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  

Rules about exempting entities

SECTION 220-500   Publicly listed post-choice NZ franking company and its 100 % subsidiaries are not exempting entities  

220-500(1)    
A company is not an * exempting entity at a particular time if:

(a) it is a * post-choice NZ franking company at the time; and

(b) the company is a * listed public company at the time.

220-500(2)    
A company (the non-exempting company ) is not an * exempting entity at a particular time if at the time:

(a) the non-exempting company is a * 100 % subsidiary of a company (the listed company ) that is not an exempting entity because of subsection (1); and

(b) the non-exempting company is an Australian resident or a * post-choice NZ franking company; and

(c) if:

(i) there are one or more companies interposed between the non-exempting company and the listed company; and

(ii) one or more of the interposed companies are * NZ residents;

all of the interposed companies that are NZ residents are post-choice NZ franking companies.

220-500(3)    
This section has effect despite section 208-20 (about an entity being an * exempting entity).