Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Income from business or trade-like activities

CB 5: Business of dealing in personal property

You could also call this:

“Income from selling personal property in your business”

If you run a business that deals in personal property, any money you make from selling that property counts as income. This applies to any kind of personal property that your business normally buys and sells. For example, if your business sells cars, the money you get from selling a car would be considered income.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512411.

Topics:
Money and consumer rights > Taxes
Business > Industry rules
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CB 4: Personal property acquired for purpose of disposal, or

“Profit from selling personal items bought to resell is taxable income”

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CB 6A: Disposal within 2 years: bright-line test for residential land, or

“Tax on residential land sold within 2 years of purchase”

Part C Income
Income from business or trade-like activities

CB 5Business of dealing in personal property

  1. An amount that a person derives from disposing of personal property is income of the person if their business is to deal in property of that kind.

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