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Income Tax Act 2007

Definitions and related matters - Associated persons and nominees - Table Y1: Associated person rules

YB 12: Partnership and partner

You could also call this:

"What happens with tax when you're in a partnership with others"

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You are in a partnership. This means you and your partnership are associated persons. A limited partnership and a general partner are also associated persons. If a person has 25% or more of a limited partnership, they are associated with the partnership, unless section YB 16B applies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1523022.

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Part YDefinitions and related matters
Associated persons and nominees: Table Y1: Associated person rules

YB 12Partnership and partner

  1. For a partnership other than a limited partnership, the partnership and a partner in the partnership are associated persons.

  2. A limited partnership and a general partner in the limited partnership are associated persons.

  3. If section YB 16B does not apply, a limited partnership and a person, other than a general partner in the limited partnership, are associated persons if the person has a partnership share of 25% or more in a right, obligation, or other property, status, or thing of the limited partnership.

  4. For the purposes of subsection (2), and if subsection (4) does not apply, if a person (person A) and another person (person B) are associated under any of sections YB 2 to YB 11 and YB 14, person A is treated as holding anything held by person B.

  5. For the purposes of subsection (2) and the land provisions, if a person (person A) and another person (person B) are associated under any of sections YB 2, YB 3, YB 4(1)(b) and (2) to (4), YB 7, YB 8, YB 10, YB 11, and YB 14, person A is treated as holding anything held by person B.

Notes
  • Section YB 12: substituted, on , by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
  • Section YB 12(1) heading: replaced (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(1): replaced (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(1B) heading: inserted (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(1B): inserted (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(2) heading: replaced (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(2): replaced (with effect on 1 April 2010), on , by section 138(1) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(2): amended (with effect on 26 August 2024), on , by section 138(2) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(3) heading: amended (with effect on 1 April 2010), on , by section 138(3) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(3): amended, on , by section 138(4) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(4) heading: amended (with effect on 1 April 2010), on , by section 138(3) (and see section 138(7) and (8) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12(4): amended, on , by section 138(5) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12 list of defined terms general partner: inserted, on , by section 138(6)(a) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12 list of defined terms land provisions: inserted, on , by section 138(6)(a) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12 list of defined terms partner: inserted, on , by section 138(6)(a) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12 list of defined terms partnership share: inserted, on , by section 138(6)(b) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).
  • Section YB 12 list of defined terms share: repealed, on , by section 138(6)(b) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).