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Income Tax Act 2007

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

OP 12: Consolidated ICA dividend derived with imputation credit

You could also call this:

“Using imputation credits from dividends in a consolidated group”

When a company that’s part of a consolidated imputation group gets a dividend, and that dividend comes with an imputation credit, the group gets to use that credit. This applies to all companies in the group, except for local authorities.

The credit the group gets is the same as the imputation credit that came with the dividend. You can find this listed in a special table called O19, which shows all the imputation credits for consolidated imputation groups. It’s in row 7 of that table.

The day the group gets to count this credit is the same day the dividend is paid out.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519435.

Topics:
Money and consumer rights > Taxes
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“Group tax credit for company's research and development”

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“This provision about group company dividend handling no longer applies”

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

OP 12Consolidated ICA dividend derived with imputation credit

  1. A consolidated imputation group has an imputation credit for the amount of an imputation credit attached to a dividend derived by a group company that is not a local authority.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 7 (dividend derived with imputation credit).

  3. The credit date is the day the dividend is paid.

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Notes
  • Section OP 12(1): amended, on , by section 147(1) (and see section 147(3) for application) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).
  • Section OP 12 list of defined terms local authority: inserted, on , by section 147(2) of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).