New Zealand Legislation: Bills

4 Income tax liability of person with schedular income

• (1) After section BC 7(3), the following is added:

  “Income tax liability of multi-rate PIEs

  • “(4) The income tax liability for a tax year of a multi-rate PIE is determined under subpart HM (Portfolio investment entities).”

  (2) In section BC 7, in the list of defined terms, “multi-rate PIE” is inserted.

  (3) Subsections (1) and (2) apply for the 2009–10 and later income years.

  (3) Subsection (1) applies for the 2010–11 and later income years.