Memorandum accounts - Memorandum accounts of consolidated groups - Introductory provisions
OP 79: When credits and debits arise only in CTR group accounts
You could also call this:
“This rule about group tax accounts has been removed”
This section of the law, called ‘When credits and debits arise only in CTR group accounts’, has been removed. It is no longer part of the Income Tax Act 2007. The government took it out on 7 May 2012, but it actually stopped being used on 1 July 2011. This change affects how businesses keep track of their money and taxes from that date onwards.
OP 80: Provisions applying to consolidated groups with CTR accounts, or
“Rules for group tax accounts no longer apply”
Part O
Memorandum accounts
Memorandum accounts of consolidated groups:
Introductory provisions
OP 79When credits and debits arise only in CTR group accounts (Repealed)
Notes
Section OP 79: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 112(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
