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New Zealand law explained for everyone

Income Tax Act 2007

Memorandum accounts - Memorandum accounts of consolidated groups - Imputation credits of consolidated imputation groups

OP 8: Consolidated ICA deposit in tax pooling account

You could also call this:

“Consolidated groups can get tax credits for deposits into shared tax savings accounts”

When you’re part of a consolidated imputation group, you can get an imputation credit for money that you give to someone else (called an intermediary) to put into a tax pooling account. This is like putting money into a special savings account for your taxes.

The amount of the credit is the same as the amount of money you put into the account. You can find this credit listed in a special table called “imputation credits of consolidated imputation groups”. It’s in row 3 of that table, under the heading “deposit in tax pooling account”.

The day you get the credit is the same day that the money goes into the tax pooling account. So, if you put the money in on Monday, you get the credit on Monday 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=DLM1519427.

Topics:
Money and consumer rights > Taxes
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OP 7: Consolidated ICA payment of tax, or

“Groups sharing tax credits: when paying tax results in a credit”

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OP 9: Consolidated ICA transfer from tax pooling account, or

“Group of companies gets extra tax credit when money is moved from a shared savings account”

Part O Memorandum accounts
Memorandum accounts of consolidated groups: Imputation credits of consolidated imputation groups

OP 8Consolidated ICA deposit in tax pooling account

  1. A consolidated imputation group has an imputation credit for an amount provided by it and paid by an intermediary into a tax pooling account.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account).

  3. The credit date is the day the amount is deposited.

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