New Zealand Legislation: Bills

17 Available subscribed capital (ASC) amount

• (1) Section CD 43(8)(b) is replaced by the following:

  • “(b) an amount received by the company if the amount is mainly attributable, directly or indirectly, to the payment by the company of a dividend to a controlled foreign company at a time when the company is also a controlled foreign company, regardless of whether either company is a grey list company or non-attributing Australian CFC.”

  (2) In section CD 43, in the list of defined terms, “non-attributing Australian CFC” is added.

  (3) Subsections (1) and (2) apply for the 2009–10 and later income years.

  (3) In section CD 43, in the list of defined terms, “consideration” is inserted.

  (4) Subsection (1) 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.