exempt dividendUse of motor vehicle under certain arrangementsDB 56 Expenditure incurred in operating motor vehicle underagreement or arrangement affected by section CX 7Payments to spouses, civil union partners,or de facto partnersDB 57 Payments to spouses, civil union partners, or de factopartners other than for servicesAvoidance and non-market transactionsDB 58 Adjustment for avoidance arrangementsDB 59 Market value substitutedDC 15Subpart DC—Employee or contractor expenditureLump sum payments on retirementPension payments to former employeesPension payments to former partnersPayments to working partnersPayments to spouses, civil union partners, or de factopartners: servicesContributions to employees’ benefit fundsContributions to employees’ superannuation schemesAttribution of personal servicesRestrictive covenants or exit inducementsSale of business: transferred employment incomeobligationsTransfers of employment income obligations toassociatesLoans to employees under share purchase schemesCriteria for approval of share purchase schemes: beforeperiod of restriction endsCriteria for approval of share purchase schemes: whenperiod of restriction endsSome definitionsDD 1DD 2DD 3Subpart DD—Entertainment expenditureEntertainment expenditure generallyLimitation ruleWhen limitation rule does not applyDC 1DC 2DC 3DC 4DC 5DC 6DC 7DC 8DC 9DC 10DC 11DC 12DC 13DC 14182007 No 464465466467469471473473475
2007 No 97DD 4DD 5DD 6DD 7DD 8DD 9DD 10DD 11DE 1DE 2DE 3DE 4Income Tax Act 2007Employment-related activitiesPromoting businesses, goods, or servicesEntertainment as business or for charitable purposeEntertainment outside New ZealandEntertainment that is income or fringe benefitRelationship with fringe benefit tax rulesInterpretation: reimbursement and apportionmentSome definitionsSubpart DE—Motor vehicle expenditureIntroductory provisionsWhat this subpart doesDeductions for business useMethods for calculating proportion of business useDefault method for calculating proportion of ual recordsDE 5Actual records484DE 6DE 7DE 8DE 9DE 10DE 11LogbookUsing logbook for test periodLogbook requirementsLogbook termInadequate logbookVariance during logbook termReplacement vehicles484484485486486487Mileage ratesDE 12 Mileage rate method487DF 4Subpart DF—Government grants and compensationGovernment grants to businessesRepayment of grant-related suspensory loansIdentifying expenditure for purposes of sections DF 1and DF 2Accident compensation payment for attendant careDN 1DN 2DN 3DN 4Subpart DN—Attributed losses from foreign equityAttributed controlled foreign company (CFC) lossAttributed controlled foreign company lossWhen attributed CFC loss arisesCalculation of attributed CFC lossRing-fencing cap on deduction492492493493DN 5DN 6Foreign investment fund (FIF) lossForeign investment fund lossWhen FIF loss arises494494DF 1DF 2DF 348848949049119
Income Tax Act 2007DN 7DN 82007 No 97Calculation of FIF lossRing-fencing cap on deduction: branch equivalentmethodSubpart DO—Farming and aquaculturalbusiness expenditureFarmingDO 1 Enhancements to land, except treesDO 2 Erosion and shelter plantingsDO 3 Trees on farmsDO 4 Improvements to farm landDO 5 Expenditure on land: planting of listed horticulturalplantsDO 6 Expenditure on land: horticultural replacement plantingDO 7 Accounting for expenditure on listed horticultural plantsunder sections DO 5 and DO 6DO 8 Meaning of planting and plotDO 9 Meaning of replaced area fractionDO 10 Farming or horticulture expenditure of lesso
Income Tax Act 2007 2007 No 97 BC 6 Income tax liability of filing taxpayer 106 BC 7 Income tax liability of person with schedular income 106 BC 8 Satisfaction of income tax liability 108 Subpart BD—Income, deductions, and timing BD 1 Income, exempt income, excluded income, non- 108 residents' foreign-sourced income, and assessable income
of the boiler, has no effect on the detector. The IRD 1020.1 replaces the IRD 1020 and 920. When exchanging the IRD 1020, care must be taken that the corresponding IRD 1020.1 with the same imprint (blue or white) is used (see page 3 and 4). When exchanging the IRD 920, care must be taken to wire the sensor correctly (see page 3), and the .
Tax Act, the Individual Consumption Tax Act, the Liquor Tax Act, the Education Tax Act, the Traffic, Energy and Environment Tax Act, and the Act on Special Rural Development Tax are in conflict with this Act with respect to the imposition, collection, refund, write-off, etc. of a value-added tax, local consumption tax,
6 of 2001, Act No. 7 of 2002, Act No. 15 of 2003, Act No. 4 of 2004, Act No. 6 of 2005, Act No. 10 of 2006, Act No. 9 of 2007, Act No. 8 of 2008, Act No. 8 of 2009, Act No. 10 of 2010, Act No. 4 of 2012.] PART I - PRELIMINARY 1. Short title and commencement This Act may be cited as the Income Tax Act, 1973 and shall, subject to the
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INCOME TAX ACT 58 OF 1962 [ASSENTED TO 25 MAY 1962] [DATE OF COMMENCEMENT: 1 JULY 1962] (English text signed by the State President) as amended by Income Tax Amendment Act 90 of 1962 Income Tax Amendment Act 6 of 1963 Income Tax Act
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11th August 2020 Please ensure your microphone is muted throughout the presentation The slides today will be presented with the opportunity for the audience to post questions during the presentation using the chat function. Questions submitted through the chat function will be recorded and responses will be provided after the event. Responses will be posted on CCS website page and will be .
