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OB 2: Australian companies with imputation credit accounts
or “Companies in Australia can opt for a New Zealand tax account with conditions”
You could also call this:

“Rules for companies tracking tax credits and debits”

If you are an ICA company, you need to keep an imputation credit account. This account follows the general rules for memorandum accounts, which are explained in sections OA 2 and OA 3. These rules tell you how to handle your imputation credit account.

However, if your company is part of a consolidated imputation group, some credits and debits might not show up in your company’s own account. Instead, they might only appear in the group’s account. You can find out more about this in section OP 2.

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Next up: OB 3B: General rule for life insurer's policyholder base

or “Life insurers: No imputation credits or debits for policyholder base”
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 3Imputation credit accounts

  1. The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to an imputation credit account of an ICA company.

  2. Under section OP 2 (When credits and debits arise only in group accounts), certain credits and debits do not arise in an ICA company’s memorandum account if the company is part of a consolidated imputation group.

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