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Income Tax Act 2007

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

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

You could also call this:

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

If you are part of a consolidated imputation group that includes an Australian ICA company, you need to know about imputation debits related to schedular income tax liability refunds. When your group gets a refund for a payment that was connected to a schedular income tax liability, you will have an imputation debit. This debit is for the same amount as the refund.

The imputation debit happens because the original payment created an imputation credit under section OP 27. You can find information about this debit in a special table called “imputation debits of consolidated imputation groups”. It’s listed in row 24 as “refund relating to schedular income tax liability”. The matching credit is in another table called “imputation credits of consolidated imputation groups”, in row 22, labelled “payment of schedular income tax liability”.

The date of the debit is the same day that you receive 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=DLM1519524.

Topics:

Money and consumer rights > Taxes

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”

OP 51: FDP accounts of consolidated FDP groups, or

“Repealed section about foreign dividend payment accounts for company groups”

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

OP 50Consolidated ICA refund relating to schedular income tax liability

A consolidated imputation group that includes an Australian ICA company has an imputation debit for the amount of a refund of a payment relating to a schedular income tax liability that gave rise to an imputation credit under section OP 27.
The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 24 (refund relating to schedular income tax liability). The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 22 (payment of schedular income tax liability).
The debit date is the day the refund is made.

Compare

2004 No 35 s ME 12(1A)(c), (2A)

Notes

Section OP 50 heading: amended (with effect on 1 April 2008), on 24 February 2016, by section 218(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 50(1): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 218(2) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 50(2): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 218(3)(a) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 50(2): amended (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 24 February 2016, by section 218(3)(b) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 50 list of defined terms schedular income tax: repealed (with effect on 1 April 2008), on 24 February 2016, by section 218(4)(a) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
Section OP 50 list of defined terms schedular income tax liability: inserted (with effect on 1 April 2008), on 24 February 2016, by section 218(4)(b) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).