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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 24: ICA credit on resident’s restricted amalgamation

You could also call this:

“Tax credit for companies combining in a special way”

When companies join together in a special way called a resident’s restricted amalgamation, an ICA company can get an imputation credit. This credit appears in the imputation credit account of the new, combined company.

The credit can come from two places:

  1. From the imputation credit account of one of the companies that joined together. This is explained in section OA 10.

  2. From the imputation credit account of a group of companies that was working together before they joined up. This group stops existing when the companies join together. This is explained in section OA 14.

These credits are listed in a special table called ‘table O1: imputation credits’. You can find them in row 22, which is called ‘credit on resident’s restricted amalgamation’.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518749.

Topics:
Money and consumer rights > Taxes
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“Transfer of unused tax credits when leaving a group”

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“Fixing an incorrect tax advantage in your imputation credit account”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 24ICA credit on resident’s restricted amalgamation

  1. An ICA company has an imputation credit for the amount of a credit that arises on or after a resident’s restricted amalgamation in the imputation credit account of the amalgamated company under 1 of the sections listed in subsection (3).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 22 (credit on resident’s restricted amalgamation).

  3. The sections are—

  4. section OA 10 (When credits or debits due to amalgamating company but not recorded) for imputation credits in the imputation credit account of an amalgamating company:
          1. section OA 14 (Continuity of shareholding when group companies amalgamate) for imputation credits in the imputation credit account of a consolidated imputation group that ends its existence on the amalgamation.

                Compare
                Notes
                • Section OB 24(3)(b): repealed, on , by section 195(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24(3)(c): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 93(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                • Section OB 24(3)(d): repealed, on , by section 195(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24(3)(f): repealed, on , by section 195(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24(3)(g): repealed, on , by section 195(4) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24 list of defined terms consolidated FDP group: repealed, on , by section 195(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24 list of defined terms CTR account: repealed (with effect on 1 July 2011), on , by section 93(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                • Section OB 24 list of defined terms CTR credit: repealed (with effect on 1 July 2011), on , by section 93(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                • Section OB 24 list of defined terms FDP account: repealed, on , by section 195(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24 list of defined terms FDP credit: repealed, on , by section 195(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24 list of defined terms policyholder credit: repealed, on , by section 195(6) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                • Section OB 24 list of defined terms policyholder credit account: repealed, on , by section 195(6) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).