Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 20: ICA distribution with Maori authority credit

You could also call this:

“Imputation credit for distributions with Māori authority credits”

When you get a distribution from a Maori authority, it might come with a Maori authority credit. If you’re an ICA company and you receive this kind of distribution, you get an imputation credit. The amount of this imputation credit is the same as the Maori authority credit that came with the distribution.

This imputation credit is listed in a special table called “table O1: imputation credits”. You can find it in row 18 of that table, which is called “distribution with Maori authority credit”.

The day you actually get paid the distribution is important. That’s the date 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=DLM1518741.

Topics:
Money and consumer rights > Taxes
Māori affairs > Treaty of Waitangi
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OB 19B: ICA transfer to loss-using group company, or

“Transfer of imputation credits to a company using another company's tax losses”

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OB 21: ICA balance of Maori authority credit account, or

“Maori authority credit account balance transferred to company when authority status ends”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 20ICA distribution with Maori authority credit

  1. An ICA company has an imputation credit for the amount of a Maori authority credit attached to a distribution received by the company.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 18 (distribution with Maori authority credit).

  3. The credit date is the day the distribution is paid.

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