Part m-memorandum accounts

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Definition of items in formula

(3) In the formula,—

(a) balance is the amount of the debit balance remaining in the branch equivalent tax account:

(b) tax rate is the decimal fraction that is the basic rate of income tax set out in, as applicable,—

(i) schedule 1, part A, clause 5 (Basic rates of income tax and specified superannuation contribution withholding tax) if the company is not a Maori authority; or

(ii) schedule 1, part A, clause 2 if the company is a Maori authority.

Group’s net loss

(4) The net loss belongs to the consolidated group.

Defined in this Act: amount, attributed CFC income, basic rate, branch equivalent tax account, branch equivalent tax credit, company, consolidated BETA group, dividend, income tax, Maori authority, net loss

Origin: 2004 No 35 ss MF 8(2)(c), (3)(b), MF 10(4), (5), (6)

MP 95 Consolidated BETA refund of FDWP

Credit

(1) A consolidated BETA group has a branch equivalent tax credit for a tax year as described in table M25: branch equivalent tax credits of consolidated BETA groups, row 4 (refund of FDWP) for the amount of a refund of FDWP. Subsections (2) and (3) override this subsection.

Refund giving rise to debit

(2) A refund under subsection (1) must be a refund of a payment of FDWP that gave rise to a debit described in table M26: branch equivalent tax debits of consolidated BETA groups, row 2 (payment of FDWP).

Reduction

(3) The amount of the credit under subsection (1) is reduced to the extent to which—

(a) the payment of FDWP is made before a branch equivalent tax credit arises as described in table M25: branch equivalent tax credits of consolidated BETA groups, row 5 (credit for loss of shareholder continuity) in the group’s branch equivalent tax account; and

(b) the amount of the refund is not more than the amount of the credit for the loss of shareholder continuity.

Credit date

(4) The credit date is the day the refund is made.

Defined in this Act: amount, branch equivalent tax account, branch equivalent tax credit, consolidated BETA group, consolidated group, FDWP, payment, shareholder, tax year

Origin: 2004 No 35 s MF 8(1)(d), (3)(c)

MP 96 Consolidated BETA credit for loss of shareholder continuity

Credit

(1) A consolidated BETA group has a branch equivalent tax credit as described in table M25: branch equivalent tax credits of consolidated BETA groups, row 5 (credit for loss of shareholder continuity) for the amount of a branch equivalent tax debit retained in the branch equivalent tax account and unused before the date of breach in shareholder continuity.

Credit date

(2) The credit date is the day of loss of continuity.

Defined in this Act: amount, branch equivalent tax account, branch equivalent tax credit, branch equivalent tax debit, consolidated BETA group, shareholder

Origin: 2004 No 35 s MF 8(2)(e), (3)(d)

Branch equivalent tax debits of consolidated BETA groups
Table M26: branch equivalent tax debits of consolidated BETA groups

Row	Branch equivalent debit	Debit date	Further defined
1	Opening debit balance
	Opening debit balance	1 April	section MA 7
2	Payment of FDWP
	FDWP paid on a dividend derived from a CFC	day of payment	section MP 97
3	Reduction of FDWP
	A credit balance applied to satisfy an FDWP liability	due date for payment of the FDWP	section MP 98
4	Refund of income tax
	A refund of income tax for attributed CFC income	day of refund	section MP 99
5	Debit for loss of shareholder continuity
	A debit for loss of shareholder continuity	day of loss of continuity	section MP 100
How to use this table Each row in the table describes— (a) the branch equivalent tax debits that may arise in the branch equivalent tax account of a consolidated group during a tax year; and (b) the debit date when the debit arises. A more detailed description of the branch equivalent tax debits is contained in the section noted in the last column.

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