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HD 10: Mortgagees in possession
or “Rules for when someone takes control of property due to unpaid loans”
You could also call this:

“Companies that act as agents for consolidated or imputation groups”

You should know about nominated companies in New Zealand tax law. A nominated company acts as an agent for certain groups of companies.

For a consolidated group, the nominated company is treated as the agent for the whole group and for each company in the group. This is set out in section FM 34(2) of the Income Tax Act 2007.

The same idea applies to imputation groups. The nominated company is treated as the agent for the entire imputation group and for each company that’s part of that group. This is explained in section FN 6(3) of the Income Tax Act 2007.

These rules help simplify how these groups of companies deal with tax matters by having one company act on behalf of all the others.

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Next up: HD 12: Trusts

or “Tax responsibilities for trusts and their beneficiaries”
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Part H Taxation of certain entities
Agents

HD 11Nominated companies

  1. A nominated company is treated under section FM 34(2) (Nominated companies) as the agent of a consolidated group, and of each company that is at the time a member of that group.

  2. A nominated company is treated under section FN 6(3) (Nominated companies) as the agent of an imputation group, and of each company that is at the time a member of that group.

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