Section CW 10 — Income Tax Act 2007: Dividend within New Zealand wholly-owned group

CW 10 Dividend within New Zealand wholly-owned group Exempt income (1) A dividend is exempt income if— (a) it is derived by a company (the recipient ) that is resident in New Zealand; and (b) it is derived from a company (the payer ) that is part of the same wholly-owned group of companies as the recipient at the time the dividend is derived; and (c) the payer is not a foreign company; and (d) the payer is not a company that can derive only exempt income; and (e) the requirements of subsections (3) to (6) are met. Aligned balance dates [Repealed] (2) [Repealed] Exclusion: dividends from council-controlled organisations (3) The dividend must not be derived by a local authority from— (a) a council-controlled organisation; or (b) a port company, subsidiary company of a port company, or energy company that would be a council-controlled organisation in the absence of section 6(4) of the Local Government Act 2002. Exclusion: debt release dividends (4) The dividend must not be the release of an obligation to repay an amount lent, treated as a dividend under section CD 5(2) (What is a transfer of value?). Exclusion: certain friendly society dividends (5) The dividend must not be derived by a friendly society from a company registered as an insurer under the Accident Insurance Act 1998 that is under the control of the society. Exclusion: certain sickness, accident, or death benefit fund dividends (6) The dividend must not be derived by a trustee in trust for a sickness, accident, or death benefit fund from a company registered as an insurer under the Accident Insurance Act 1998 that is under the control of the trustee. Defined in this Act: amount , company , council-controlled organisation , deduction , dividend , exempt income , foreign company , friendly society , income year , local authority , net income , New Zealand , resident in New Zealand , sickness , accident, or death benefit fund , tax avoidance arrangement , trustee , wholly-owned group of companies , Compare: 2004 No 35 s CW 10 Section CW 10(1)(e): amended, on 29 August 2011, by section 8(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section CW 10(2) heading: repealed, on 29 August 2011, pursuant to section 8(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section CW 10(2): repealed, on 29 August 2011, by section 8(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).