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 27: Consolidated ICA payment of schedular income tax liability

You could also call this:

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

If you’re part of a consolidated imputation group that includes an Australian ICA company, you can get an imputation credit. This credit is for when the company pays schedular income tax on money it earns from certain activities. These activities are described in section CR 3 (which is about income of non-resident general insurers) or CV 16 (which is about non-resident shippers).

This imputation credit is listed in a special table. It’s called table O19, which shows imputation credits of consolidated imputation groups. You can find this credit in row 22 of that table.

The date of the credit is important too. It’s the day when the schedular income tax is paid.

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 It might be out of date or be missing some parts.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=DLM1519465.

Topics:

Money and consumer rights > Taxes

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

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

OP 28: Consolidated ICA payment of dividend, or

“Consolidated group gets an imputation debit when paying dividends with attached credits”

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

OP 27Consolidated ICA payment of schedular income tax liability

A consolidated imputation group that includes an Australian ICA company has an imputation credit for the amount of a payment by the company of schedular income tax liability for income derived under section CR 3 (Income of non-resident general insurer) or CV 16 (Non-resident shippers).
The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 22 (payment of schedular income tax liability).
The credit date is the day the schedular income tax liability is paid.

Compare

2004 No 35 s ME 11(1B)(c), (2B)(c)

Notes

Section OP 27 heading: amended (with effect on 1 April 2008), on 24 February 2016, by section 217(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 27(1): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 217(2) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 27(1): amended, on 2 November 2012, by section 135 of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).
Section OP 27(2): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 217(3) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 27(3): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 217(4) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 27 list of defined terms schedular income tax: repealed (with effect on 1 April 2008), on 24 February 2016, by section 217(5)(a) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 27 list of defined terms schedular income tax liability: inserted (with effect on 1 April 2008), on 24 February 2016, by section 217(5)(b) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).