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Tax Administration Act 1994

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

70: Annual ICA return to be furnished if: required by Commissioner; requirement for imputation credit account ceases; or balance retrospectively reduced to debit or to less than refund

You could also call this:

"When to give the Commissioner your annual ICA return"

Illustration for Tax Administration Act 1994

You have to give the Commissioner an annual ICA return in certain situations. The Commissioner can ask you for this return at any time. You must give the Commissioner the return within the time they specify. You also have to give the Commissioner an annual ICA return if you stop being an ICA company. You must do this within two months of the last day you were an ICA company. If something happens after the end of a tax year that affects your imputation credit account, you might have to give the Commissioner a revised return. This could happen if you get a refund or transfer that changes your account balance, because of rules like section OB 34, OB 35, OP 32, or OP 33 of the Income Tax Act 2007. You can also choose to give the Commissioner an annual ICA return at any time. The return must include certain information, as outlined in section 69.

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Topics:
Money and consumer rights > Taxes
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"Maori authorities must give an annual return about their credit account to the Commissioner."

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70B: Annual Maori authority credit account return to be furnished in particular cases, or

"Maori authorities must give the Commissioner a credit account return in certain situations"

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

70Annual ICA return to be furnished if: required by Commissioner; requirement for imputation credit account ceases; or balance retrospectively reduced to debit or to less than refund

  1. The Commissioner may require an ICA company to furnish, within such time as the Commissioner may allow, an annual ICA return in respect of any period specified by the Commissioner.

  2. A company that in any tax year ceases to be an ICA company shall furnish to the Commissioner, not later than 2 calendar months after the last day on which it is still an ICA company, an annual ICA return in respect of the period commencing on the first day of the tax year and ending with the last day on which the company is an ICA company.

  3. An ICA company or consolidated imputation group that is affected by a refund or transfer relating to an amount in a tax pooling account, and occurring after the end of a tax year, must furnish to the Commissioner a revised return for the tax year within 2 calendar months of the date of the refund or transfer if, as a result of the application of section OB 34, OB 35, OP 32, or OP 33 of the Income Tax Act 2007, the refund or transfer causes the balance of the imputation credit account of the company or group for the end of the tax year to become—

  4. a debit balance:
    1. a balance that is less than the amount of a refund that the company would anticipate receiving but for sections RM 13 to RM 17, RM 32, and RZ 6 of the Income Tax Act 2007.

      1. An ICA company may furnish to the Commissioner, at any time, an annual ICA return in respect of the period commencing on the first day of any tax year and ending with any day specified by the company within that tax year, being a day that is not more than 7 days earlier than the date on which the annual ICA return is furnished to the Commissioner.

      2. An annual ICA return furnished under this section shall, except where the Commissioner otherwise specifies, contain the matters referred to in section 69 as if the references in that section to a tax year were—

      3. in the case of a return required to be furnished under subsection (1) of this section, references to the period specified by the Commissioner:
        1. in the case of a return required to be furnished under subsection (2) of this section, references to the period referred to in that subsection:
          1. in the case of a return furnished under subsection (3) of this section, references to the period referred to in that subsection.

            Compare
            • 1976 No 65 s 394K
            Notes
            • Section 70 heading: replaced, on , by section 113(1) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 70 heading: amended, 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 70(1): amended, 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 70(2): amended (with effect on 1 April 2008), on , by section 330 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
            • Section 70(2): amended, 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 70(2B): inserted, on , by section 113(2) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 70(2B): amended, 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 70(2B)(b): amended, 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 70(3): amended, 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 70(4): amended, 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).