Part m-memorandum accounts
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MP 79 Consolidated CTRA payment of dividend Debit(1) A consolidated group has a conduit tax relief debit as described in table M24: conduit tax relief debits of consolidated groups, row 2 (payment of dividend) for the amount of a conduit tax relief credit attached to a dividend paid by a group company that is part of the group when the dividend is paid. Debit date(2) The debit date is the day the dividend is paid. Defined in this Act: amount, company, conduit tax relief account, conduit tax relief credit, conduit tax relief debit, consolidated group, dividend, pay Origin: 2004 No 35 s MI 18(1)(a), (2)(a)
Debit(1) A consolidated group has a conduit tax relief debit for a tax year as described in table M24: conduit tax relief debits of consolidated groups, row 3 (transfer to the group’s FDWP account) for the amount of a credit balance in the conduit tax relief account that is treated as transferred to the group’s FDWP account when— (a) a credit balance exists in the group’s conduit tax relief account just before the end of the tax year; and (b) a debit balance exists in the group’s FDWP account just before the end of the tax year.
Finding balances(2) For the purposes of subsection (1),— (a) the credit balance and the debit balance are determined before the transfer is made under this section; and (b) the credit balance in the conduit tax relief account is found after a conduit tax relief credit arises at the end of the tax year as described in table M23: conduit tax relief credits of consolidated groups— (i) row 2 (rebate for conduit tax relief): (ii) row 6 (transfer from group’s FDWP account).
Amount of credit and debit(3) The amount of the credit is equal to the smaller of the 2 balances referred to in subsection (1), and becomes— (a) the conduit tax relief debit described in table M24: conduit tax relief debits of consolidated groups, row 3 (transfer to group’s FDWP account); and (b) the FDWP credit described in table M21: FDWP credits of consolidated FDWP groups, row 6 (transfer from group’s conduit tax relief account).
Debit date(4) The debit date is the last day of the tax year. Defined in this Act: amount, conduit tax relief account, conduit tax relief credit, conduit tax relief debit, consolidated group, dividend, FDWP account, FDWP credit, tax year Origin: 2004 No 35 ss MI 18(1)(g), (2)(g), MI 20(2)
Debit(1) A consolidated group has a conduit tax relief debit for a tax year as described in table M24: conduit tax relief debits of consolidated groups, row 4 (adjustment for conduit tax relief) for the amount of an adjustment allowed under section FH 8(5) (Rules for applying surplus group excess interest allocation amount to increase income tax and dividend withholding payment) to a group company that is part of the group on the last day of the income year corresponding to the tax year for which the adjustment is allowed. Debit date(2) The debit date is the day the company files a return of income for the tax year corresponding to the income year for which the adjustment is made. Defined in this Act: amount, company, conduit tax relief, conduit tax relief account, conduit tax relief debit, consolidated group, income year, tax year Origin: 2004 No 35 s MI 18(1)(b), (2)(b)
Debit(1) A consolidated group has a conduit tax relief debit as described in table M24: conduit tax relief debits of consolidated groups, row 5 (group company’s debit) for an amount to the extent to which the amount would, if section MP 71(3) did not exist, give rise to— (a) a conduit tax relief debit described in table M6: conduit tax relief debits, in the conduit tax relief account of a group company; and (b) a conduit tax relief debit that would create or increase a debit balance in the group company’s conduit tax relief account.
