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Income Tax Act 2007

Memorandum accounts - Memorandum accounts of consolidated groups - Imputation debits of consolidated imputation groups

OP 33B: Consolidated ICA debit for transfer from tax pooling account for policyholder base liability

You could also call this:

“Tax pooling transfer for insurance-related taxes creates a group tax debit”

If you’re part of a consolidated imputation group, you need to know about a special kind of debit called an imputation debit. This happens when you move money from a tax pooling account to your tax account with the Commissioner. But it only counts as a debit for the amount that pays for your schedular income tax on schedular policyholder base income or your income tax for a life fund PIE that is a multi-rate PIE.

This debit is listed in a special table called “table O20: imputation debits of consolidated imputation groups”. You can find it in row 7B, which is called “debit for transfer from tax pooling account for policyholder base liability”.

It’s important to remember that this debit is recorded on the last day of the tax year. This means that even if you move the money earlier, the debit won’t show up until the end of the year.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3114222.

Topics:
Money and consumer rights > Taxes
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OP 33: Consolidated ICA transfer within tax pooling account, or

“Groups can transfer tax pool credits and must record it”

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Part O Memorandum accounts
Memorandum accounts of consolidated groups: Imputation debits of consolidated imputation groups

OP 33BConsolidated ICA debit for transfer from tax pooling account for policyholder base liability

  1. A consolidated imputation group has an imputation debit for the amount transferred from a tax pooling account to their tax account with the Commissioner, to the extent to which the amount satisfies its schedular income tax liability for schedular policyholder base income or its income tax liability for a life fund PIE that is a multi-rate PIE.

  2. The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 7B (debit for transfer from tax pooling account for policyholder base liability).

  3. The debit date is the last day of the tax year.

Notes
  • Section OP 33B: inserted, on , by section 454(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).