Tax Laws Amendment (2006 Measures No. 4) Act 2006 (168 of 2006)
Schedule 3 Simplified imputation system: imputation for NZ resident companies
Part 2 Consequential amendments
Income Tax Assessment Act 1936
3 At the end of subsection 128TB(1)
Add:
; or (e) the following subparagraphs are satisfied in relation to a dividend paid to the company:
(i) an FDA credit arises for the company under section 128TA in relation to the dividend;
(ii) a franking credit arises in the company's franking account because of the application of section 220-350 of the Income Tax Assessment Act 1997 in relation to the dividend.