Memorandum accounts - Branch equivalent tax accounts (BETA) - Treatment of debits from conduit relief
OE 11B: Company with debit balance, including debits from conduit relief, in some income years
You could also call this:
“Old rule about company debit balances no longer applies”
This part of the law used to talk about what happens when a company has a debit balance, including debits from conduit relief, in some income years. However, this section no longer applies. The government removed it on 1 July 2012. This means that from that date onwards, companies don’t need to worry about this specific rule anymore. If you want to know how companies should handle their finances now, you might need to look at other parts of the tax law.
“This provision about branch tax debits no longer exists”
Part O
Memorandum accounts
Branch equivalent tax accounts (BETA):
Treatment of debits from conduit relief
OE 11BCompany with debit balance, including debits from conduit relief, in some income years (Repealed)
Notes
Section OE 11B: repealed, on (applying for income years beginning on or after that date), by section 109(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
