Part 1Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers
Determining whether borrowers are New Zealand-based or overseas-based
22Meaning of New Zealand-based
A borrower is New Zealand-based if—
- the borrower is physically in New Zealand for a period of 183 consecutive days; or
- the borrower is treated as being physically in New Zealand for a period of 183 consecutive days because—
- the borrower is physically absent from New Zealand for a period, or aggregated periods, of no more than 31 days during a period of 183 consecutive days; and
- the borrower is physically in New Zealand for the first day of that 183-day period.
- the borrower is physically absent from New Zealand for a period, or aggregated periods, of no more than 31 days during a period of 183 consecutive days; and
A day on which a borrower is treated as being physically in New Zealand under section 24 or 25 counts in the same way as a day on which the borrower is actually physically in New Zealand.
A period of 183 consecutive days may include any days before the day on which a person becomes a borrower.
For the purposes of subsection (1), a borrower is treated as being New Zealand-based—
- from the later of—
- the day on which he or she became a borrower; and
- the first day of the 183-day period; and
- the day on which he or she became a borrower; and
- for each subsequent day.
A borrower ceases to be New Zealand-based if that borrower becomes overseas-based.
Compare
Notes
- Section 22(1): replaced (with effect on 1 April 2012), on , by section 116 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).
- Section 22(1A): inserted (with effect on 1 April 2012), on , by section 116 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).