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OB 55: ICA retrospective imputation credit
or “Adding a credit to a non-cash dividend after it's paid out”
You could also call this:

“Recording the final credit balance when a company stops being an ICA company”

When a company is no longer an ICA company, it must deal with any leftover credit in its imputation credit account. This is how it works:

If you have any credit balance in your imputation credit account when your company stops being an ICA company, you need to record it as a debit. This is called the “final balance” debit.

You should record this debit on the day your company stops being an ICA company. This debit is listed in a special table called “table O2: imputation debits” under row 29, which is labelled “final balance”.

This rule helps make sure that all the credits and debits in your imputation credit account are properly accounted for when your company’s status as an ICA company ends.

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Next up: OB 57: ICA refund of NRWT

or “Australian ICA company must record NRWT refunds as imputation debits”
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 56ICA final balance

  1. An ICA company has an imputation debit for a credit balance in the imputation credit account when the company stops being an ICA company.

  2. The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 29 (final balance).

  3. The debit date is the day the company stops being an ICA company.

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