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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 7B: ICA payment of qualifying company election tax

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.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1631666.

Topics:
Money and consumer rights > Taxes
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OB 7: ICA payment of further income tax, or

“Imputation credit for paying extra income tax as an ICA company”

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OB 7C: ICA expenditure on research and development, or

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

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.

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