CW 15 Dividends paid by qualifying companies
Exempt income of shareholder

(1)

To the extent to which the amount of a dividend that a qualifying company pays to a person resident in New Zealand is more than a fully imputed distribution, the amount is exempt income of the person.

Exempt income of beneficiary

(2)

If a dividend paid by a qualifying company to a trustee shareholder is, or becomes, beneficiary income of a beneficiary resident in New Zealand, the dividend is exempt income of the beneficiary.

Defined in this Act: beneficiary income, dividend, exempt income, fully imputed, pay, qualifying company, resident in New Zealand, shareholder, trustee

Compare: 2004 No 35 s HG 13(1)(a), (1A)

Section CW 15(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 43(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section CW 15 list of defined terms bonus issue: repealed, on 2 November 2012, by section 15 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).

Section CW 15 list of defined terms fully imputed: inserted (with effect on 1 April 2008), on 6 October 2009, by section 43(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).