Section FE 37 — Income Tax Act 2007: Reporting bank for New Zealand banking group

FE 37 Reporting bank for New Zealand banking group When subsection (2) applies (1) Subsection (2) applies on a day when a New Zealand banking group has either— (a) a single registered bank, or (b) no registered bank but a fixed establishment of a single registered bank. Registered bank (2) The reporting bank for the day is the registered bank. When subsection (4) applies (3) Subsection (4) applies on a day when a New Zealand banking group has either— (a) more than 1 registered bank; or (b) no registered bank but fixed establishments of more than 1 registered bank. Notice or Commissioner’s appointment (4) The reporting bank is— (a) the registered bank that first notifies the Commissioner of an election to be the reporting bank, if the Commissioner receives the notice within 6 months after the end of the income year in which the day occurs; or (b) if paragraph (a) does not apply, the registered bank chosen by the Commissioner. Defined in this Act: Commissioner , fixed establishment , income year , New Zealand banking group , notice , registered bank , reporting bank , Compare: 2004 No 35 s FG 8D