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Income Tax Act 2007

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

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

You could also call this:

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

When a consolidated imputation group includes an Australian ICA company, they might get a refund for an amount of tax paid for a schedular payment. If this happens, the group gets an imputation debit. This debit is for the same amount as the refund.

The refund is for a tax payment that earlier gave the group an imputation credit. You can find more about this credit in section OP 26.

This debit is listed in a special table called “imputation debits of consolidated imputation groups”. It’s in row 23, under “refund of amount of tax for schedular payment”. The matching credit is in another table called “imputation credits of consolidated imputation groups”. You can find it in row 21, under “amount of tax for schedular payment”.

The date of the debit is the same day the refund is given to the group.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1519522.

Topics:
Money and consumer rights > Taxes
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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”

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OP 50: Consolidated ICA refund relating to schedular income tax liability, or

“Refund of schedular income tax payment for consolidated imputation groups with Australian companies”

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

OP 49Consolidated ICA refund of amount of tax for schedular payment

  1. A consolidated imputation group that includes an Australian ICA company has an imputation debit for the amount of a refund of an amount of tax for a schedular payment that gave rise to an imputation credit under section OP 26.

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 23 (refund of amount of tax for schedular payment). The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 21 (amount of tax for schedular payment).

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

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