The Issues Log

Section / Provision Income Tax Act 2007

Section / Provision Income Tax Act 2004

Date Received

This submission is that apart from the exception for Australian resident companies in subsection (3), a company that is resident in New Zealand which is also resident in another country is excluded from maintaining an ICA under section OB 1(2) of the Income Tax Act 2007 ("the 2007 Act").

Submitter suggests that this is an unintended change and that previously only a dual resident company which is treated as not being a New Zealand resident for the purposes of a double tax agreement was excluded from maintaining an ICA.

An unintended legislative change arises in respect of section OB 1 of the Income Tax Act 2007.

Section OB 1 of the Income Tax Act 2007 is to be amended retrospectively.