Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/19)
Character Range: 3771263–3774319

cancellation of the choice, it may object against the cancellation in the manner set out in Part IVC of the Taxation Administration Act 1953.
Note: That Part provides for review of the cancellation objected against.

Effect of cancelling a choice on making another choice in future
 (4) If the company makes another *NZ franking choice, it does not come into force unless the Commissioner consents in writing to the choice coming into force.
 (5) In consenting, the Commissioner may specify when the choice is to come into force. The consent has effect according to its terms, despite section 220‑40.
 (6) The Commissioner must give a copy of the consent to the company.

Subdivision 220‑C—Modifications of other Divisions of this Part

Table of sections

Franking NZ franking companies' distributions
220‑100 Residency requirement for franking
220‑105 Unfrankable distributions by NZ franking companies
220‑110 Maximum franking credit under section 202‑60

NZ franking companies' franking accounts etc.
220‑205 Franking credit for payment of NZ franking company's withholding tax liability
220‑210 Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
220‑215 Effect on franking account if NZ franking choice ceases to be in force

Franking accounts of NZ franking company and some of its 100% subsidiaries
220‑300 NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries

Effect of NZ franking company making distribution that is non‑assessable and non‑exempt
220‑350 Providing for a franking credit to arise

Effects of supplementary dividend from NZ franking company
220‑400 Gross‑up and tax offset for distribution from NZ franking company reduced by supplementary dividend
220‑405 Franked distribution and supplementary dividend flowing indirectly
220‑410 Franking credit reduced if tax offset reduced

Rules about exempting entities
220‑500 Publicly listed post‑choice NZ franking company and its 100% subsidiaries are not exempting entities
220‑505 Post‑choice NZ franking company is not automatically prescribed person
220‑510 Parent company's status as prescribed person sets status of all other members of same wholly‑owned group

NZ franking companies' exempting accounts
220‑605 Effect on exempting account if NZ franking choice ceases to be in force

Tax effect of distribution franked by NZ franking company with an exempting credit
220‑700 Tax effect of distribution franked by NZ franking company with an exempting credit

Joint and several liability for NZ resident company's unmet franking liabilities
220‑800 Joint and several liability for NZ resident company's franking tax etc.

Franking NZ franking companies' distributions

220‑100  Residency requirement for franking
 (1) An *NZ franking company satisfies the residency requirement when making a *distribution only if the distribution is made at least one month after the notice constituting the company's *NZ franking choice was given to the Commissioner.
Note: This section is relevant to