Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:10_1:p2
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 10 cl 1 (pt 2/13)
Character Range: 54381–57008

outside New Zealand.

 (4) A natural person is also an NZ resident if he or she has actually been in New Zealand, continuously or intermittently, during more than half of the income year, unless the Commissioner is satisfied that:
 (a) the person's usual place of abode is outside New Zealand; and
 (b) the person does not intend to take up residence in New Zealand.

Not an NZ resident if an Australian resident

 (5) A person is not an NZ resident if the person is an Australian resident. This has effect despite subsections (1), (2), (3) and (4).

Subdivision 220‑B—NZ company treated as Australian resident for imputation system if company chooses

Table of sections

220‑25 Application of provisions of Part 3‑6 outside this Division
220‑30 What is an NZ franking company?
220‑35 Making an NZ franking choice
220‑40 When is an NZ franking choice in force?
220‑45 Revoking an NZ franking choice
220‑50 Cancelling an NZ franking choice

220‑25  Application of provisions of Part 3‑6 outside this Division

 (1) The provisions of Part 3‑6 outside this Division apply in relation to a company that is an *NZ franking company at a time as if it were an Australian resident at that time.

 (2) They apply with the modifications made by the other sections of this Division.

220‑30  What is an NZ franking company?

  A company is an NZ franking company at a time if, at the time, the company is an *NZ resident and has an *NZ franking choice in force.

220‑35  Making an NZ franking choice

  A company that is an *NZ resident may, by notice in the *approved form given to the Commissioner, choose that the *imputation system is to apply in relation to the company. The choice is an NZ franking choice.

220‑40  When is an NZ franking choice in force?

 (1) A company's *NZ franking choice comes into force:
 (a) at the start of the company's income year in which the notice was given to the Commissioner; or
 (b) at the start of a later income year specified in the notice.

 (2) The *NZ franking choice continues in force until it is revoked by the company or cancelled by the Commissioner.

220‑45  Revoking an NZ franking choice

 (1) A company may revoke its *NZ franking choice by notice in the *approved form given to the Commissioner.

 (2) To avoid doubt, the revocation takes effect when the notice is given to the Commissioner.

220‑50  Cancelling an NZ franking choice

 (1) The Commissioner may cancel a company's *NZ franking choice by written notice given to the company, but only if the Commissioner is satisfied that either:
 (a) the company was liable to pay *franking deficit tax or *over‑franking tax