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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 77: When and how statutory producer board makes election

You could also call this:

“How and when a statutory producer board can choose to treat distributions”

You can make a choice about how to treat a distribution if you are part of a statutory producer board. You can make this choice using the rules in sections OB 73, OB 74, or OB 76. You have to make your choice after the income year when the distribution happened, but no later than 6 months after that income year ends.

When you make your choice, you need to tell the Commissioner about it. You must do this by the time you have to file your tax return for the year the distribution was made.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1518930.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 77When and how statutory producer board makes election

  1. A statutory producer board may make an election under section OB 73, OB 74, or OB 76 in relation to a distribution either—

  2. after the income year in relation to which the distribution is made; but
    1. no later than 6 months after the end of the income year in relation to which the distribution is made.

      1. A producer board must notify the Commissioner of an election referred to in subsection (1) no later than the time allowed for the statutory producer board to file a return of income for the tax year corresponding to the income year in relation to which the distribution is made.

      Compare
      Notes
      • Section OB 77 list of defined terms notice: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).
      • Section OB 77 list of defined terms notify: inserted, on , by section 74 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).