New Zealand Legislation: Bills

13 Property made available intra-group

• (1) Section CD 27(1)(b) is replaced by the following:

  • “(b) the associated company is associated with a shareholder in the first company.

  • “(b) in the absence of this section, the transfer would be a dividend under section CD 6(1)(a)(ii) because the associated company is associated with a shareholder in the first company.”

  (2) Section CD 27(3)(a)(ii) is replaced by the following:

  • “(ii) the first company is associated with a company (the parent company) that has a voting interest in the associated company and that could have received the transfer of value without the transfer being assessable income or non-resident passive income; and”.

  (3) In section CD 27, in the list of defined terms, “FDP” is omitted.

  (4) Subsections (1) to (3) apply for the 2009–10 and later income years.

  (4) Subsection (2) applies for—

  • (a) the 2009–10 and later income years, for persons having a balance date on or after 30 June; or

  • (b) the 2010–11 and later income years, for persons having a balance date before 30 June.