Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Foreign dividend payment accounts (FDPA)

OC 32: Reduction of further income tax

You could also call this:

“This rule about lowering extra tax for special accounts no longer applies”

This part of the law has been taken out. It used to be about how to reduce more income tax for some special accounts called memorandum accounts. But since 1 April 2017, this rule doesn’t apply anymore. The government removed it when they made changes to tax laws that year.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519048.

Topics:
Money and consumer rights > Taxes
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OC 31: Payment of further income tax when company no longer New Zealand resident, or

“Companies no longer pay extra tax when leaving New Zealand”

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OC 33: Income tax paid satisfying liability for further income tax, or

“Income tax payments used to cover additional tax obligations (removed)”

Part O Memorandum accounts
Foreign dividend payment accounts (FDPA)

OC 32Reduction of further income tax (Repealed)

    Notes
    • Section OC 32: repealed, on , by section 216 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).