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Income Tax Act 2007

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

OP 11: Consolidated ICA payment of further income tax

You could also call this:

“Consolidated groups get credit for paying extra income tax”

When you’re part of a consolidated imputation group, you get an imputation credit if you pay further income tax. This is outlined in section OB 65 or OB 66.

You can find this credit listed in a table called ‘imputation credits of consolidated imputation groups’. It’s in row 6, under ‘payment of further income tax’.

The date of the credit is the same day you pay the further income tax.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519433.

Topics:
Money and consumer rights > Taxes
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“Consolidated group receives credit for overpaid tax from member company”

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“This section about tax credits for group companies' research spending is no longer active”

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

OP 11Consolidated ICA payment of further income tax

  1. A consolidated imputation group has an imputation credit for an amount of further income tax paid under section OB 65 or OB 66 (which relate to further income tax).

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 6 (payment of further income tax).

  3. The credit date is the day the further income tax is paid.

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