Document ID: chunk:federal_register_of_legislation:C2010C00583:clause:10_1:p1
Version: federal_register_of_legislation:C2010C00583
Segment Type: clause
Provision Reference: sch 10 cl 1 (pt 1/13)
Character Range: 51919–54616

1  At the end of Part 3‑6
Add:

[The next Division is Division 220.]

Division 220—Imputation for NZ resident companies and related companies

Table of Subdivisions

 Guide to Division 220
220‑A Objects of this Division
220‑B NZ company treated as Australian resident for imputation system if company chooses
220‑C Modifications of other Divisions of this Part

Guide to Division 220

220‑1  What this Division is about

      A company resident in New Zealand may choose that the imputation system apply in relation to it. If it does, the rest of this Part applies in relation to it as if it were an Australian resident company, but with modifications. Some of the modifications also affect:

                (a) other companies that are members of the same wholly‑owned group; or
                (b) entities that receive distributions from the company resident in New Zealand.

Subdivision 220‑A—Objects of this Division

Table of sections

220‑15 Objects
220‑20 What is an NZ resident?

220‑15  Objects

 (1) The main objects of this Division are:
 (a) to allow a company that is an *NZ resident to choose that the *imputation system apply in relation to it; and
 (b) if the company makes that choice, to apply the rest of this Part in relation to the company generally as if it were an Australian resident.

 (2) Another object of this Division is to prevent the benefits of the *imputation system from being inappropriately made available to or through a *member of a company that is a foreign resident, by modifying the way in which the rest of this Part applies to:
 (a) a company that has chosen that the system apply in relation to it; and
 (b) other companies that are members of the same *wholly‑owned group as that company; and
 (c) other entities that receive (directly or indirectly) *distributions from that company.

220‑20  What is an NZ resident?

Company

 (1) A company is an NZ resident if:
 (a) the company is incorporated in New Zealand; or
 (b) the company is not incorporated in New Zealand but carries on business there and either:
 (i) has its central management and control there; or
 (ii) has its voting power controlled by *members who are NZ residents.

Natural person

 (2) A natural person is an NZ resident if he or she resides in New Zealand.

 (3) A natural person is also an NZ resident if his or her domicile is in New Zealand, unless the Commissioner is satisfied that the person's permanent place of abode is 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)