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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 51: ICA credit transfer by company

You could also call this:

“Company receives a dividend with an attached imputation credit”

If you are an ICA company, you will have an imputation debit when you receive a dividend with an imputation credit attached to it. This happens when the dividend is shown in a credit transfer notice that you give.

The amount of the imputation debit is the same as the amount of the imputation credit attached to the dividend.

This type of imputation debit is listed in a special table called ‘table O2: imputation debits’. You can find it in row 24, which is labelled ‘credit transfer notice’.

The date of the debit is the same day that the dividend is paid to you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518833.

Topics:
Money and consumer rights > Taxes
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OB 50: ICA returning share transfer, or

“Rules for recording imputation debits when receiving dividends in a returning share transfer”

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OB 52: ICA transfer to consolidated imputation group, or

“Transfer of company's credit balance to consolidated group's imputation credit account”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 51ICA credit transfer by company

  1. An ICA company has an imputation debit for the amount of an imputation credit attached to a dividend that is paid to the company and shown in a credit transfer notice given by the company.

  2. The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 24 (credit transfer notice).

  3. The debit date is the day the dividend is paid.

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