Section FE 36B — Income Tax Act 2007: Identifying members of New Zealand banking group: Crown-owned, no interest apportionment

FE 36B Identifying members of New Zealand banking group: Crown-owned, no interest apportionment Entities included in group (1) The New Zealand banking group of a registered bank consists of the entities given by this section if— (a) Her Majesty the Queen in right of New Zealand has a voting interest of 100% in the registered bank; and (b) in the absence of this paragraph and sections EX 15 , FE 2(5) , FE 38(b) and (d) , and FE 41(1) , none of the entities that would be part of the banking group under this section would be a person to whom the interest apportionment rules might apply under section FE 2 . Registered bank and person with direct voting interest of 100% (2) The banking group includes— (a) the registered bank: (b) a person with a direct voting interest of 100% in the registered bank. Resident member of financial reporting group under Financial Reporting Act 1993 (3) A resident person is included in the banking group if the person,— (a) under the Financial Reporting Act 1993 , is a member of the financial reporting group for which the registered bank is the reporting member: (b) would be a member of the financial reporting group referred to in paragraph (a) but for the relevant materiality thresholds. Defined in this Act: direct voting interest , New Zealand , New Zealand banking group , registered bank , resident Section FE 36B: inserted (with effect on 1 July 2009 and applying for income years beginning on or after that date), on 7 May 2012, by section 65(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).