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Income Tax Act 2007

Income - Income specific to certain entities

CV 1: Group companies

You could also call this:

"Income from companies owned by the same person or group"

Illustration for Income Tax Act 2007

You get income from a company. The company is part of a group of companies that one person or company owns. If the group was one company, the income would belong to that company. This rule does not apply if section CB 15D says otherwise.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513087.

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"Explains that some definitions were removed from the Income Tax Act in 2014"

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CV 2: Consolidated groups: income of company in group, or

"How income is treated for companies in a group"

Part CIncome
Income specific to certain entities

CV 1Group companies

  1. An amount that a company derives in an income year and that would not otherwise be income of the company is treated as its income if—

  2. the company is for that income year part of a wholly-owned group of companies; and
    1. had the group of companies been a single company, the amount would have been income of that single company.

      1. Subsection (1) is overridden by section CB 15D (Kāinga Ora–Homes and Communities and wholly-owned group).

      Compare
      Notes
      • Section CV 1(1) heading: inserted (with effect on 1 July 2017), on , by section 134(1) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section CV 1(2): inserted (with effect on 1 July 2017), on , by section 134(2) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).
      • Section CV 1(2): amended (with effect on 1 October 2019), on , by section 190 of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 (2020 No 5).