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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 18: ICA transfer from ASC account

You could also call this:

“Transfer money from available subscribed capital to imputation credit account”

You can transfer money from your available subscribed capital (ASC) account to your imputation credit account (ICA) if you’re an ICA company. When you do this, you get an imputation credit. The amount of the credit is worked out using section OF 5(4).

This transfer is listed in a table called ‘imputation credits’ as row 16. The credit is added to your account on the same day you make the transfer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518734.

Topics:
Money and consumer rights > Taxes
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“Removed law about moving funds between insurance company accounts”

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“Crediting a master fund for transferred expenditure”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 18ICA transfer from ASC account

  1. An ICA company has an imputation credit for the transfer of an amount from its available subscribed capital (ASC) account. The amount is calculated under section OF 5(4) (ASCA transfer to imputation credit account).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 16 (transfer from ASC account).

  3. The credit date is the day the amount is transferred.

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