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Income Tax Act 2007

Taxation of certain entities - Other entities

HR 9BAA: Meaning of originator

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“Who is an originator: a New Zealand person or company involved with a special purpose vehicle.”

When talking about a debt funding special purpose vehicle, an originator is a person who lives in New Zealand. This person has either transferred an asset to the special purpose vehicle or is a beneficiary or shareholder of it. They must also meet certain requirements.

To be an originator who has transferred assets, you must be a company and the assets you transferred must still be treated as yours for financial reporting. Alternatively, these assets must be included in your company’s consolidated financial statements.

If you are a beneficiary or shareholder, you can be an originator if you are treated as holding the assets of the special purpose vehicle for financial reporting. You can also be an originator if your company is part of the same group as another company that prepares financial statements including these assets. A beneficiary or shareholder includes someone who is part of the same company group as a beneficiary or shareholder, as explained in section 91 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1430371.

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HR 9BA: Elections to treat debt funding special purpose vehicles as transparent, or

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Part H Taxation of certain entities
Other entities

HR 9BAAMeaning of originator

  1. In relation to a debt funding special purpose vehicle, originator means a person who is a New Zealand resident who—

  2. has transferred an asset to the special purpose vehicle and the person otherwise meets the requirements set out in subsection (2); or
    1. is a beneficiary or shareholder of the special purpose vehicle and the person otherwise meets the requirements of subsection (3).

      1. For the purposes of subsection (1)(a), the person must be a company that has transferred assets to the special purpose vehicle and all the transferred assets are—

      2. treated for financial reporting purposes as the person’s assets; or
        1. are included in consolidated financial statements prepared by the person or by a member of a wholly-owned group of companies that includes the person.

          1. For the purposes of subsection (1)(b), the person must be a beneficiary or shareholder of the special purpose vehicle and a person who—

          2. is treated for financial reporting purposes as holding assets of the debt funding special purpose vehicle to which subsection (1)(a) does not apply; or
            1. is a member of the same wholly-owned group of companies as another person who prepares consolidated financial statements that include the assets referred to in paragraph (a).

              1. For the purposes of this section, a beneficiary or shareholder includes a member of the same wholly-owned group of companies as a beneficiary or shareholder.

              Notes
              • HR 9BAA: inserted, on , by section 91 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).