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OB 58: ICA refund of amount of tax for schedular payment
or “Refund of tax on scheduled payment to Australian company requires recording as imputation debit”
You could also call this:

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

If you’re an Australian ICA company, you need to know about imputation debits for refunds of schedular income tax. Here’s what happens:

When you get a refund of schedular income tax, you have to record an imputation debit. This is because the refund cancels out an imputation credit you got earlier when you paid the tax.

The amount of the debit is the same as the amount of the refund. This debit is listed in a special table called ‘imputation debits’ under row 32. The earlier credit is listed in another table called ‘imputation credits’ under row 27.

You need to record this debit on the day you receive the refund. This is important for keeping your tax records up to date.

If you want to learn more about the imputation credit that relates to this debit, you can look at section OB 29.

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Next up: OB 60: Imputation credits attached to dividends

or “Company tax credits can be added to your dividend payments”
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 59ICA refund of schedular income tax

  1. An Australian ICA company has an imputation debit for the amount of a refund of schedular income tax that gave rise to an imputation credit under section OB 29.

  2. The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 32 (refund of schedular income tax). The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 27 (payment of schedular income tax).

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

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