Debit date(2) The debit date is the day that would be the debit date if the debit had arisen in the company’s account. Defined in this Act: amount, company, conduit tax relief account, conduit tax relief debit, consolidated group Origin: 2004 No 35 s MI 19(5)
Debit(1) A consolidated group has a conduit tax relief debit as described in table M24: conduit tax relief debits of consolidated groups, row 6 (increase in resident shareholding) for the amount of a conduit tax relief credit in the group’s conduit tax relief account if a breach in the resident shareholding requirements described in subsection (2) and section MA 8 (Shareholder continuity requirements for memorandum accounts) occurs. Resident shareholding requirement(2) For the purposes of subsection (1), the resident shareholding requirement means that— (a) the credit continues to exist to the extent to which it is not reduced by a later conduit tax relief debit; and (b) since the credit date for the credit, the percentage of the group’s shareholders who are resident in New Zealand does not increase by 34% or more; and (c) an amount that is the conduit tax relief debit under subsection (1) arises for the amount of the credit that still exists when paragraph (b) is breached. Supporting rules(3) The following rules apply for the purposes of subsection (2): (a) the percentage of shareholders resident in New Zealand at any time is found by taking— (i) the highest percentage of direct voting interests held in the group by residents; and (ii) the highest percentage of direct market value interests held in the group, if a direct market value circumstance exists, by residents; and (iii) if not all shares held by the group’s shareholders are shares of the same class, the highest percentage of total dividends that would be derived by residents if the group were liquidated: (b) a credit retains its separate character and is not treated as part of a credit described in section MA 7 (Opening balances of memorandum accounts) in a later tax year; and (c) the amount by which a credit is reduced by an earlier or later debit is found by— (i) treating debits as reducing credits in the order in which the credits arise; and (ii) counting a debit, whether some or all, only once in the reduction of a credit; and (d) the credit date for a credit described in table M23: conduit tax relief credits of consolidated groups, row 5 (group company’s credits) is the credit date when the credit arose in the conduit tax relief account of the group company; and (e) the debit still arises despite an arrangement affecting the company’s shares that has a purpose or effect of defeating the intent and application of the resident shareholding requirements.
Debit date(4) The debit date is the day on which the shareholding threshold is first reached or passed. Defined in this Act: amount, arrangement, company, conduit tax relief account, conduit tax relief credit, conduit tax relief debit, consolidated group, dividend, liquidation, market value circumstance, market value interest, resident, resident in New Zealand, shareholder, shares of the same class, tax year, voting interest Origin: 2004 No 35 s MI 18(1)(e), (2)(e), (3), (4)
Debit(1) A consolidated group has a conduit tax relief debit for a tax year as described in table M24: conduit tax relief debits of consolidated groups, row 7 (breach of conduit tax relief ratio) for the amount of a debit described in table M6: conduit tax relief debits, row 9 (breach of conduit tax relief ratio) in the conduit tax relief account of a group company, if section MP 71 did not exist. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, company, conduit tax relief account, conduit tax relief debit, conduit tax relief ratio, consolidated group, tax year Origin: 2004 No 35 s MI 18(1)(c), (2)(c)
Debit(1) A consolidated group has a conduit tax relief debit as described in table M24: conduit tax relief debits of consolidated groups, row 8 (tax advantage arrangement) for the amount of a debit for a tax advantage arrangement determined under section GC 22 (Imputation: arrangement to obtain tax advantage). Debit date(2) The debit date is the last day of the tax year in which the arrangement began. Defined in this Act: amount, arrangement, conduit tax relief account, conduit tax relief debit, consolidated group, tax advantage, tax year Origin: 2004 No 35 s MI 18(1)(d), (2)(d)
Debit(1) A consolidated group has a conduit tax relief debit as described in table M24: conduit tax relief debits of consolidated groups, row 9 (final balance) for a credit balance in the conduit tax relief account when the group is no longer required to maintain the account. Debit date(2) The debit date is the day just before the group is no longer required to maintain a conduit tax relief account. Defined in this Act: conduit tax relief account, conduit tax relief debit, consolidated group Origin: 2004 No 35 s MI 18(1)(f), (2)(f)
Liability for FDWP(1) A consolidated FDWP group is liable to pay FDWP for a tax year for the amount of— (a) a conduit tax relief credit described in table M23: conduit tax relief credits of consolidated groups, row 6 (transfer from group’s FDWP account) at the end of the tax year; and (b) a conduit tax relief debit described in subsection (2) arising in the group’s conduit tax relief account during the tax year.
Particular debits(2) The debit referred to in subsection (1)(b) is a debit described in the following rows of table M24: conduit tax relief debits of consolidated groups: (a) row 6 (increase in resident shareholding): (b) row 7 (breach of conduit tax relief ratio): (c) row 8 (tax advantage arrangement): (d) row 9 (final balance).
