Section HC 23 — Income Tax Act 2007: Temporary absences of beneficiaries

HC 23 Temporary absences of beneficiaries When this section applies (1) This section applies when— (a) a person who is a beneficiary of a trust and who is resident in New Zealand stops being resident; and (b) within a period of 5 years from the date of the end of their residence, they become resident in New Zealand again. Income derived during the period (2) The person is treated as deriving income under section CV 15 (Amounts derived from trusts while person absent from New Zealand) to the extent to which they would have been treated as deriving an amount of beneficiary income or a taxable distribution from a foreign trust or a non-complying trust if they had remained in New Zealand for the period of their absence. Allocation (3) The amount is treated as derived on the day on which the person becomes resident in New Zealand again. Defined in this Act: amount , beneficiary income , foreign trust , income , non-complying trust , resident in New Zealand , taxable distribution , Compare: 2004 No 35 s HH 3(3)