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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 6: ICA transfer from tax pooling account

You could also call this:

"Getting an imputation credit when money is transferred from a tax pooling account"

Illustration for Income Tax Act 2007

You have an imputation credit if an intermediary transfers funds from a tax pooling account to your company. The imputation credit is listed in table O1, row 4, which is about transfers from tax pooling accounts. The credit date is determined by when the funds are transferred or refunded. You can find the credit date rules in section RP 19 for transfers to your tax account. For transfers to pay a company liability under section RP 17B, the credit date is the transfer date. The credit date is also the refund date if the intermediary refunds funds to your company. The credit date rules also apply if the intermediary transfers funds from your company to another person. The date of the transfer is used to determine the credit date in this case. This rule helps you understand when you can claim an imputation credit.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518710.

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Topics:
Money and consumer rights > Taxes
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"ICA companies get credits for depositing money into tax pooling accounts"

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OB 7: ICA payment of further income tax, or

"Imputation credit for paying extra income tax as an ICA company"

Part OMemorandum accounts
Imputation credit accounts (ICA)

OB 6ICA transfer from tax pooling account

  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. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 4 (transfer from tax pooling account).

  3. The credit date is,—

  4. for an entitlement to funds that are transferred by the intermediary from the tax pooling account to the company's tax account with the Commissioner, the credit date under section RP 19 (Transfers from tax pooling accounts) for the amount transferred; or
    1. for an entitlement to funds that are transferred by the intermediary from the tax pooling account to the Commissioner to satisfy a liability of the company that is an increased amount of tax under section RP 17B (Tax pooling accounts and their use) other than income tax, the date of the transfer; or
      1. for an entitlement to funds that are refunded by the intermediary from the tax pooling account to the company, the date of the refund; or
        1. for an entitlement that is transferred by the intermediary from the company to another person, the date of the transfer.

          Compare
          Notes
          • Section OB 6(1): substituted (with effect on 1 April 2008), on (applying for the 2008–09 and later income years), by section 95(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
          • Section OB 6(3): substituted (with effect on 1 April 2008), on (applying for the 2008–09 and later income years), by section 95(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
          • Section OB 6(3)(ab): inserted (with effect on 6 October 2009), on , by section 190 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
          • Section OB 6 list of defined terms transfer: inserted, on , by section 114 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).