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INCOME TAX ASSESSMENT ACT 1997 - SECT 220.100

Residency requirement for franking

             (1)  An * NZ franking company satisfies the residency requirement when making a * distribution only if the distribution is made at least one month after the notice constituting the company's * NZ franking choice was given to the Commissioner.

Note:          This section is relevant to both section 202-5 and section 208-60, which let a company frank a distribution, or frank a distribution with an exempting credit, only if the company satisfies the residency requirement when making the distribution.

             (2)  Section 202-20, as applying because of section 220- 25, has effect subject to this section.

Note:          Section 202-20 sets out how a company satisfies the residency requirement when making a distribution.



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