Section HM 37 — Income Tax Act 2007: When income cannot be attributed

HM 37 When income cannot be attributed When this section applies (1) This section applies when a multi-rate PIE has income or property in which no investor has an interest, or income or property in which no person has a conditional entitlement under section HM 38 . Sole investor (2) The PIE is treated as the sole investor in an investor class having an interest in the income or property. Relationship with section CS 1 (3) For the purposes of subsection (1), income derived under section CS 1 (Withdrawals) by a multi-rate PIE that is a superannuation fund is treated as income in which no investor has an investor interest. Defined in this Act: income , investor , investor class , multi-rate PIE Compare: 2007 No 97 s HL 17(1) Section HM 37: 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 37(3) heading: added, on 1 April 2011, by section 96(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 37(3): added, on 1 April 2011, by section 96(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section HM 37 list of defined terms investor interest : repealed, on 1 April 2011, by section 68(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).