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Building Societies Act 1965

Conversion to company

113R: Taxes and duties

You could also call this:

"A building society that becomes a company still has to pay the same taxes and fees"

When a building society changes into a company, the law treats them as the same entity for tax purposes. This means that the new company is responsible for any taxes, duties, or other charges that the building society had to pay before.

The law says that everything the building society did before it became a company is treated as if the company did it. This includes any deals made or actions taken by the building society.

This rule applies to all the tax laws listed in the Schedule of the Tax Administration Act 1994. It also applies to any other laws that collect taxes, duties, or other charges.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372352.

Topics:
Money and consumer rights > TaxesMoney and consumer rights > Banking and loansHousing and property > Buying and selling homes
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113Q: Regulations for purposes of this Part, or

"Rules for changing building societies into companies"

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113S: Registers, or

"Official records don't change when a building society becomes a company"

Part 7AConversion to company

113RTaxes and duties

  1. For the purposes of the Acts of Parliament specified in the Schedule of the Tax Administration Act 1994, and any other enactment that imposes or provides for the collection of a tax, duty, levy, rate, or other charge—

  2. any society that has become converted into a company and the company into which the society has become converted shall be deemed to be the same person; and
    1. all transactions entered into by, and acts of, the society before the conversion date shall be deemed to have been entered into by, or to be those of, the company and to have been entered into or performed by the company at the time when they were entered into or performed by the society.

      Notes
      • Section 113R: inserted, on , by section 26 of the Building Societies Amendment Act 1987 (1987 No 175).
      • Section 113R: amended, on (applying with respect to the tax on income derived in the 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164).