Table Y1: Associated person rules[Repealed]

Table Y1: repealed, on 1 April 2010, by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Associated persons

Heading: substituted, on 1 April 2010, by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

YB 1 What this subpart does
Associated person rules and nominee rules

(1)

This subpart sets out the rules that—

(a)

define when 2 persons are associated persons; and

(b)

determine how nominees are treated.

Other references

(2)

If a rule in this subpart states that 2 persons are associated persons for 1 or more provisions in this Act, a reference in the relevant provision to persons who are associated with each other includes those persons.

Tests

(3)

The tests of association are categorised as follows:

(a)

two companies, see section YB 2:

(b)

a company and a person other than a company, see section YB 3:

(c)

two relatives, see section YB 4:

(d)

a person and a trustee for a relative, see section YB 5:

(e)

a trustee and a beneficiary, see section YB 6:

(f)

trustees with a common settlor, see section YB 7:

(g)

a trustee and a settlor, see section YB 8:

(h)

a settlor and a beneficiary, see section YB 9:

(i)

a trustee and a person with a power of appointment or removal, see section YB 11:

(j)

a partnership and a partner, see section YB 12:

(k)

two persons who are each associated with the same third person, see section YB 14.

Application

(4)

The sections in this subpart relating to associated persons apply for the purposes of the whole Act unless a section expressly states otherwise.

Loss-attributing qualifying companies and shareholders[Repealed]

(5)

[Repealed]

Low-turnover traders

(6)

A special rule applies for the purposes of subpart EB (Valuation of trading stock (including dealer’s livestock)) to determine when a low-turnover trader is associated with a company, see section EB 13(2) (Low-turnover valuation).

Control interests in foreign companies

(7)

A special rule applies for the purposes of section EX 3 (Control interests: total of direct, indirect, and associated person interests) to determine when a New Zealand resident is associated with a non-resident relative, see section EX 4(1) (Limits to requirement to include associated person interests).

Supplementary dividend holding companies[Repealed]

(8)

[Repealed]

Defined in this Act: associated person, company, low-turnover trader, New Zealand resident, nominee, non-resident, relative, settlor, shareholder, supplementary dividend holding company, trustee

Section YB 1: substituted, on 1 April 2010, by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section YB 1(5) heading: repealed, on 17 July 2013, pursuant to section 172 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).

Section YB 1(5): repealed, on 17 July 2013, by section 172 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).

Section YB 1(8) heading: repealed, on 1 April 2011, pursuant to section 119 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).

Section YB 1(8): repealed, on 1 April 2011, by section 119 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).

Section YB 1 list of defined terms loss attributing qualifying company: repealed, on 17 July 2013, by section 172 of the Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 (2013 No 52).