No FDWP credit(3) No FDWP credit arises for an amount of FDWP paid for a debit described in subsection (2)(a) to (c). Payment dates(4) The due date for payment to the Commissioner of the FDWP is— (a) 20th June following the end of the tax year for an FDWP liability arising under subsection (1)(a); or (b) the 20th of the month following the end of the quarter in which the debit arises for an FDWP liability arising under subsection (1)(b).
Application of other provisions(5) When it is appropriate for the purposes of this section, the other sections of this Act and the Tax Administration Act 1994— (a) apply as if they addressed further FDWP and not income tax; and (b) apply, modified as necessary, to ensure their application to FDWP rather than income tax; and (c) do not override the FDWP rules and section 103A of the Tax Administration Act 1994. Defined in this Act: amount, arrangement, Commissioner, conduit tax relief account, conduit tax relief credit, conduit tax relief debit, conduit tax relief ratio, consolidated FDWP group, FDWP, FDWP account, FDWP credit, FDWP rules, further FDWP, income tax, pay, resident, shareholder, tax advantage, tax year Origin: 2004 No 35 s MI 21 MP 88 Refund on transfer from group’s FDWP account Refund(1) A consolidated FDWP group is entitled to a refund for the amount described in table M23: conduit tax relief credits of consolidated groups, row 6 (transfer from group’s FDWP account) for a transfer from the group’s conduit tax relief account. Application of refund(2) The Commissioner may apply the amount of the refund to satisfy an amount owing under the Inland Revenue Acts by the group. Defined in this Act: amount, Commissioner, conduit tax relief account, conduit tax relief credit, consolidated FDWP group Origin: 2004 No 35 s MI 22(4)
Consolidated group accounts(1) A consolidated group is a branch equivalent tax account group (consolidated BETA group) for a tax year if— (a) a group company is a BETA company at a time during the tax year; or (b) the group chooses to maintain a branch equivalent tax account.
Notifying Commissioner(2) The nominated company of a consolidated BETA group must notify the Commissioner of an election under subsection (1)(b)— (a) no later than 21 days after the day of election; or (b) by a later time if the Commissioner allows. Defined in this Act: BETA company, branch equivalent tax account, Commissioner, consolidated BETA group, nominated company, notify, tax year Origin: 2004 No 35 s MF 7(1), (2)
Election(1) The nominated company of a consolidated BETA group may choose that the group’s status as a consolidated BETA group is to stop. No election(2) An election under subsection (1) may be made during a tax year that is later than the tax year in which the group chooses under section MP 89 to become a consolidated BETA group. When group ends status(3) The election takes effect from the start of the later tax year referred to in subsection (2) but only if— (a) the group files an annual imputation return for the year of election in the time allowed by section 69 of the Tax Administration Act 1994; and (b) no group company is a BETA company in the tax year after the year of the election. Defined in this Act: annual imputation return, BETA company, branch equivalent tax account, company, consolidated BETA group, nominated company, tax year Origin: 2004 No 35 s MF 7(3), (4)
Credits only in group accounts(1) A credit listed in subsection (2) arises only in the branch equivalent tax account of a consolidated BETA group and not in the branch equivalent tax account of a group company. Particular credits(2) The credit referred to in subsection (1) is a credit described the following rows of table M25: branch equivalent tax credits of consolidated BETA groups: (a) row 2 (payment of income tax on foreign income); and (b) row 4 (refund of FDWP).
Debits only in group accounts(3) A debit listed in subsection (4) arises only in the branch equivalent tax account of a consolidated BETA group and not in the branch equivalent tax account of a group company. Particular debits(4) The debit referred to in subsection (3) is a debit described in the following rows of table M26: branch equivalent tax debits of consolidated BETA groups: (a) row 2 (payment of FDWP); and (b) row 4 (refund of income tax). Defined in this Act: branch equivalent tax account, branch equivalent tax credit, branch equivalent tax debit, company, consolidated BETA group, dividend, FDWP, income tax, pay Origin: 2004 No 35 s MF 9 Branch equivalent tax credits of consolidated BETA groups Table M25: branch equivalent tax credits of consolidated BETA groups
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