Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2010–11 Income Year) Order 2011

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2011/133

Coat of Arms of New Zealand

Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2010–11 Income Year) Order 2011

Anand Satyanand, Governor-General

Order in Council

At Wellington this 9th day of May 2011

Present:
His Excellency the Governor-General in Council

Pursuant to section EX 55 of the Income Tax Act 2007 and section 225(1)(f) of the Tax Administration Act 1994, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

Order

1  Title
  • This order is the Income Tax (Deemed Rate of Return on Attributing Interests in Foreign Investment Funds, 2010–11 Income Year) Order 2011.

2  Deemed rate of return on attributing interests in foreign investment funds for 2010–11 income year
  • The deemed rate of return applying for the 2010–11 income year for the purposes of section EX 55(4)(b) and (6)(c) of the Income Tax Act 2007 is 8.52%.

Rebecca Kitteridge,
Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order prescribes the deemed rate of return used to calculate foreign investment fund income under the deemed rate of return calculation method set out in section EX 55 of the Income Tax Act 2007 for the 2010–11 income year.

The order sets the prescribed rate for the 2010–11 income year at 8.52%. The prescribed rate for the 2009–10 income year was 9.12%.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 12 May 2011.

This order is administered by the Inland Revenue Department.