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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Foreign dividends

74: Annual ICA return to be furnished in respect of consolidated imputation group

You could also call this:

"Big companies must file a yearly tax return as if they were one company"

Illustration for Tax Administration Act 1994

You are part of a consolidated imputation group. Your group must follow the rules in sections 69 and 70 as if you were a single company. You must do this every year. You do not have to follow these rules if your group does not have to make a payment under section OP 6 of the Income Tax Act 2007 for the tax year. The Income Tax Act 2007 is a law that explains how tax works in New Zealand. You can find more information about the Income Tax Act 2007 on the New Zealand legislation website. Your group is like a single company when it comes to tax. This means you must follow the same rules as a single company would. You can find more information about these rules in sections 69 and 70 and the Income Tax Act 2007.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM351893.

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"Big companies must file yearly tax returns"

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Part 3Information, record-keeping, and returns
Returns: Foreign dividends

74Annual ICA return to be furnished in respect of consolidated imputation group

  1. A nominated company for a consolidated imputation group must, subject to subsection (2), comply in respect of the group with sections 69 and 70 as if—

  2. the group were a single company; and
    1. the reference in section 70(2) to that company ceasing to be an ICA company were a reference to the consolidated imputation group—
      1. ceasing to be a consolidated imputation group; or
        1. ceasing to be an imputation group and becoming a consolidated group that is a consolidated imputation group; or
          1. ceasing to be a consolidated group that is a consolidated imputation group and becoming an imputation group; and
          2. each reference in those sections to a provision of this Act or of the Income Tax Act 2007 were, where appropriate, a reference to the equivalent provision applicable to a consolidated imputation group.

            1. The nominated company for a resident imputation subgroup is not required to furnish an annual ICA return under section 69 in respect of the group for a tax year if the group has no liability to make a payment under section OP 6 of the Income Tax Act 2007 for the tax year.

            Compare
            • 1976 No 65 s 191SD(3)
            Notes
            • Section 74 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 74 heading: amended (with effect on 1 April 2003), on , by section 114(1) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1): amended (with effect on 1 April 2003), on , by section 114(2) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1)(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 74(1)(b): amended (with effect on 1 April 2003), on , by section 114(3) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1)(b)(i): inserted (with effect on 1 April 2003), on , by section 114(3) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1)(b)(ii): inserted (with effect on 1 April 2003), on , by section 114(3) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1)(b)(iii): inserted (with effect on 1 April 2003), on , by section 114(3) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(1)(b)(iii): amended (with effect on 1 April 2003), on , by section 331 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
            • Section 74(1)(c): 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 74(1)(c): amended (with effect on 1 April 2003), on , by section 114(4) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(2): inserted (with effect on 1 April 2003), on , by section 114(5) of the Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 (2003 No 122).
            • Section 74(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).