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Income Tax Act 2007

Deductions - Terminating provisions

DZ 6: Partnership interests and disposal of part of asset before 16 December 1991

You could also call this:

“Rules for partners selling property before 16 December 1991”

In sections DZ 3 to DZ 5, you need to understand two important points about partnerships and property.

First, if you’re a partner in a partnership, you’re considered to have a share in the partnership’s property, like a petroleum permit. Your share is equal to how much of the partnership’s income you’re entitled to.

Second, when these sections talk about selling an asset, they also mean selling part of an asset. So, if you sell just a piece of something, it’s treated the same as selling the whole thing.

These rules apply unless the context of sections DZ 3 to DZ 5 suggests they shouldn’t.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514223.

Topics:
Money and consumer rights > Taxes
Housing and property > Buying and selling homes
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DZ 5: Farm-out arrangements for petroleum mining before 16 December 1991, or

“Rules for pre-1991 petroleum mining farm-out arrangements”

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DZ 7: Petroleum mining operations outside New Zealand before 16 December 1991, or

“Rules for overseas petroleum mining before 16 December 1991”

Part D Deductions
Terminating provisions

DZ 6Partnership interests and disposal of part of asset before 16 December 1991

  1. In sections DZ 3 to DZ 5, unless the context requires otherwise,—

  2. a partner is treated as having a share or interest in a petroleum permit or other property of a partnership to the extent of their income interest in the partnership:
    1. references to the disposal of an asset apply equally to the disposal of part of an asset.

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