Section FM 34 — Income Tax Act 2007: Nominated companies

FM 34 Nominated companies Group company at the time (1) The nominated company of a consolidated group at any time must be in the consolidated group at the time. Agent (2) For the purposes of this Act and the Tax Administration Act 1994 , a nominated company of a consolidated group is, at a time, the agent of the consolidated group and of each company that is in the consolidated group at the time. Changing nominated company (3) A nominated company may notify the Commissioner that it is, at a particular date, no longer to continue as the agent for the consolidated group, and that another company is to become the nominated company for the consolidated group. When notice takes effect (4) A notice referred to in subsection (3) takes effect— (a) on the date the Commissioner receives the notice; or (b) on a later date set out in the notice. Replacing nominated company (5) If the nominated company of a consolidated group is liquidated, the other companies in the consolidated group may choose a replacement. The replacement company— (a) becomes the nominated company of the consolidated group from the date of liquidation; and (b) must notify the Commissioner of its selection as nominated company within 20 working days after the date of liquidation, or a longer period if the Commissioner agrees. Defined in this Act: agent , Commissioner , company , consolidated group , liquidation , nominated company , notice , notify , working day , Compare: 2004 No 35 ss FD 6 , FD 8(5) proviso