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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”
You could also call this:

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

When a company in a consolidated imputation group pays a dividend, the group gets an imputation debit. This debit is equal to the imputation credit attached to the dividend. You can find this debit listed in table O20, row 2, which shows imputation debits of consolidated imputation groups. The debit happens on the same day the dividend is paid.

Sometimes, section GB 38 might apply. This section can make an amount count as a debit under this rule. This happens when sections GB 35 to GB 37 apply to consolidated groups.

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Next up: OP 29: Consolidated ICA allocation of provisional tax

or “Sharing provisional tax within a group of companies”
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Part O Memorandum accounts
Memorandum accounts of consolidated groups: Imputation debits of consolidated imputation groups

OP 28Consolidated ICA payment of dividend

  1. A consolidated imputation group has an imputation debit for an amount that equals the amount of an imputation credit attached to a dividend paid by a group company.

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 2 (payment of dividend).

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

  4. Section GB 38 (When sections GB 35 to GB 37 apply to consolidated groups) may apply to treat an amount as a debit under this section.

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