Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 7: ICA payment of further income tax

You could also call this:

“Imputation credit for paying extra income tax as an ICA company”

When you are an ICA company, you get an imputation credit when you pay further income tax. This happens when you pay the tax under section OB 65 or OB 66.

This imputation credit is listed in a table called ‘O1: imputation credits’. You can find it in row 5, which is called ‘payment of further income tax’.

The credit is added to your account on the same day that you pay the further income tax.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518712.

Topics:
Money and consumer rights > Taxes
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OB 6: ICA transfer from tax pooling account, or

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

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OB 7B: ICA payment of qualifying company election tax, or

“Imputation credit for paying qualifying company election tax”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 7ICA payment of further income tax

  1. An ICA company has an imputation credit for an amount of further income tax paid under section OB 65 or OB 66.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 5 (payment of further income tax).

  3. The credit date is the day the further income tax is paid.

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