Section OE 18 — Income Tax Act 2007: When person stops being BETA person

OE 18 When person stops being BETA person Election (1) A BETA person may choose to stop the branch equivalent tax account. When election made (2) A person may make an election under subsection (1) only in an income year that is later than the income year in which the person chose under section OE 1(2) to become a BETA person. When person’s status ends (3) The person ends their status as a BETA person from the first day of the income year after the income year in which the election referred to in subsection (1) is made but only if they file an annual branch equivalent tax account return for the year of election in the time allowed by section 78(3) of the Tax Administration Act 1994. Defined in this Act: annual branch equivalent tax account return , BETA person , branch equivalent tax account , income year , Compare: 2004 No 35 s MF 13(1), (2)