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Income Tax Act 2007

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

OP 11C: Consolidated ICA credit for research and development tax credit

You could also call this:

“Group tax credit for company's research and development”

When a company in a consolidated imputation group is entitled to a research and development tax credit, the group gets an imputation credit for that amount. This credit is listed in a special table that shows imputation credits for consolidated imputation groups. The credit is added on the day when the company in the group files its tax return for that income year.

You can think of this like a group of friends who all share their pocket money. If one friend earns extra money for doing a science project, the whole group gets to share that extra money. The group adds this money to their shared piggy bank on the day the friend tells the teacher about their project.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS199454.

Topics:
Money and consumer rights > Taxes
Business > Industry rules
Education and learning > Research
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“This section about tax credits for group companies' research spending is no longer active”

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

OP 11CConsolidated ICA credit for research and development tax credit

  1. A consolidated imputation group has an imputation credit for the amount of research and development tax credit that a group company is entitled to.

  2. The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 6C (Research and development tax credits).

  3. The credit date is the date the group company files its return of income for the income year.

Notes
  • Section OP 11C: inserted, on , by section 19 (and see section 3 for application) of the Taxation (Research and Development Tax Credits) Act 2019 (2019 No 15).