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Income Tax Act 2007

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

OP 48: Consolidated ICA refund of NRWT

You could also call this:

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

When your group includes an Australian ICA company, you might have to pay back some money. This happens if you got a refund of NRWT (non-resident withholding tax) that you had previously counted as a credit. The amount you need to pay back is called an imputation debit.

You can find more information about this credit in section OP 25. The debit is listed in a special table called ‘imputation debits of consolidated imputation groups’ under row 22. The credit is in another table called ‘imputation credits of consolidated imputation groups’ under row 20.

The day you have to record this debit is the same day you get the refund.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519520.

Topics:
Money and consumer rights > Taxes
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OP 47: Consolidated ICA final balance, or

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

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OP 49: Consolidated ICA refund of amount of tax for schedular payment, or

“Refund of tax for scheduled payment creates debit for consolidated imputation group”

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

OP 48Consolidated ICA refund of NRWT

  1. A consolidated imputation group that includes an Australian ICA company has an imputation debit for the amount of a refund of NRWT that gave rise to an imputation credit under section OP 25.

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 22 (refund of NRWT). The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 20 (NRWT withheld).

  3. The debit date is the day the refund is made.

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