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Income Tax Act 2007

Memorandum accounts - General provisions

OA 6: Debits

You could also call this:

“How debits are applied to various tax accounts and credits”

You can get an imputation credit if someone transfers their tax pooling account funds to your company through an intermediary.

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

A branch equivalent tax debit is an amount for a BETA person that’s listed in certain sections or described in a table about branch equivalent tax debits.

An ASC debit is an amount listed in specific sections or described in a table about ASC debits.

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

These debits are part of different types of tax accounts that companies and other entities use to keep track of their tax obligations and credits.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518651.

Topics:
Money and consumer rights > Taxes
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“Types of credits in different accounts and where to find them”

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Part O Memorandum accounts
General provisions

OA 6Debits

  1. An ICA company has an imputation credit for an amount representing an entitlement to funds held in a tax pooling account if the intermediary transfers the entitlement from another person to the company.

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

  3. set out in any of sections OA 7, OB 30 to OB 59, OP 28 to OP 50, and OZ 3:
    1. described in a row of table O2: imputation debits or table O20: imputation debits of consolidated imputation groups.

      1. Repealed

      2. Repealed

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

      4. set out in any of sections OA 7 and OE 20 to OE 22:
        1. described in a row of table O10: person's branch equivalent tax debits.

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

          2. set out in section OA 7 or OF 5:
            1. described in a row of table O12: ASC debits.

              1. Repealed

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

              3. set out in any of sections OA 7 and OK 10 to OK 18:
                1. described in a row of table O18: Maori authority debits.

                  Notes
                  • Section OA 6(3) heading: repealed, on , pursuant to section 178(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6(3): repealed, on , by section 178(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6(4) heading: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , pursuant to section 83(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6(4): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 83(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6(5): replaced, on (applying for income years beginning on or after that date), by section 83(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6(7) heading: repealed, on , pursuant to section 374(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
                  • Section OA 6(7): repealed, on , by section 374(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
                  • Section OA 6 list of defined terms BETA company: repealed, on , by section 83(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6 list of defined terms consolidated BETA group: repealed, on , by section 83(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6 list of defined terms consolidated FDP group: repealed, on , by section 178(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6 list of defined terms CTR debit: repealed (with effect on 1 July 2011), on , by section 83(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                  • Section OA 6 list of defined terms FDP debit: repealed, on , by section 178(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6 list of defined terms PCA company: repealed, on , by section 178(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6 list of defined terms PCA person: repealed, on , by section 178(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                  • Section OA 6 list of defined terms policyholder debit: repealed, on , by section 374(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).