Section HD 22 — Income Tax Act 2007: Banking companies

HD 22 Banking companies Receiving deposit in course of business activities (1) A person, including a banking or other company, or a local authority or public authority, is treated as an agent if in the course of their business activities, they receive or hold money as a deposit and pay interest to an absentee on the money deposited by the absentee. Threshold (2) This section applies only if the interest paid on the deposit is more than $100. Relationship with NRWT rules (3) Section RF 2(3) and (4) (Non-resident passive income) overrides this section. Defined in this Act: absentee , agent , banking company , business , company , interest , local authority , NRWT rules , pay , public authority , Compare: 2004 No 35 s HK 23