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Income Tax Act 2007

Deductions - Terminating provisions

DZ 8: Acquiring patent rights before 1 April 1993

You could also call this:

“Tax deductions for patent rights bought before April 1993”

If you bought patent rights before 1 April 1993 and use them to make money, this rule applies to you. It also applies if you died after buying the rights. In that case, the rule applies to the person handling your estate, like your personal representative or a trustee.

You can get a tax deduction for the amount specified in section EZ 7(2). This section tells you how much you can deduct for acquiring patent rights before 1 April 1993.

This rule adds to the general permission for tax deductions, but you still need to follow the general limitations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514227.

Topics:
Money and consumer rights > Taxes
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Part D Deductions
Terminating provisions

DZ 8Acquiring patent rights before 1 April 1993

  1. This section applies when a person acquires patent rights before 1 April 1993 and uses them in deriving their income. In this section, if the person dies after incurring expenditure on acquiring the rights, references to the person include their personal representative, a trustee of their estate, and a beneficiary of their estate.

  2. The person is allowed a deduction of the amount quantified in section EZ 7(2) (Acquiring patent rights before 1 April 1993).

  3. This section supplements the general permission. The general limitations still apply.

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Notes
  • Section DZ 8 heading: amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
  • Section DZ 8(1): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
  • Section DZ 8(2): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).