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Income Tax Act 2007

Timing and quantifying rules - Terminating provisions - Entry to new life insurance regime: transitional and miscellaneous provisions

EZ 68: Definitions

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“Explains key terms used in specific sections of the Act”

In sections EZ 64 to EZ 67, you’ll find some important words explained. An asset is any kind of property, whether it’s in New Zealand or not. It can be something you can touch or something you can’t. Assets include land, buildings, vehicles, equipment, money, and even rights to things.

Legal and equitable rights cover all sorts of rights, powers, and benefits. These can come from written documents or other sources. They can be for things that have already happened or might happen in the future.

Liabilities are all the debts and responsibilities you might have, now or in the future, in New Zealand or somewhere else.

Railways assets and liabilities are specific things owned or owed by the railway, as decided by an official order under the New Zealand Railways Corporation Restructuring Act 1990.

Railways vesting means when KiwiRail Holdings Limited took over the Railways assets and liabilities on 31 December 2012, as set out in the New Zealand Railways Corporation Restructuring Act 1990.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5505269.

Topics:
Money and consumer rights > Taxes
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Part E Timing and quantifying rules
Terminating provisions: Entry to new life insurance regime: transitional and miscellaneous provisions

EZ 68Definitions

  1. In sections EZ 64 to EZ 67,—

    asset—

    1. means property of any kind, whether or not situated in New Zealand, whether tangible or intangible, real or personal, corporeal or incorporeal, and whether or not subject to rights; and
      1. includes—
        1. land, including legal and equitable rights of occupation of land or buildings:
          1. buildings, vehicles, plant equipment, machinery, fixtures and fittings, and legal and equitable rights in them:
            1. choses in action and money:
              1. legal and equitable rights of any kind, and applications, objections, submissions, and appeals in respect of those rights:
                1. intellectual property and applications pending for intellectual property:
                  1. goodwill, and any business undertaking

                  legal and equitable rights includes all rights, powers, privileges, interests, leases, licences, approvals, consents, designations, permissions, dispensations, authorisations, benefits, defences, immunities, claims, and equities of any kind, whether arising from, accruing under, created or evidenced by, or the subject of, an instrument or otherwise, and whether liquidated or unliquidated, actual, contingent, or prospective

                    liabilities means liabilities, debts, charges, duties, and obligations of every description, whether present or future, actual or contingent, and whether payable or to be observed or performed in New Zealand or elsewhere

                      Railways assets and liabilities means assets and liabilities, or parts of assets and liabilities, as the case may be, specified in an Order in Council made under the New Zealand Railways Corporation Restructuring Act 1990, and Railways assets and Railways liabilities have corresponding meanings

                        Railways vesting means the vesting of the Railways assets and liabilities in KiwiRail Holdings Limited on 31 December 2012 in accordance with the New Zealand Railways Corporation Restructuring Act 1990.

                        Notes
                        • Section EZ 68: inserted (with effect on 31 December 2012), on , by section 54 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).
                        • Section EZ 68 list of defined terms apply: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).