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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 3: Imputation credit accounts

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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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518702.

Topics:
Money and consumer rights > Taxes
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“Companies in Australia can opt for a New Zealand tax account with conditions”

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OB 3B: General rule for life insurer's policyholder base, or

“Life insurers: No imputation credits or debits for policyholder base”

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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