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Income Tax Act 2007

Memorandum accounts - General provisions

OA 5: Credits

You could also call this:

“Types of credits in different accounts and where to find them”

This section explains different types of credits in memorandum accounts. You should know about these credits:

An imputation credit is an amount listed in certain sections of the law or described in specific tables about imputation credits.

A branch equivalent tax credit is an amount for a BETA person. It’s listed in certain sections or described in a table about branch equivalent tax credits.

An ASC credit is an amount listed in specific sections or described in a table about ASC credits.

A Maori authority credit is an amount listed in certain sections or described in a table about Maori authority credits.

Each type of credit is defined by where you can find information about it in the law and in which tables it’s described.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518642.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
General provisions

OA 5Credits

  1. This section defines the credits that arise under this Part in a memorandum account.

  2. A credit is an imputation credit if it is an amount—

  3. set out in any of sections OA 7, OB 4 to OB 29, and OP 7 to OP 27:
    1. described in a row of table O1: imputation credits or table O19: imputation credits of consolidated imputation groups.

        1. Repealed

        2. Repealed

        3. A credit is a branch equivalent tax credit if it is an amount, for a BETA person,—

        4. set out in section OA 7 or OE 19:
          1. described in a row of table O9: person's branch equivalent tax credits.

            1. A credit is an ASC credit if it is an amount—

            2. set out in section OA 7 or OF 4:
              1. described in a row of table O11: ASC credits.

                1. Repealed

                2. A credit is a Maori authority credit if it is an amount—

                3. set out in any of sections OA 7 and OK 2 to OK 9:
                  1. described in a row of table O17: Maori authority credits.

                    Notes
                    • Section OA 5(2)(b): amended, on , by section 177(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5(2)(c): repealed, on , by section 177(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5(3) heading: repealed, on , pursuant to section 177(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5(3): repealed, on , by section 177(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5(4) heading: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , pursuant to section 82(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5(4): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 82(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5(5): replaced, on (applying for income years beginning on or after that date), by section 82(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5(7) heading: repealed, on , pursuant to section 373(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
                    • Section OA 5(7): repealed, on , by section 373(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
                    • Section OA 5 list of defined terms BETA company: repealed, on , by section 82(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5 list of defined terms consolidated BETA group: repealed, on , by section 82(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5 list of defined terms consolidated FDP group: repealed, on , by section 177(4) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5 list of defined terms CTR credit: repealed (with effect on 1 July 2011), on , by section 82(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                    • Section OA 5 list of defined terms FDP credit: repealed, on , by section 177(4) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5 list of defined terms PCA company: repealed, on , by section 177(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5 list of defined terms PCA person: repealed, on , by section 177(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                    • Section OA 5 list of defined terms policyholder credit: repealed, on , by section 373(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).