Income Tax Act 2004: repealed, on 1 April 2008, by section ZA 1(1) of the Income Tax Act 2007 (2007 No 97).
A1-
Title
This Act is the Income Tax Act 2004.
Compare: 1994 No 164 s AA 1(1)
A2-
Commencement
1 April 2005
(1)
This Act comes into force on 1 April 2005.
Act effective for 2005-06 tax year and later
(2)
However, except when the context requires otherwise, this Act applies only—
(a)
with respect to the tax on income derived in the 2005-06 tax year and later tax years, in the case of a person whose income year is the same as the tax year; and
(b)
with respect to the tax on income derived in the corresponding income years, in the case of a person whose income year is not the same as the tax year.
Defined in this Act: corresponding income year, income, income year, tax, tax year,
to set out rules for calculating tax and for satisfying the obligations imposed.
Defined in this Act: net income, tax,
Compare: 1994 No 164 s AA 1
Paragraphs (a) and (b) were amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting the expression “:” for the expression “; and”.
AA2
Interpretation
Aids to interpretation
(1)
Diagrams, flowcharts, readers' notes, and the lists of defined terms following sections are included in this Act only as interpretational aids. If there is conflict between an interpretational aid and a provision of this Act, the provision prevails.
Defined terms
(2)
If a defined term is used in a section and is not included in the list of defined terms following the section, the term is nevertheless used in the section as defined.
Compare: 1994 No 164 s AA 3(2)
AA3
Definitions
References to this Act
(1)
Except in this Part and Parts B to E, a reference to this Act includes a reference to the Tax Administration Act 1994 unless the context requires that it not be included.
Significance of Part O
(2)
Definitions of terms that apply generally for the purposes of this Act, and general provisions on the interpretation and construction of this Act, appear in Part O (Definitions and related matters).
to impose income tax, provisional tax, withholding tax, and other tax obligations concerning taxes:
(b)
to set out procedures to be followed for calculating tax and satisfying the obligations imposed under this Act
(c)
to provide a basis for applying the other Parts:
(d)
generally to set up the scheme of the Act and the main links between its Parts.
Defined in this Act: income tax, provisional tax, tax,
Compare: 1994 No 164 s BA 1
Paragraphs (a) to (c) were amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting the expression “:” for the expression “; and”.
Income tax is imposed on taxable income, at the rate or rates of tax fixed by an annual taxing Act, and is payable to the Crown under this Act and the Tax Administration Act 1994.
Defined in this Act: annual taxing Act, income tax, tax, taxable income,
Compare: 1994 No 164 s BB 1
BB2-
Main obligations
Income tax liability
(1)
A person's income tax liability for a tax year must be calculated, and satisfied by the person, under subpart BC (Calculating and satisfying income tax liabilities).
Non-filing taxpayer
(2)
Despite subsection (1), a non-filing taxpayer is not required to file a return of income.
Provisional tax
(3)
A provisional taxpayer must pay provisional tax for a tax year under the provisional tax rules.
Withholding liabilities
(4)
A person who has a withholding liability must satisfy it under subpart BE (Withholding liabilities).
Other obligations
(5)
A person who has an obligation under subpart BF (Other obligations) must satisfy it under that subpart.
Defined in this Act: income tax liability, non-filing taxpayer, provisional tax rules, provisional tax, provisional taxpayer, return of income, tax year,
Compare: 1994 No 164 s BB 2
BB3-
Overriding effect of certain matters
Tax avoidance arrangements: subpart BG
(1)
Under Part G (Avoidance and non-market transactions), the Commissioner may counteract a tax advantage from a tax avoidance arrangement.
Double tax agreements: subpart BH
(2)
Despite anything in this Act, except section BH 1(5) (Double tax agreements), or in any other enactment, under subpart BH (Double tax agreements) a double tax agreement has effect in relation to—
(a)
income tax; or
(b)
any other tax imposed by this Act; or
(c)
the exchange of information that relates to a tax, as defined in paragraphs (a)(i) to (v) of the definition of tax in section 3 of the Tax Administration Act 1994.
Defined in this Act: Commissioner, double tax agreement, income tax, tax, tax avoidance arrangement,
The income tax liability of a non-filing taxpayer for a tax year is the total tax withheld from amounts of income included in the taxpayer's annual gross income for the year.
Filing taxpayer
(2)
The income tax liability of a filing taxpayer for a tax year is calculated under sections BC 2 to BC 6.
Filing taxpayer with schedular income
(3)
If a filing taxpayer has schedular income, their income tax liability calculation is modified by section BC 7.
Defined in this Act: amount, annual gross income, filing taxpayer, income, income tax liability, non-filing taxpayer, schedular income, tax, tax year,
Compare: 1994 No 164 ss BC 1(1), BC 2
BC2-
Annual gross income
A person's annual gross income for a tax year is the total of their assessable income that is allocated to the corresponding income year.
Defined in this Act: annual gross income, assessable income, corresponding income year, tax year,
A person's annual total deduction for a tax year is the total of their deductions that are allocated to the corresponding income year.
Defined in this Act: annual total deduction, corresponding income year, deduction, tax year,
Compare: 1994 No 164 s BC 5
BC4-
Net income and net loss
Income more than deductions
(1)
If, for a tax year, a person's annual gross income is more than their annual total deduction, the difference is their net income for the year.
Income equal to deductions
(2)
If, for a tax year, a person's annual gross income equals their annual total deduction, their net income for the year is zero.
Deductions more than income
(3)
If, for a tax year, a person's annual total deduction is more than their annual gross income, the difference is their net loss for the year, and their net income for the year is zero.
Treatment of net loss
(4)
A person with a net loss for a tax year may, under Part I (Treatment of net losses),—
(a)
subtract the net loss from their net income for a future tax year; or
(b)
make the net loss available to another person to subtract from that other person's net income for that or a future tax year.
Defined in this Act: annual gross income, annual total deduction, net income, net loss, tax year,
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