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Income Tax Act 2007

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

OP 9: Consolidated ICA transfer from tax pooling account

You could also call this:

“Getting tax credits when money is moved from a tax pooling account to your group”

When you are part of a consolidated imputation group, you get an imputation credit if an intermediary transfers funds from a tax pooling account to your group. This imputation credit is listed in table O19, which is about imputation credits of consolidated imputation groups. The credit date is determined by what happens to the funds.

If the intermediary transfers funds from the tax pooling account to your group’s tax account with the Commissioner, the credit date is the date under section RP 19 for the amount transferred. If the intermediary transfers funds to satisfy a liability of your group, the credit date is the date of the transfer, but only if it is under section RP 17B and not for income tax. The credit date can also be the date of a refund from the tax pooling account to your group, or the date an entitlement is transferred from your group to another person.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519429.

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

OP 9Consolidated ICA transfer from tax pooling account

  1. A consolidated imputation group has an imputation credit for an amount representing an entitlement to funds held in a tax pooling account if the intermediary transfers the entitlement from another person to the group.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 4 (transfer from tax pooling account).

  3. The credit date is,—

  4. for an entitlement to funds that are transferred by the intermediary from the tax pooling account to the group's tax account with the Commissioner, the credit date under section RP 19 (Transfers from tax pooling accounts) for the amount transferred; or
    1. for an entitlement to funds that are transferred by the intermediary from the tax pooling account to the Commissioner to satisfy a liability of the group that is an increased amount of tax under section RP 17B (Tax pooling accounts and their use) other than income tax, the date of the transfer; or
      1. for an entitlement to funds that are refunded by the intermediary from the tax pooling account to the group, the date of the refund; or
        1. for an entitlement that is transferred by the intermediary from the group to another person, the date of the transfer.

          Compare
          Notes
          • Section OP 9(1): substituted (with effect on 1 April 2008), on (applying for the 2008–09 and later income years), by section 106(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
          • Section OP 9(3): substituted (with effect on 1 April 2008), on (applying for the 2008–09 and later income years), by section 106(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).
          • Section OP 9(3)(ab): inserted (with effect on 6 October 2009), on , by section 229 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
          • Section OP 9 list of defined terms transfer: inserted, on , by section 117 of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).