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Income Tax Act 2007

Section 904: Annual payments for dividends or non-taxable consideration

2748.This section provides a definition of “annual payment for dividends or non-taxable consideration”. It is based on section 125 of ICTA.

2749.With certain exceptions, subsection (3) has the effect of excluding from the duties to deduct under this Chapter any annual payment that is made for consideration that is either:

  • for a dividend or the right to receive a dividend; or

  • not taxable.

2750.The exceptions to that general rule are given in subsections (4) to (7).

2751.The source legislation specifies that the payment must not be interest (section 125(2)(a) of ICTA). Annual payments within subsection (2) do not include interest, so this does not need to be stated explicitly. In addition, no specific reference is made to annuities (also mentioned in the source legislation) as these are simply one type of annual payment.

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