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Income Tax Act 2007

Income - Terminating provisions

CZ 16: Interest payable to exiting company: 2001

You could also call this:

“Dairy companies exiting in 2001 don't pay tax on interest from buy-out”

If you are an exiting company, as defined in section 5 of the Dairy Industry Restructuring Act 2001, you don’t have to pay tax on interest you receive. This interest comes from a buy-out of your interests in the New Zealand Dairy Board. The interest is paid under [schedule 4, clause 12 of the Dairy Industry Restructuring Act 2001]. This means the interest is exempt income, so you don’t need to include it when you’re calculating your taxable income.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513537.

Topics:
Money and consumer rights > Taxes
Business > Industry rules
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“Rules for certain insurance payments made before July 2000”

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CZ 17: Dividend of exiting company: 2001, or

“Tax-free dividend for companies leaving the dairy industry in 2001”

Part C Income
Terminating provisions

CZ 16Interest payable to exiting company: 2001

  1. Interest payable under schedule 4, clause 12 of the Dairy Industry Restructuring Act 2001 to an exiting company, as defined in section 5 of the Act, as a result of a buy-out of the company’s interests in the New Zealand Dairy Board is exempt income.

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