1. This is a notice of a product ruling made under section 91F of the Tax Administration Act 1994.
2. Product ruling No. 09/02 was issued on 5 February 2009. It relates to the raising of capital by Bank of
New Zealand and National Australia Bank Limited, and 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 Bank of
New Zealand. This ruling is associated with Determination S14. It will appear in Inland Revenue’s Tax Information Bulletin, Vol. 21, No. 2, of March 2009.
3. A copy of the ruling may be obtained by writing to the Team Manager (Technical Services), Office of the Chief Tax Counsel, National Office, Inland Revenue, PO Box 2198, Wellington.
GARY DICK, Team Manager (Technical Services), Office of the Chief Tax Counsel.