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New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 58: ICA refund of amount of tax for schedular payment

You could also call this:

“Refund of tax on scheduled payment to Australian company requires recording as imputation debit”

If you’re an Australian ICA company, you might get a refund for a schedular payment that you previously got an imputation credit for. When this happens, you need to record it as an imputation debit.

This debit is listed in a special table called “imputation debits” under row 31. The credit you got earlier is listed in another table called “imputation credits” under row 26.

You should record this debit on the same day you get the refund.

If you want to know more about the imputation credit you got earlier, you can check section OB 28.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518847.

Topics:
Money and consumer rights > Taxes
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OB 57: ICA refund of NRWT, or

“Australian ICA company must record NRWT refunds as imputation debits”

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OB 59: ICA refund of schedular income tax, or

“Imputation debit for Australian ICA companies receiving schedular income tax refunds”

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 58ICA refund of amount of tax for schedular payment

  1. An Australian ICA company has an imputation debit for the amount of a refund of an amount of tax for a schedular payment that gave rise to an imputation credit under section OB 28.

  2. The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 31 (refund of amount of tax for schedular payment). The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 26 (amount of tax for schedular payment).

  3. The debit date is the day the refund is made.

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