Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 5: ICA deposit in tax pooling account

You could also call this:

“ICA companies get credits for depositing money into tax pooling accounts”

When you’re an ICA company, you get an imputation credit when you give money to an intermediary who then puts it into a tax pooling account for you. This credit is listed in a table called “imputation credits” under the third row, which is about deposits in tax pooling accounts. The day the money goes into the account is when you get the credit.

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 It might be out of date or be missing some parts.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=DLM1518708.

Topics:
Money and consumer rights > Taxes
Previous

OB 4: ICA payment of tax or transfer to account, or

“Imputation credits for tax payments or transfers to a company's account”

Next

OB 6: ICA transfer from tax pooling account, or

“Credit for company when funds transferred from tax pooling account”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 5ICA deposit in tax pooling account

  1. An ICA company has an imputation credit for an amount provided by it and paid by an intermediary into a tax pooling account.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 3 (deposit in tax pooling account).

  3. The credit date is the day the amount is deposited.

Compare