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 220-505   Post-choice NZ franking company is not automatically prescribed person  

220-505(1)  
A *post-choice NZ franking company is not a prescribed person under section 208-40 for the purposes of working out whether another *corporate tax entity is an *exempting entity at a particular time because it is effectively owned by prescribed persons within the meaning of section 208-25 .

220-505(2)  
However, this section does not prevent the company from being taken under section 208-45 to be a prescribed person for those purposes.


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