Section HM 55G — Income Tax Act 2007: Allowable amounts and thresholds for income with New Zealand source

HM 55G Allowable amounts and thresholds for income with New Zealand source For the purposes of sections HM 19B and HM 55H , and schedule 6 (Prescribed rates: PIE investments and retirement scheme contributions) and for a foreign investment zero-rate PIE, the allowable amounts of income that have a source in New Zealand and the thresholds applying to the amounts are— (a) interest income from financial arrangements with no term or a term of 90 days or less, for which the total value of the financial arrangements must not be more than 5% of the total value of the PIE's investments, determined without reference to an amount described in paragraph (c): (b) a dividend paid by a company resident in New Zealand, if the total value of all the shares held by the PIE in companies resident in New Zealand is not more than 1% of the total value of the PIE's investments: (c) income from a derivative instrument or other non-interest bearing financial arrangement that is related to the PIE's foreign investments: (d) attributed PIE income from a foreign investment zero-rate PIE or a PIE that meets the requirements of section HM 19B(1) . Defined in this Act: amount , attributed PIE income , company , dividend , financial arrangement , foreign investment zero-rate PIE , foreign-sourced amount , income , interest , multi-rate PIE , New Zealand , resident in New Zealand Section HM 55G: inserted, on 29 August 2011 (applying for the 2012–13 and later income years for a foreign investment variable-rate PIE and a notified foreign investor in the PIE), by section 79(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).