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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Research and development

69: Annual ICA return

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"Send a yearly report to the Commissioner about your imputation credit account"

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You must give the Commissioner an annual ICA return for a tax year. The return shows the opening and closing balance of your imputation credit account. It also shows credits and debits as described in sections OA 5(2) and OA 6(2) of the Income Tax Act 2007. You give the Commissioner the return by the last day of July after the tax year ends. If you are not an Australian ICA company, you give the return by the last day you can file a return of income. This is as permitted under section 37. If your imputation credit account has a nil balance all year, you do not have to give the Commissioner a return. You must give more information if the Commissioner asks for it. This includes information about your ASC account if you are a public unit trust or group investment fund.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM351858.

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Part 3Information, record-keeping, and returns
Returns: Research and development

69Annual ICA return

  1. Subject to subsection (3), an imputation credit account (ICA) company must provide to the Commissioner an annual ICA return in the prescribed form for a tax year, showing—

  2. the opening balance and closing balance of the imputation credit account for the tax year:
    1. the amount and source of all credits and debits that have arisen during the tax year as described in sections OA 5(2) and OA 6(2) of the Income Tax Act 2007:
      1. the amount of any further income tax payable for the tax year under sections OB 65 to OB 67 of that Act:
        1. the amount of any imputation penalty tax payable for the tax year:
                1. when the company is a public unit trust or a group investment fund that derives category A income—
                  1. the opening and closing balances of the trust’s or fund’s ASC account for the tax year:
                    1. the amount and source of all credits and debits that have arisen in the trust’s or fund’s ASC account as described in sections OA 5(6) and OA 6(6) of that Act:
                    2. further information as may be prescribed or required by the Commissioner.

                      1. The annual ICA return required for the tax year by subsection (1) must be provided to the Commissioner no later than—

                      2. the last day of the July that follows the end of the tax year, if the ICA company is an Australian ICA company that is not required to file a return of income for the tax year:
                        1. if paragraph (a) does not apply, the last day on which the ICA company is permitted under section 37 to file a return of income for the tax year.

                          1. Subsection (1) does not apply to an ICA company that is a member of a consolidated imputation group if the ICA for the company has a nil balance at all times during the relevant tax year.

                          Notes
                          • Section 69: replaced, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
                          • Section 69(1): amended (with effect on 1 April 2020), on , by section 185(1) (and see section 185(3) for application) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
                          • Section 69(1)(e): repealed, on (applying for returns relating to income years beginning on or after that date), by section 145(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                          • Section 69(1)(f): repealed (with effect on 1 July 2011 and applying for returns relating to income years beginning on or after that date), on , by section 145(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
                          • Section 69(1)(g): repealed, on , by section 316 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
                          • Section 69(3): inserted (with effect on 1 April 2020), on , by section 185(2) (and see section 185(3) for application) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).