Part H
Taxation of certain entities
Qualifying companies (QC)
HA 9Limit on foreign non-dividend income
The foreign non-dividend income of a qualifying company in an income year must be no more than $10,000 after subtracting the lesser of—
- any income under section CC 3 (Financial arrangements); or
- 10% of the gross income of the company for the income year.
The Governor-General may make an Order in Council increasing the sum set out in subsection (1). The order may apply—
- from the start of the income year in which it is made; or
- to amounts of income derived after the date on which the order is made.
An Order in Council under subsection (2) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
Compare
- 2004 No 35 s OB 3(1)(d), (4)
Notes
- Section HA 9(2): amended (with effect on 1 April 2008), on , by section 253(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section HA 9(3) heading: inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
- Section HA 9(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).