Section CW 15 — Income Tax Act 2007: Dividends paid by qualifying companies

CW 15 Dividends paid by qualifying companies Exempt income of shareholder (1) To the extent to which the amount of a dividend that a qualifying company pays to a person resident in New Zealand is more than a fully imputed distribution, the amount is exempt income of the person. Exempt income of beneficiary (2) If a dividend paid by a qualifying company to a trustee shareholder is, or becomes, beneficiary income of a beneficiary resident in New Zealand, the dividend is exempt income of the beneficiary. Defined in this Act: beneficiary income , dividend , exempt income , fully imputed , pay , qualifying company , resident in New Zealand , shareholder , trustee , Compare: 2004 No 35 s HG 13(1)(a), (1A) Section CW 15(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 43(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section CW 15 list of defined terms bonus issue : repealed, on 2 November 2012, by section 15 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section CW 15 list of defined terms fully imputed : inserted (with effect on 1 April 2008), on 6 October 2009, by section 43(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).