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Income Tax Act 2007

Recharacterisation of certain transactions - Tax relief for emergencies

FP 1: Outline of subpart

You could also call this:

“Help with tax when something bad happens”

This subpart of the law is about helping people with tax when something bad happens, like an emergency. You might get tax relief if your property is affected. The law explains what kind of relief you can get, and you can find more information in sections like sections FP 5 to FP 7, sections FP 8 to FP 11, and section FP 12.

You can also get relief if your income-earning activities are interrupted, or if your property is damaged, or if you can’t access it, and you can find more information in sections like section FP 13, sections FP 14 and FP 15, and section FP 16. There are also rules about how to treat certain property, and you can find more information in sections like sections FP 17 and FP 18, and section FP 19.

The law also talks about employment-related relief, and rules for livestock, and land sales, and you can find more information in sections like sections FP 20 to FP 22, sections FP 23 to FP 26, and section FP 27, and important definitions are in Section FP 3.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1432136.

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Part F Recharacterisation of certain transactions
Tax relief for emergencies

FP 1Outline of subpart

  1. This section outlines the provisions of this subpart that may be brought into effect to provide tax relief to a person in response to an emergency event.

  2. The provisions in this subpart provide—

  3. rollover relief for certain affected property that is—
    1. land or buildings held on revenue account, see sections FP 5 to FP 7:
      1. depreciable property, see sections FP 8 to FP 11:
        1. improvements to land, see section FP 12:
        2. relief when—
          1. income-earning activities are interrupted, see section FP 13:
            1. depreciable property is damaged, see sections FP 14 and FP 15:
              1. access to depreciable property is restricted, see section FP 16:
              2. some optional timing rules for the treatment of—
                1. depreciable property, see sections FP 17 and FP 18:
                  1. group assets, see section FP 19:
                  2. employment-related relief relating to exempt income, fringe benefits, and accommodation expenditure, see sections FP 20 to FP 22:
                    1. spreading rules when livestock are destroyed because of an emergency event, see sections FP 23 to FP 26:
                      1. some relief from land sales rules, see section FP 27.

                        1. Section FP 3 contains the definitions relevant for this subpart.

                        Notes
                        • Section FP 1: inserted, on , by section 65 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).