Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An * NZ franking company satisfies the residency requirement when making a * distribution only if the distribution is made at least one month after the notice constituting the company's * NZ franking choice was given to the Commissioner.
Note: This section is relevant to both section 202 - 5 and section 208 - 60, which let a company frank a distribution, or frank a distribution with an exempting credit, only if the company satisfies the residency requirement when making the distribution.
(2) Section 202 - 20, as applying because of section 220 - 25, has effect subject to this section.
Note: Section 202 - 20 sets out how a company satisfies the residency requirement when making a distribution.