Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 220 - Imputation for NZ resident companies and related companies  

Subdivision 220-C - Modifications of other Divisions of this Part  

Franking NZ franking companies' distributions

SECTION 220-100   Residency requirement for franking  

220-100(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.

220-100(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.