Section EZ 52C — Income Tax Act 2007: Change of spreading method: Determination G22 to Determination G22A

EZ 52C Change of spreading method: Determination G22 to Determination G22A How and when this section applies (1) This section does not alter or affect a person's tax position in relation to Determination G22: Optional convertible notes denominated in New Zealand dollars convertible at the option of the holder or the person's litigation of their tax position in relation to Determination G22 . It does not alter or affect the Commissioner's assessment of, or litigation of, that tax position. It applies after Determination G22 has applied for a person's financial arrangement, and only if, for the financial arrangement,–– (a) Determination G22A: Optional convertible notes denominated in New Zealand dollars did not apply while Determination G22 applied, because of the application of section 90AE of the Tax Administration Act 1994, or the application of Determination G22A , clause 3(1)(b); and (b) Determination G22A starts applying immediately after–– (i) section 90AE of the Tax Administration Act 1994 stops applying; or (ii) Determination G22A , clause 3(1)(b) stops applying. Spreading method adjustment (2) Despite sections EW 26 and EW 27 (which relate to changes of spreading method), the person must not calculate a spreading method adjustment under section EW 27 for the change of spreading method, for the financial arrangement, from Determination G22 to Determination G22A . Part years under Determinations instead of spreading method adjustment (3) In the income year in which subsection (2) applies, for the financial arrangement, Determination G22 applies for the part-year before the change to Determination G22A , and Determination G22A applies for the part-year after the change from Determination G22 . Defined in this Act: amount , assessment , financial arrangement , spreading method Section EZ 52C: inserted, on 26 September 2010, by section 51 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).