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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 15: ICA payment of tax on joining wholly-owned group

You could also call this:

“Imputation credit for tax paid when joining a wholly-owned group”

You can get an imputation credit if you pay imputation additional tax when joining a wholly-owned group. This credit is for the amount you pay, but it doesn’t include any extra tax payment used under section OB 72(9).

The imputation credit is listed in a table called ‘O1: imputation credits’ under row 13. This row is about paying tax when joining a wholly-owned group.

You get the credit on the day you pay the imputation additional tax to the Commissioner.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518728.

Topics:
Money and consumer rights > Taxes
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OB 14: ICA payment of tax on leaving wholly-owned group, or

“Tax credit for companies paying extra tax when leaving a group”

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OB 16: ICA attribution for personal services, or

“Imputation credit for personal services attribution in non-qualifying ICA companies”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 15ICA payment of tax on joining wholly-owned group

  1. An ICA company has an imputation credit for a payment of imputation additional tax for which it is liable under section OB 72, excluding an excess tax payment applied under section OB 72(9).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 13 (payment of tax on joining wholly-owned group).

  3. The credit date is the day the imputation additional tax is paid to the Commissioner.

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