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Income Tax Act 2007

Timing and quantifying rules - Financial arrangements rules - Consideration treated as paid by person

EW 46: Consideration when debtor released as condition of new start grant

You could also call this:

"This old rule about tax effects of debt relief from new start grants no longer applies"

Illustration for Income Tax Act 2007

This part of the law used to talk about what happens when you owe money and get a 'new start grant'. A new start grant is a special kind of help that might let you off some of your debts. The law used to explain how this would affect your taxes. However, this part of the law doesn't exist anymore. It was removed on 24 February 2016, so you don't need to worry about it now. If you want to know more about how new start grants affect taxes today, you might need to look at other, newer parts of the tax law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515343.

Topics:
Money and consumer rights > Taxes
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EW 45: Consideration when debtor released from obligation, or

"Calculating tax when you're no longer required to repay money you owe"

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EW 46B: Consideration when party changes from fair value method, or

"How to calculate value when switching from fair value method in financial arrangements"

Part ETiming and quantifying rules
Financial arrangements rules: Consideration treated as paid by person

EW 46Consideration when debtor released as condition of new start grant (Repealed)

    Notes
    • Section EW 46: repealed, on , by section 135 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).