Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Tax credits and other credits - Tax credits relating to attributed controlled foreign company income

LK 8: Tax credits of consolidated companies

You could also call this:

“Tax credits are shared among companies in a consolidated group”

If you are part of a consolidated group of companies, and that group has a tax credit under [section LK 1], you need to know that the credit belongs to the whole group. This means the tax credit is not owned by any single company in the group. Instead, it’s shared by all the companies that make up the consolidated group.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518168.

Topics:
Money and consumer rights > Taxes
Previous

LK 7: Taxable distributions and NRWT rules, or

“Rules for tax credits on distributions from foreign companies you partly own”

Next

LK 9: Use of company’s credits carried forward, or

“How a company in a group can use its leftover tax credits from the previous year”

Part L Tax credits and other credits
Tax credits relating to attributed controlled foreign company income

LK 8Tax credits of consolidated companies

  1. If a consolidated group has a tax credit under section LK 1, the credit is treated as the consolidated group’s credit and not the credit of a group company.

Compare