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OP 116: Consolidated PCA transfer to imputation credit account
or “Removed rule about transferring funds between company accounts in insurance groups”
You could also call this:

“No tax credits for shareholders from company taxes paid before the imputation system began”

When a company pays income tax for a year before the imputation system started, it doesn’t get an imputation credit in its imputation credit account. This means you can’t use that tax payment to give shareholders a tax credit on their dividends. The imputation system is a way for companies to pass on the benefit of tax they’ve already paid to their shareholders, but it only applies to tax paid after the system began.

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Next up: OZ 2: No imputation debit for pre-imputation refund

or “Old tax refunds don't reduce a company's current tax credits”
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Part O Memorandum accounts
Terminating provisions

OZ 1No imputation credit for pre-imputation tax paid

  1. No imputation credit arises in the imputation credit account of an imputation credit account (ICA) company for a payment of income tax imposed for a pre-imputation income year.

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