| Description of issue |
Under section EX 33D(1)(d) of the Income
Tax Act (ITA) 2004, a person’s rights in a FIF in an income year
are not an attributing interest if, at all times in the year
when the unit trust makes a distribution to investors, there is
an RWT proxy under section NF 2AA of the ITA 2004. The
equivalent section in the ITA 2007 is section EX 32(1)(f).
Section EX 32(1)(f) incorrectly refers
to section 15T of the Tax Administration Act (TAA) 1994 which
relates to the fitness of applicants intending to establish a
tax pooling account, rather than an RWT proxy. Section EX
32(1)(f) should refer to section 15W of the TAA. |
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