Section HA 9 — Income Tax Act 2007: Limit on foreign non-dividend income

HA 9 Limit on foreign non-dividend income Dollar limit (1) The foreign non-dividend income of a qualifying company in an income year must be no more than $10,000 after subtracting the lesser of— (a) any income under section CC 3 (Financial arrangements); or (b) 10% of the gross income of the company for the income year. Change in threshold (2) The Governor-General may make an Order in Council increasing the sum set out in subsection (1). The order may apply— (a) from the start of the income year in which it is made; or (b) to amounts of income derived after the date on which the order is made. Defined in this Act: amount , foreign non-dividend income , gross , income , income year , qualifying company , Compare: 2004 No 35 s OB 3(1)(d), (4) Section HA 9(2): amended (with effect on 1 April 2008), on 6 October 2009, by section 253(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).