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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 21: ICA balance of Maori authority credit account

You could also call this:

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

When a Maori authority stops being a Maori authority, an ICA company gets an imputation credit. This credit is the same amount as the Maori authority’s final debit balance in their Maori authority credit account.

You can find this imputation credit listed in a table called ‘imputation credits’. It’s in row 19, which is labelled ‘balance of Maori authority credit account’. The Maori authority debit is listed in another table called ‘Maori authority debits’. You’ll find it in row 10, which is labelled ‘final balance’.

The date of this credit is the same as the date of the debit recorded under section OK 18. This section talks about the MACA final balance, which means the final balance of the Maori authority credit 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=DLM1518743.

Topics:
Money and consumer rights > Taxes
Māori affairs > Treaty of Waitangi
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OB 20: ICA distribution with Maori authority credit, or

“Imputation credit for distributions with Māori authority credits”

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OB 22: ICA replacement payment to company under share-lending arrangement, or

“Credit for replacement payment received under share-lending arrangement”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 21ICA balance of Maori authority credit account

  1. An ICA company has an imputation credit for an amount equal to the amount of a Maori authority debit under section OK 18 (MACA final balance) when the Maori authority stops being a Maori authority.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 19 (balance of Maori authority credit account). The Maori authority debit in subsection (1) is referred to in table O18: Maori authority debits, row 10 (final balance).

  3. The credit date is the same as the debit date recorded for the debit under section OK 18.

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