Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Available subscribed capital accounts (ASCA)

OF 2: ASC accounts

You could also call this:

“Rules for companies with Available Subscribed Capital (ASC) accounts”

You should know about the rules for ASC accounts if you have an ASC account company. These accounts are a type of memorandum account. The general rules for memorandum accounts also apply to ASC accounts. You can find these general rules in sections OA 2 and OA 3 of the law. These sections talk about how to treat memorandum accounts. If you want to understand more about how to manage your ASC account, you should look at those sections too.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519264.

Topics:
Money and consumer rights > Taxes
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OF 1: General rules for companies with ASC accounts, or

“Rules for managing available subscribed capital accounts for certain investment companies”

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OF 3: Choosing to become ASC account company, or

“How certain companies can choose to become ASC account companies and what it means”

Part O Memorandum accounts
Available subscribed capital accounts (ASCA)

OF 2ASC accounts

  1. The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to the ASC account of an ASC account company.

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