BR Prd 09/02
Issued
05 Feb 2009
Effective 
28 March 2008 to 28 March 2013

How the Income Tax Act 2007 applies to the raising of capital by Bank of New Zealand and National Australia Bank

Applicant
BNZ Income Securities Limited

This ruling covers the raising of capital by Bank of New Zealand and National Australia Bank Limited. It covers the issue by BNZ Income Securities Limited of perpetual non-cumulative shares to the public, the loan of the proceeds from that issue to BNZ Income Management Limited, and the investment of those proceeds by BNZ Income Management Limited in perpetual preference shares issued by BNZ. This ruling is associated with Determination S14 (see accrual determinations for more information).