Introductory provisions

OB 1 General rules for companies with imputation credit accounts
New Zealand resident

(1)

A company that is resident in New Zealand is a company (an ICA company) that must establish and maintain an imputation credit account for a tax year. Subsection (2) overrides this subsection.

Exclusions

(2)

A company that is resident in New Zealand is excluded from being an ICA company if it is—

(a)

a company that—

(i)
[Repealed]

(ii)

is acting in the capacity of trustee, other than a trustee of a group investment fund described in paragraph (c) of the definition of company in section YA 1 (Definitions); or

(iii)

has a constitution that prohibits a distribution to a shareholder; or

(iv)

derives only exempt income other than income exempt under sections CW 9 and CW 10 (which relate to income from equity); or

(v)

under a double tax agreement, is treated as not being resident in New Zealand; or

(b)

a Maori authority; or

(c)

a local authority; or

(d)

a Crown Research Institute; or

(e)

a subsidiary of the Accident Compensation Corporation affected by section 266 of the Accident Compensation Act 2001, or section 334(1) of the Accident Insurance Act 1998; or

(f)

a multi-rate PIE.

Exception to subsection (2): Australian resident[Repealed]

(3)

[Repealed]

Defined in this Act: company, Crown Research Institute, double tax agreement, exempt income, group investment fund, ICA company, imputation credit account, income, local authority, Maori authority, multi-rate PIE, New Zealand, resident in New Zealand, shareholder, tax, tax year, trustee

Compare: 2004 No 35 s ME 1

Section OB 1(1): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 27 February 2014, by section 119(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).

Section OB 1(2)(a)(i): repealed (with effect on 1 April 2008), on 6 October 2009, by section 378(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1(2)(a)(ii): replaced (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 214(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).

Section OB 1(2)(a)(iv): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 2 November 2012, by section 128(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).

Section OB 1(2)(a)(iv): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 91(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).

Section OB 1(2)(e): amended, on 21 December 2010, by section 189 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).

Section OB 1(2)(f): substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 378(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1(3) heading: repealed (with effect on 1 April 2008), on 6 October 2009, pursuant to section 378(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1(3): repealed (with effect on 1 April 2008), on 6 October 2009, by section 378(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1 list of defined terms Australian ICA company: repealed (with effect on 1 April 2008), on 6 October 2009, by section 378(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1 list of defined terms multi-rate PIE: inserted, on 1 April 2010, by section 378(6)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1 list of defined terms portfolio tax rate entity: repealed, on 1 April 2010, by section 378(6)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section OB 1 list of defined terms resident in Australia: repealed (with effect on 1 April 2008), on 6 October 2009, by section 378(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).