Section HZ 1 — Income Tax Act 2007: Distributions from trusts of pre-1989 tax reserves

HZ 1 Distributions from trusts of pre-1989 tax reserves When this section applies (1) This section applies if, and to the extent to which, a distribution is received from a trust that is not a unit trust, a group investment fund, or a superannuation scheme, when the distribution— (a) consists of an amount of income or a capital gain derived by the trustee in the 1987–88 or earlier tax year; and (b) is not also beneficiary income to which an entitlement exists in the tax year. Treatment of distribution (2) The distribution is not income, and the provisions of this Act and the Tax Administration Act 1994 that correspond to the provisions of the Income Tax Act 1976, the Income Tax Act 1994, the Income Tax Act 2004 , and the Income Tax Amendment Act (No 5) 1988 specified in the proviso to section 9 of the Act last referred to, do not apply. Defined in this Act: beneficiary income , distribution , group investment fund , income , superannuation scheme , tax year , trustee , trustee income , unit trust , Compare: 2004 No 35 s HZ 1