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Income Tax Act 2007

Timing and quantifying rules - Controlled foreign company and foreign investment fund rules - Calculation of FIF income or loss

EX 49: Accounting profits method

You could also call this:

“The accounting profits method is no longer allowed for calculating FIF income or loss”

You cannot use the accounting profits method to calculate FIF (Foreign Investment Fund) income or loss. This method was removed from the Income Tax Act 2007 on 1 July 2011. If you need to calculate FIF income or loss, you must use a different method that is still allowed under the current 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=DLM1515565.

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“How to calculate your FIF income if you don't choose a method”

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EX 50: Attributable FIF income method, or

“How to work out income or loss from foreign investments using a specific method”

Part E Timing and quantifying rules
Controlled foreign company and foreign investment fund rules: Calculation of FIF income or loss

EX 49Accounting profits method (Repealed)

    Notes
    • Section EX 49: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 34(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).