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Income Tax Act 2007

Memorandum accounts - Branch equivalent tax accounts (BETA)

OE 1: General rules for persons with branch equivalent tax accounts

You could also call this:

“Rules for non-company New Zealand residents with branch equivalent tax accounts”

If you live in New Zealand and you’re not a company, you can choose to be a BETA person. This means you can have a branch equivalent tax account.

When you’re a BETA person, the rules about memorandum accounts in Sections OA 2 and OA 3 apply to you and your branch equivalent tax account. However, when these rules talk about a tax year, for you it means an income year instead.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519179.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
Branch equivalent tax accounts (BETA)

OE 1General rules for persons with branch equivalent tax accounts

  1. Repealed

  2. A person resident in New Zealand who is not a company may choose to be a BETA person with a branch equivalent tax account.

  3. Repealed

  4. Sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to a BETA person and their branch equivalent tax account as if references in those sections to a tax year were references to an income year.

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Notes
  • Section OE 1 heading: amended, on (applying for income years beginning on or after that date), by section 100(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
  • Section OE 1(1): repealed, on (applying for income years beginning on or after that date), by section 100(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
  • Section OE 1(3): repealed, on (applying for income years beginning on or after that date), by section 100(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
  • Section OE 1(4): amended, on (applying for income years beginning on or after that date), by section 100(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
  • Section OE 1 list of defined terms BETA company: repealed, on , by section 100(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).