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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Foreign dividends

76: Amalgamated company to assume rights and obligations of amalgamating company

You could also call this:

"New company takes over old company's rights and responsibilities"

Illustration for Tax Administration Act 1994

When a company merges with another, the new company takes over the old company's rights and responsibilities. You need to follow the rules set out in section 225 of the Companies Act 1993. This means the new company must do what the old company was supposed to do, including paying any taxes it owed, for the year it merged and all previous years. The new company also has to file a tax return for the old company for the year it merged. This is so the new company can take care of the old company's tax affairs.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM352103.

Topics:
Money and consumer rights > TaxesBusiness > Industry rules
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Part 3Information, record-keeping, and returns
Returns: Foreign dividends

76Amalgamated company to assume rights and obligations of amalgamating company

  1. Where any amalgamating company ceases to exist on an amalgamation, the amalgamated company shall, in accordance with section 225 of the Companies Act 1993,—

  2. comply with all obligations of and meet all liabilities of, and be entitled to all rights, powers and privileges of, the amalgamating company under the Inland Revenue Acts with respect to the tax year in which the amalgamation occurs and all preceding tax years; and
    1. in particular but without limitation, make a return of income in respect of the amalgamating company and the tax year in which the amalgamation takes place.

      Compare
      • 1976 No 65 s 191WD(7)
      • 1994 No 76 s 29
      Notes
      • Section 76: amended, on , by section 14 of the Companies Amendment Act 2013 (2013 No 111).
      • Section 76(a): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
      • Section 76(b): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).