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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”
You could also call this:

“Old tax refunds don't reduce a company's current tax credits”

If you have a company that keeps track of its tax payments and credits, you don’t need to worry about certain old tax refunds. When your company gets a refund for income tax from a time before the current tax system started, it doesn’t count against your current tax credits. This means your company’s tax account won’t be reduced because of these old refunds. It’s like getting some extra money back without it affecting your current tax situation.

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Next up: OZ 3: Overpaid income tax for pre-imputation income year

or “How companies handle tax overpayments from before the imputation system”
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Part O Memorandum accounts
Terminating provisions

OZ 2No imputation debit for pre-imputation refund

  1. No imputation debit arises in the imputation credit account of an ICA company for a refund of income tax for a pre-imputation income year.

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