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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 16: ICA attribution for personal services

You could also call this:

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

If you are an ICA company that is not a qualifying company, you can get an imputation credit. This credit is equal to 38.89% of the personal services attribution calculated under section GB 29.

The imputation credit is listed in a table called O1: imputation credits. It’s found in row 14, which is labelled “attribution for personal services”.

You will get this credit on the last day of the tax year for which the attribution is made. This is when the credit is added to your account.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518730.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 16ICA attribution for personal services

  1. An ICA company that is not a qualifying company has an imputation credit for an amount equal to 38.89% of the personal services attribution under section GB 29 (Attribution rule: calculation).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 14 (attribution for personal services).

  3. The credit date is the last day of the tax year for which the attribution is made.

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Notes
  • Section OB 16(1): amended, on , by section 96 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
  • Section OB 16(1): amended, on , by section 496 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).