Plain language law

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Income Tax Act 2007

Memorandum accounts - Foreign dividend payment accounts (FDPA)

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

You could also call this:

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

This section of the law has been removed. It used to be about how income tax could be used to pay for something called ‘further income tax’. The section was taken out of the law on 1 April 2017. If you need to know more about this topic, you might need to look at other parts of the tax laws that are still in use.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519050.

Topics:
Money and consumer rights > Taxes
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OC 32: Reduction of further income tax, or

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

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OC 34: Further income tax paid satisfying liability for income tax, or

“Extra income tax payments no longer count towards regular income tax”

Part O Memorandum accounts
Foreign dividend payment accounts (FDPA)

OC 33Income tax paid satisfying liability for further income tax (Repealed)

    Notes
    • Section OC 33: repealed, on , by section 216 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).