Section EW 9 — Income Tax Act 2007: Persons to whom financial arrangements rules apply

EW 9 Persons to whom financial arrangements rules apply Residents (1) A person who is a party to a financial arrangement must calculate and allocate income or expenditure under the arrangement for an income year under the financial arrangements rules, if the arrangement is one to which the rules apply under section EW 10 . This subsection is overridden by subsection (2). Non-residents (2) Subsection (1) applies to a person who is not resident in New Zealand only if subsection (3) or (4) applies. Non-resident with New Zealand fixed establishment (3) Subsection (1) applies to a person who is not resident in New Zealand to the extent to which the person is a party to a financial arrangement for the purpose of a business carried on by the person through a fixed establishment in New Zealand. Non-resident trustee for New Zealand settlor (4) Subsection (1) applies to a person who is not resident in New Zealand if— (a) the person is a trustee for a settlor who is resident in New Zealand; and (b) the trustee is not a person to whom section HC 25 (Foreign-sourced amounts: non-resident trustees) apply. Defined in this Act: financial arrangement , financial arrangements rules , fixed establishment , income , New Zealand , resident in New Zealand , trustee , Compare: 2004 No 35 s EW 9