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Income Tax Act 2007

Memorandum accounts - Imputation credit accounts (ICA)

OB 19B: ICA transfer to loss-using group company

You could also call this:

“Transfer of imputation credits to a company using another company's tax losses”

You are part of a company that uses imputation credits (ICA). If you use a tax loss from another company under section IC 5, you can get an imputation credit. This happens when the other ICA company transfers the credit to you through an election under section OB 83.

This type of credit is listed in a special table called “table O1: imputation credits”. It’s found in row 17B, which is called “transfer of credit to loss-using group company”.

The day you get this credit is the same day it’s transferred to you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7224114.

Topics:
Money and consumer rights > Taxes
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 19BICA transfer to loss-using group company

  1. An ICA company that uses a tax loss made available under section IC 5 (Company B using company A’s tax loss) by another company has an imputation credit for the amount of an imputation credit transferred to it by an ICA company under an election under section OB 83 relating to the tax loss.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 17B (transfer of credit to loss-using group company).

  3. The credit date is the day on which the credit is transferred.

Notes
  • Section OB 19B: inserted (with effect on 1 October 2016 and applying for the 2017–18 and later income years), on , by section 194(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).