Part 1Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers
Determining whether borrowers are New Zealand-based or overseas-based
23Meaning of overseas-based
The following persons are overseas-based:
- a borrower who is not New Zealand-based under section 22:
- a New Zealand-based borrower who is physically absent from New Zealand for a period of 184 consecutive days:
- a New Zealand-based borrower who is treated as physically absent from New Zealand for a period of 184 consecutive days because—
- the borrower is physically in New Zealand for a period, or aggregated periods, of 31 days or less during a period of 184 consecutive days; and
- the borrower is physically absent from New Zealand for the first day of that 184-day period.
- the borrower is physically in New Zealand for a period, or aggregated periods, of 31 days or less during a period of 184 consecutive days; and
A borrower must not be treated as being physically absent from New Zealand for any day on which that borrower is treated as being physically in New Zealand under section 22(1)(b).
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 184 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 overseas-based—
- from the later of—
- the day on which he or she became a borrower; and
- the first day of the 184-day period; and
- the day on which he or she became a borrower; and
- for each subsequent day.
A borrower ceases to be overseas-based if that borrower becomes New Zealand-based.
Compare
Notes
- Section 23(1): replaced (with effect on 1 April 2012), on , by section 117 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).
- Section 23(1A): inserted (with effect on 1 April 2012), on , by section 117 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).
- Section 23(1B): inserted (with effect on 1 April 2012), on , by section 117 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).