New Zealand Legislation: Bills

19 Prevention of double taxation of share cancellation dividends

• (1) Section CD 53(3), is replaced by the following:

  “Non-taxable dividends

  • “(3) Subsection (2) does not apply to the extent to which the dividend is exempt income of the person under sections CW 9 and CW 10 (which relate to income from equity).

  • “(3) Subsection (2) does not apply to the extent to which the dividend is exempt income of the person under sections CW 9 to CW 11 (which relate to income from equity).”

  (2) Section CD 53(4) and (5) are repealed.

  (3) In section CD 53, in the list of defined terms, “FDP” and “FDP credit” are omitted.

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

  (4) Subsections (1) and (2) apply for—

  • (a) the 2009–10 and later income years, for persons having a balance date on or after 30 June; or

  • (b) the 2010–11 and later income years, for persons having a balance date before 30 June.