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Income Tax Act 2007

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

OP 47: Consolidated ICA final balance

You could also call this:

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

When a group of companies that share their tax credits (called a consolidated imputation group) stops being a group, they need to deal with any leftover credit in their shared tax account. This leftover credit becomes a debit, which is like owing money.

The day before the group stops being a consolidated imputation group is when this debit is recorded. It’s like settling up your accounts before you close them.

You can find this rule in a special table that lists all the debits for consolidated imputation groups. It’s in row 21 of that table, under the heading “final balance”.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519518.

Topics:
Money and consumer rights > Taxes
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“Tax credit repayment for consolidated groups using unfair tax advantage schemes”

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OP 48: Consolidated ICA refund of NRWT, or

“Repayment of non-resident withholding tax refund by consolidated group with Australian company”

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

OP 47Consolidated ICA final balance

  1. A consolidated imputation group has an imputation debit for a credit balance in the imputation credit account when the group stops being a consolidated imputation group.

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 21 (final balance).

  3. The debit date is the day before the group stops being a consolidated imputation group.

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