Income Tax Act 2007 (2007 No 97).

The main purposes of this Act are a) to define, and impose tax on, net income; b) to impose obligations concerning tax; c) to set out rules for calculating tax and for satisfying the obligations imposed. Part B lays down provisions to impose income tax, provisional tax, withholding liabilities, and other tax obligations concerning taxes, to set out procedures to be followed for calculating tax and satisfying the obligations imposed under this Act, to provide a basis for applying the other Parts and generally to set up the scheme of the Act and the main links between its Parts.
Part C, income, is subdivided in several subparts. Subpart CB contains provisions regulating income from business or trade-like activities, such as income from disposal of land, income from disposal of timber, income from equalisation schemes in activities such as farming, forestry, or fishing and income from environmental restoration schemes, income from disposal of emission unites under Climate Change Response Act 2002. Subpart CC regulates income from holding property (excluding equity) and a section is dedicated to land. Subpart CT, Income from petroleum mining, Income from mineral mining, income specific to certain entities (Maori authorities, wine producers rebate, Non-resident shippers). The Part also makes several exclusions and limitations.
Part D, concerns Deductions, and contains specific rules for different expenditure types, for instance subpart DB is focused on Premises or land costs; Avoiding, remedying, or mitigating effects of discharge of contaminant or making of noise; Emissions units and liabilities under Climate Change Response Act 2002. Subpart DO regulates Farming and aquacultural business expenditure; Subpart D is on Forestry expenditure; Subpart DQ contains Income equalisation schemes and environmental restoration accounts schemes; Subpart DT regulates Petroleum mining expenditure.
Part E sets Timing and quantifying rules, for instance Subpart EC—Valuation of livestock contains provisions This subpart applies to the valuation of property when a person who owns or carries on a business, other than of selling livestock, holds livestock for the purposes of sale or exchange in the ordinary course of carrying on the business. For the purposes of this subpart, livestock is divided into specified livestock, non-specified livestock, high-priced livestock, bloodstock. Subpart EI—Spreading of specific income contains provisions on income from timber. Subpart EK—Environmental restoration accounts.
Part F alters the tax treatment of certain transactions such as commercial arrangements by (a) recharacterising either their nature or that of the amounts derived under the arrangements; and (b) providing rules for the treatment of the parties to the arrangement. subpart FB applies when property is transferred on a settlement of relationship property (property includes livestock, land timber, etc). Part G Avoidance and non-market transactions; Taxation of certain entities.