Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 220 - Imputation for NZ resident companies and related companies  

Subdivision 220-A - Objects of this Division  

SECTION 220-15   Objects  

220-15(1)    
The main objects of this Division are:

(a) to allow a company that is an *NZ resident to choose that the *imputation system apply in relation to it; and

(b) if the company makes that choice, to apply the rest of this Part in relation to the company generally as if it were an Australian resident.

220-15(2)    
Another object of this Division is to prevent the benefits of the *imputation system from being inappropriately made available to or through a *member of a company that is a foreign resident, by modifying the way in which the rest of this Part applies to:

(a) a company that has chosen that the system apply in relation to it; and

(b) other companies that are members of the same *wholly-owned group as that company; and

(c) other entities that receive (directly or indirectly) *distributions from that company.