Section Sch50-“ 32E — Income Tax Act 2007: Applications for RWT exemption certificates

“ 32E Applications for RWT exemption certificates “ (1) A person listed in subsection (2) may apply to the Commissioner for an RWT exemption certificate. “ (2) The persons are— “ (a) a registered bank: “ (b) a building society: “ (c) the Public Trust or a company that would be a member of the same wholly-owned group of companies as the Public Trust, if it were a company for the purposes of this Act: “ (d) the Maori Trustee: “ (e) a statutory trustee company: “ (eb) a portfolio investment entity: “ (f) a person whose main business is— “ (i) borrowing money or accepting deposits, or receiving credit or selling a credit instrument; and “ (ii) lending money or granting credit, or buying or discounting a credit instrument: “ (g) a person that is— “ (i) a nominee company subject to practice rules made by the Council of the New Zealand Law Society under section 96 of the Lawyers and Conveyancers Act 2006 and operated by a barrister and solicitor or an incorporated law firm; or “ (ii) a broker’s nominee company to which the Securities Act (Contributory Mortgage) Regulations 1988 apply: “ (h) a practitioner within the meaning of the Lawyers and Conveyancers Act 2006 or incorporated firm within the meaning of that Act in relation to the operation of their trust account which is an account maintained under section 112 of that Act: “ (i) a person— “ (i) who has met their obligation to file a return of income under the Inland Revenue Acts within the time allowed; and “ (ii) whose annual gross income for the tax year in which they last filed a return of income is more than $2,000,000: “ (j) a person in an accounting year who reasonably believes their annual gross income for the tax year that corresponds to the next accounting year will be more than $2,000,000: “ (k) a person who derives in a tax year an amount that is exempt income under sections CW 38(2), CW 39(2), CW 40 to CW 52, and CW 63 of the Income Tax Act 2007 in relation to their activities in the capacity in which they derive the exempt income: “ (l) a person to whom section DV 8 of the Income Tax Act 2007 applies and who would, but for that section, have net income of an amount less than the amount set out in the section for their most recently ended accounting year. “ (3) The person must apply in writing to the Commissioner, and the application must— “ (a) state the basis of exemption under subsection (2); and “ (b) include a declaration by the person or an officer authorised by them that they come within the basis of exemption. “ (4) The person must provide further information in relation to the application as the Commissioner requires. “ Compare: 2004 No 35 s NF 9(1)–(3)