Taxation Laws Amendment Act (No. 6) 2003 (67 of 2003)

Schedule 10   Trans-Tasman triangular imputation

Part 2   Related amendments

Division 1   Consequential amendments

Taxation Administration Act 1953

12   Subsection 250-10(2) in Schedule 1 (after note 2)

Insert:

Note 3: Companies that are or were members of the same wholly-owned group as an NZ franking company may be jointly and severally liable to pay certain tax-related liabilities of the NZ franking company (see Division 220 of the Income Tax Assessment Act 1997).