Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
CZ 15: Accident insurance contracts before 1 July 2000
or “Rules for certain insurance payments made before July 2000”
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.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: CZ 17: Dividend of exiting company: 2001

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

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.

Compare