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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:

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

When a group of companies shares a tax account, they can get extra money for their tax payments. This is called an imputation credit. You can get this credit if someone transfers money from a special savings account, called a tax pooling account, to your group’s account.

The credit can happen in different ways:

If the money goes from the tax pooling account to your group’s tax account with the government, you get the credit on the day the money is transferred.

If the money is used to pay extra tax that isn’t income tax, you get the credit on the day the money is transferred.

If the money is given back to your group from the tax pooling account, you get the credit on the day you get the refund.

If the money is moved from your group to someone else, you get the credit on the day it’s transferred.

This credit is listed in a special table that shows all the credits for groups of companies that share a tax account.

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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.

Topics:
Money and consumer rights > Taxes
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“Consolidated groups can get tax credits for deposits into shared tax savings accounts”

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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).