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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 8: ICA resident withholding tax withheld

You could also call this:

“Imputation credit for ICA companies on resident withholding tax”

You can get an imputation credit if you are an ICA company and you have resident withholding tax (RWT) that is treated as income you earned. This doesn’t include money you earned as policyholder base income. The credit is listed in a table called “imputation credits” under row 6. You get the credit on the same day the tax is taken out of your money. This is part of section RA 9(1)(b) of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518714.

Topics:
Money and consumer rights > Taxes
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OB 7C: ICA expenditure on research and development, or

“Companies can't claim tax credits for research and development spending”

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OB 9: ICA dividend derived with imputation credit, or

“Company receives credit for dividends with attached imputation credits”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 8ICA resident withholding tax withheld

  1. An ICA company has an imputation credit for resident withholding tax (RWT) that is treated under section RA 9(1)(b) (Treatment of amounts withheld as received) as derived by the company other than as policyholder base income.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 6 (amount of tax withheld for resident passive income).

  3. The credit date is the day the amount of tax is withheld.

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Notes
  • Section OB 8(1): amended, on , by section 382(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
  • Section OB 8 list of defined terms policyholder base income: inserted, on , by section 382(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
  • Section OB 8 list of defined terms resident withholding tax: repealed, on , by section 243 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).