Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
CH 10B: Interest apportionment: public project debt
or “How to split and count interest on public project debt for tax purposes”
You could also call this:

“Income rules for Te Awa Tupua and Te Pou Tupua's non-standard spending”

This section talks about Te Pou Tupua, which is defined in the Te Awa Tupua (Whanganui River Claims Settlement) Act 2017. If Te Pou Tupua spends money in a year for something that is not part of Part 2 of that Act, it is treated in a special way. The law says that Te Pou Tupua is considered to have earned the same amount of money as it spent. This means that if Te Pou Tupua spends money on things outside its usual purposes, it is treated as if it received that money as income.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: CH 12: Income from hybrid mismatch arrangement

or “Money earned from certain international tax arrangements must be counted as taxable income”
Next

Part C Income
Adjustments: Expenditure other than for entities’ purposes

CH 11Te Awa Tupua and Te Pou Tupua

  1. This section applies when Te Pou Tupua, as defined in the Te Awa Tupua (Whanganui River Claims Settlement) Act 2017, incurs an amount of expenditure in an income year for a purpose outside the scope and effect of Part 2 of that Act.

  2. Te Pou Tupua is treated as deriving income for the income year of an amount equal to the amount of the expenditure.

Notes
  • Section CH 11: inserted, on , by section 26(2) of the Te Awa Tupua (Whanganui River Claims Settlement) Act 2017 (2017 No 7).
  • Section CH 11(2): amended, on (with effect on 21 March 2017), by section 23(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
  • Section CH 11 list of defined terms amount: inserted, on (with effect on 21 March 2017), by section 23(2) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
  • Section CH 11 list of defined terms income: inserted, on (with effect on 21 March 2017), by section 23(2) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
  • Section CH 11 list of defined terms income year: inserted, on (with effect on 21 March 2017), by section 23(2) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).