Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

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

OP 16: Consolidated ICA credit transfer to company

You could also call this:

“Consolidated group receives imputation credit when member company gets credit transfer notice”

When a company that is part of a consolidated imputation group receives a credit transfer notice, the group gets an imputation credit. The amount of this credit is the same as the amount shown in the notice.

This type of credit is listed in a table called “imputation credits of consolidated imputation groups”. You can find it in row 11, which is labelled “credit transfer”.

The credit is added to the group’s account on the same day that the notice is given to the company.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519443.

Topics:
Money and consumer rights > Taxes
Previous

OP 15: Consolidated ICA replacement payment to company under share-lending arrangement, or

“Tax credit for consolidated group when member receives dividend replacement payment”

Next

OP 16B: Consolidated ICA credit transfer to departing consolidated imputation group for unused tax payment, or

“Transfer of unused tax credit when a smaller group leaves a larger tax group”

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

OP 16Consolidated ICA credit transfer to company

  1. A consolidated imputation group has an imputation credit for the amount of an imputation credit shown in a credit transfer notice given to a company that is part of the consolidated imputation group when the notice is given.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 11 (credit transfer).

  3. The credit date is the day the notice is given.

Compare