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New Zealand law explained for everyone

Income Tax Act 2007

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

OP 26: Consolidated ICA payment of amount of tax for schedular payment

You could also call this:

“Tax credit for consolidated groups when an Australian company gets contractor payments”

You can get an imputation credit if your consolidated imputation group has an Australian ICA company. This happens when the company gets paid as a non-resident contractor and tax is taken from that payment.

This kind of credit is listed in a special table called O19. It’s in row 21 of that table, which talks about tax for schedular payments.

The day you get the credit is the same day the tax is taken out of the payment.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519463.

Topics:
Money and consumer rights > Taxes
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OP 25: Consolidated ICA non-resident withholding tax withheld, or

“Tax credits for groups with Australian companies paying non-resident withholding tax”

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OP 27: Consolidated ICA payment of schedular income tax liability, or

“Imputation credit for consolidated groups paying tax on specific non-resident income”

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

OP 26Consolidated ICA payment of amount of tax for schedular payment

  1. A consolidated imputation group that includes an Australian ICA company has an imputation credit for the amount of tax for a schedular payment paid to the company as a non-resident contractor.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 21 (amount of tax for schedular payment).

  3. The credit date is the day the amount of tax is withheld.

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