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OP 115: Consolidated PCA payment of tax relating to policyholder base
or “Insurance company group tax payment rule for customer-related tax (no longer applies)”
You could also call this:

“Removed rule about transferring funds between company accounts in insurance groups”

You should know that this section of the law, called ‘Consolidated PCA transfer to imputation credit account’, has been removed. It was part of the rules about ‘Policyholder debits of consolidated groups’ in the Income Tax Act 2007. The government took it out of the law on 1 July 2010. This means it no longer applies and you don’t need to follow it anymore.

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Next up: OZ 1: No imputation credit for pre-imputation tax paid

or “No tax credits for shareholders from company taxes paid before the imputation system began”
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Part O Memorandum accounts
Memorandum accounts of consolidated groups: Policyholder debits of consolidated groups

OP 116Consolidated PCA transfer to imputation credit account (Repealed)

    Notes
    • Section OP 116: repealed, on , by section 483(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).