Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
OB 7: ICA payment of further income tax
or “Imputation credit for paying extra income tax as an ICA company”
You could also call this:

“Imputation credit for paying qualifying company election tax”

When you are an ICA company, you get an imputation credit when you pay qualifying company election tax. This tax is paid under section HA 40. The amount of credit you get is the same as the amount of tax you pay.

This imputation credit is listed in a table called “table O1: imputation credits”. It’s in row 5B of that table, which is labelled “payment of qualifying company election tax”.

The date of the credit is the same day that you pay the qualifying company election tax.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: OB 7C: ICA expenditure on research and development

or “Companies can't claim tax credits for research and development spending”
Next

Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 7BICA payment of qualifying company election tax

  1. An ICA company has an imputation credit for an amount of qualifying company election tax paid under section HA 40 (Liability for qualifying company election tax).

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 5B (payment of qualifying company election tax).

  3. The credit date is the day the qualifying company election tax is paid.

Compare
Notes
  • Section OB 7B: inserted, on , by section 495 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).