✨ Power Station Sale Agreement
2606 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
- CALCULATION OF THE CONSIDERATION
3.1 Consideration: The Consideration shall be $820,996,030, apportioned as follows:
| Asset | Amount ($) |
|---|---|
| Penstock / Penstock Tunnel | 123,149,405 |
| Tailrace | 24,629,881 |
| Canals (including inlets) | 369,448,214 |
| Generating equipment | 123,149,405 |
| Control equipment | 57,469,722 |
| Powerhouse and Facilities (including land) | 41,049,802 |
| Turbines | 82,099,603 |
3.2 Lowest Consideration: The parties agree that:
(a) the Consideration is the lowest price that they would have agreed upon with respect to the Assets at the time this Agreement was executed on the basis of payment in full at the time at which the first right in the Assets is to be transferred; and
(b) they will compute their taxable income for the relevant period on the basis that the Consideration includes no capitalised interest, and will file their tax returns accordingly.For the purposes of this clause the term "right" in the Assets shall bear the same meaning as the term "right" in section YA 1 of the Income Tax Act 2007.
- GST
4.1 Definitions: Unless the context requires otherwise, words used in this Section 4 that are defined in the GST Act shall have the same meaning in this clause.
4.2 GST zero-rated: The parties agree that the Transaction constitutes a supply that partly consists of land and, as a consequence, the Transaction is zero rated for GST purposes pursuant to section 11(1)(mb) of the GST Act, and that they will each file their GST returns on that basis.
4.3 Purchaser’s section 78F statement:
(a) The Purchaser warrants that it will be the Recipient and that, as at the Time of Supply and on the Settlement Date, it:
(i) will be a registered person; and
(ii) is acquiring the Assets with the intention of using them for making taxable supplies.
(b) The Vendor represents and warrants that as at the Time of Supply and on the Settlement Date it is a registered person.4.4 Purchaser’s registration number: The Purchaser’s registration number is 71 067 769.
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Agreement for Sale and Purchase of Power Stations
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🌾 Primary Industries & ResourcesAgreement, Sale, Purchase, Power Stations, Consideration, GST, Taxation