Income Tax Assessment Act 1997



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  

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 .

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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