Section FE 31B — Income Tax Act 2007: Worldwide group for excess debt outbound companies

FE 31B Worldwide group for excess debt outbound companies Members of worldwide group (1) For an income year, a worldwide group for an excess debt outbound company is made up of— (a) the company; and (b) the company’s New Zealand group for the income year; and (c) the company’s worldwide GAAP group, as described in subsection (2). Worldwide GAAP group (2) An excess debt outbound company’s worldwide GAAP group is made up of all non-residents who are required to be included with the company in consolidated financial statements under generally accepted accounting practice. Defined in this Act: excess debt outbound company , generally accepted accounting practice , income year , non-resident Section FE 31B: inserted (with effect on 30 June 2009), on 6 October 2009, by section 225(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).