Section HM 3 — Income Tax Act 2007: Foreign PIE equivalents

HM 3 Foreign PIE equivalents General definition (1) A foreign PIE equivalent means an entity that— (a) is not resident in New Zealand; and (b) is— (i) a company: (ii) a superannuation scheme: (iii) the trustee of a trust that would be a unit trust if it had more than 1 subscriber, purchaser, or contributor participating as beneficiaries under the trust; and (c) meets the requirements relating to investment types, income sources, and maximum shareholding in investments in sections HM 11 to HM 13 ; and (d) has investors that would qualify as an investor class under section HM 14 taking into account the limitations under sections HM 21(1) and HM 22 ; and (e) if it has investors who are resident in New Zealand, those investors meet the requirements relating to investor interests in section HM 15 taking into account the limitations under sections HM 21(2) to (4) and HM 22 . Australian managed investment trusts (2) A trust that is, for Australian tax purposes, a managed investment trust under the Taxation Administration Act 1953 (Australia) is a foreign PIE equivalent if it meets the requirement in subsection (1)(a). Defined in this Act: company , investor , investor class , investor interest , resident in New Zealand , superannuation scheme , trustee , unit trust Compare: 2007 No 97 s HL 5(1) Section HM 3: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HM 3(1) heading: inserted (with effect on 2 November 2012), on 2 November 2012, by section 87(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 3(e): substituted (with effect on 1 April 2010), on 21 December 2010 (applying for the 2010–11 and later income years), by section 85(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 3(2) heading: inserted (with effect on 2 November 2012), on 2 November 2012, by section 87(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HM 3(2): inserted (with effect on 2 November 2012), on 2 November 2012, by section 87(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).