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Income Tax Act 2007

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

OP 46: Consolidated ICA tax advantage arrangement

You could also call this:

“Tax credit repayment for consolidated groups using unfair tax advantage schemes”

You and your group might have to pay back some tax credits if you try to get an unfair tax advantage. This is called a consolidated imputation group tax advantage arrangement.

If you and your group are found to have this kind of arrangement, you’ll lose some of your tax credits. The amount you lose is decided by looking at sections GB 35 and GB 36 of the law.

This loss of tax credits is listed in a special table called “imputation debits of consolidated imputation groups”. It’s in row 20 of that table.

The date when this loss of tax credits happens is the last day of the tax year when you started the arrangement.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519516.

Topics:
Money and consumer rights > Taxes
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OP 45: Consolidated ICA redemption debit, or

“Reducing group tax credits when a fund manager receives money from selling units or investments”

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OP 47: Consolidated ICA final balance, or

“Final balance owed when a consolidated tax credit group ends”

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

OP 46Consolidated ICA tax advantage arrangement

  1. A consolidated imputation group has an imputation debit for the amount of a debit for a tax advantage arrangement determined under sections GB 35 and GB 36 (which relate to imputation arrangements to obtain a tax advantage).

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 20 (tax advantage arrangement).

  3. The debit date is the last day of the tax year in which the arrangement began.

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