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OE 7: BETA payment of income tax
or “Branch equivalent tax credits can no longer be used to pay income tax”
You could also call this:

“Unused branch equivalent tax credits no longer apply”

This part of the law used to be about something called a ‘BETA unused amount of debit balance’. It was part of the rules about ‘Branch equivalent tax credits’ in the Income Tax Act 2007. However, this section doesn’t apply anymore. The government removed it on 29 August 2011, and this change affected tax years from 2008-09 onwards. If you need to know about this topic, you might need to look at other parts of the law or ask a tax expert for help.

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Next up: OE 9: BETA refund of FDP

or “A now-removed rule about branch equivalent tax credits and foreign dividend payments”
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Part O Memorandum accounts
Branch equivalent tax accounts (BETA): Branch equivalent tax credits

OE 8BETA unused amount of debit balance (Repealed)

    Notes
    • Section OE 8: repealed (with effect on 1 April 2008), on (applying for the 2008–09 and later income years), by section 116(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).