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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 a tax credit when money is moved from a tax pooling account to your company”

If you have a company, it can get an imputation credit when an intermediary moves funds from a tax pooling account to your company. The imputation credit is listed in table O1, which is about imputation credits. You can find more information about this credit in row 4 of the table.

When the intermediary moves the funds, the credit date is set. The credit date depends on what happens to the funds, such as when they are transferred to your company’s tax account with the Commissioner, as explained in section RP 19. It also depends on when the funds are used to pay a tax liability, as explained in section RP 17B, or when they are refunded to your company.

The credit date is the date when the funds are transferred, refunded, or used to pay a tax liability. You can find more information about how this works by looking at the different scenarios, such as when the funds are transferred to pay a tax liability other than income tax. In each case, the credit date is the date when the transaction happens.

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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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OB 5: ICA deposit in tax pooling account, or

"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 O Memorandum 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).