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Income Tax Act 2007

Timing and quantifying rules - Taxes and levies

EF 5: Use of money interest payable by person

You could also call this:

“You can claim interest paid to Inland Revenue as a tax deduction”

If you need to pay interest to the Commissioner of Inland Revenue, you can claim this as a deduction. This deduction is allocated to the income year when you actually pay the interest. The rules for this are set out in Part 7 of the Tax Administration Act 1994.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514786.

Topics:
Money and consumer rights > Taxes
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EF 4: Use of money interest payable by Commissioner, or

“Interest paid to you by Inland Revenue counts as income in the year you receive it”

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EF 6: Different tax years, or

“This provision about different tax years was removed in 2011”

Part E Timing and quantifying rules
Taxes and levies

EF 5Use of money interest payable by person

  1. A deduction for interest payable by a person to the Commissioner under Part 7 of the Tax Administration Act 1994 is allocated to the income year in which the person pays the interest.

  2. Repealed

  3. Repealed

  4. Repealed

  5. Repealed
Compare
Notes
  • Section EF 5(1): substituted (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), by section 29(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(2) heading: repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), pursuant to section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(2): amended (with effect on 1 April 2008), on , by section 38 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
  • Section EF 5(2): repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), by section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(3) heading: repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), pursuant to section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(3): repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), by section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(4) heading: repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), pursuant to section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(4): repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), by section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(5) heading: repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), pursuant to section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5(5): repealed (with effect on 1 April 2011), on (applying for the 2011–12 and later income years), by section 29(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms assessment: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms Commissioner: substituted (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms deduction: substituted (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms income tax liability: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms income year: substituted (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms interest: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms liquidation: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms notice: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms pay: substituted (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).
  • Section EF 5 list of defined terms tax year: repealed (with effect on 1 April 2011), on , by section 29(3) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).