Taxation (International Investment and Remedial Matters) Act 2012

51 When this subpart applies
  • (1) Section FE 2(1)(e) is replaced by the following:

    • (e) a company that is resident in New Zealand and has—

      • (i) an income interest in a CFC:

      • (ii) an interest in a FIF that satisfies the requirements of section EX 35 (Exemption for interest in FIF resident in Australia):

      • (iii) an interest in a FIF for which the person uses the attributable FIF income method:.

    (2) After section FE 2(1)(g)(i), the following is inserted:

    • (ib) an interest in a FIF that satisfies the requirements of section EX 35:

    • (ic) an interest in a FIF for which the person uses the attributable FIF income method:.

    (3) After section FE 2(4), the following is added:

    New Zealand banking group of Crown-owned registered bank
    • (5) If the members of the New Zealand banking group of a registered bank are given by section FE 36B, the interests held by a member of the group for the purposes of subsection (1)(e) and (f) do not include interests held by an associated person who is not a member of the group.

    (4) In section FE 2, in the list of defined terms, attributable FIF income method and FIF are inserted.

    (5) In section FE 2, in the list of defined terms, New Zealand banking group is inserted.

    (6) Subsections (1) and (2) apply for income years beginning on or after 1 July 2011.

    (7) Subsection (3) applies for income years beginning on or after 1 July 2009.