Part m-memorandum accounts
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MP 7 Consolidated ICA payment of tax Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 2 (payment of tax) for a payment of income tax. Subsection (2) overrides this subsection. No credit(2) A consolidated imputation group does not have an imputation credit for an amount of— (a) income tax paid as a trustee, unless paid on category A income; or (b) a transfer from a tax pooling account to a tax account with the Commissioner; or (c) income tax paid on income derived by a company that is not an ICA company; or (d) income tax paid by crediting an amount under subpart LE (Non-resident investors); or (e) further income tax applied under section MB 58 or MB 59 (which relate to further income tax) to pay income tax or provisional tax; or (f) income tax paid under section LB 2(2) (Credit of tax for imputation credit) by crediting an imputation credit; or (g) income tax paid under section LD 8(1) (Credit of tax for dividend withholding payment credit in hands of shareholder) by crediting an FDWP credit; or (h) income tax paid by a life insurer subject to section EY 47 (Non-resident life insurers with life insurance policies in New Zealand) to satisfy the tax year’s policyholder base income tax liability; or (i) income tax paid by crediting further income tax under section MB 62(3) (Further income tax paid satisfying income tax). Credit date(3) The credit date is the day the tax is paid. Defined in this Act: amount, category A income, Commissioner, company, consolidated imputation group, FDWP credit, further income tax, ICA company, imputation credit, imputation credit account, income, income tax, life insurer, pay, policyholder base income tax liability, provisional tax, tax year, trustee Origin: 2004 No 35 s ME 11(1)(a), (2)(a)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account) for an amount provided by it and paid by an intermediary into a tax pooling account. Credit date(2) The credit date is the day the amount is deposited. Defined in this Act: amount, consolidated imputation group, imputation credit, intermediary, pay Origin: 2004 No 35 s ME 11(1)(aa), (2)(aa)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 4 (transfer from tax pooling account) for an amount that represents an entitlement to funds held in a tax pooling account and transferred by an intermediary. Credit date(2) The credit date is— (a) the effective date under section MBA 6 (Transfers from tax pooling account) of the Income Tax Act 2004 if the amount is transferred to the group’s tax account with the Commissioner; or (b) the day the refund is made. Defined in this Act: amount, Commissioner, consolidated imputation group, imputation credit, intermediary Origin: 2004 No 35 s ME 11(1)(ab), (2)(ab)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 5 (allocation from excess company) for an amount allocated from an excess company under section MB 9 (Payments to be set off within wholly-owned group) of the Income Tax Act 2004. Credit date(2) The credit date is the day the Commissioner is notified of the allocation. Defined in this Act: amount, company, consolidated imputation group, imputation credit, notify Origin: 2004 No 35 s ME 11(1)(b), (2)(b)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 6 (payment of further income tax) for an amount of further income tax paid under section MB 58 or MB 59 (which relate to further income tax). Credit date(2) The credit date is the day the further income tax is paid. Defined in this Act: amount, consolidated imputation group, further income tax, imputation credit, pay Origin: 2004 No 35 s ME 11(1)(c), (2)(a)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 7 (derivation of dividend with imputation credit) for the amount of an imputation credit attached to a dividend derived by a group company. Credit date(2) The credit date is the day the dividend is paid. Defined in this Act: amount, company, consolidated imputation group, dividend, imputation credit, pay Origin: 2004 No 35 s ME 11(1)(d), (2)(c)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 8 (derivation of dividend with FDWP credit) for the amount of an FDWP credit attached to a dividend derived by a group company that— (a) is part of a consolidated group without an FDWP account; or (b) does not have an FDWP account and is not part of a consolidated group.
Credit date(2) The credit date is the day the dividend is paid. Defined in this Act: amount, consolidated group, consolidated imputation group, dividend, FDWP account, FDWP credit, imputation credit Origin: 2004 No 35 s ME 11(1)(e), (2)(c)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 9 (payment of FDWP) for the amount of FDWP that is paid by a group company that— (a) is part of a consolidated group without an FDWP account; or (b) does not have an FDWP account and is not part of a consolidated group.
No credit(2) Despite subsection (1), no credit arises for FDWP paid under section NH 3(2) or (3) (Payment and recovery of dividend withholding payment) by the reduction of a net loss. Credit date(3) The credit date is the day the FDWP is paid. Defined in this Act: amount, consolidated group, consolidated imputation group, FDWP, FDWP account, imputation credit, imputation credit account, net loss, pay Origin: 2004 No 35 s ME 11(1)(f), (2)(a)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 10 (deduction of resident withholding tax) for a payment of resident withholding tax that is treated under section NF 12(b) (Amount of resident withholding tax deduction deemed to have been received) as derived by a group company. Credit date(2) The credit date is the day the interest or dividend relating to the resident withholding tax is paid. Defined in this Act: company, consolidated imputation group, dividend, imputation credit, interest, resident withholding tax Origin: 2004 No 35 s ME 11(1)(j), (2)(c)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 11 (transfer from group company’s FDWP account) for an amount equal to the amount of an FDWP debit described in table M4: FDWP debits, row 6 (transfer to imputation credit account) transferred from the FDWP account of a group company. Credit date(2) The credit date is the same as the debit date for the transfer. Defined in this Act: amount, company, consolidated imputation group, FDWP account, FDWP debit, imputation credit, imputation credit account Origin: 2004 No 35 s ME 11(1)(fb), (2)(fb)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 12 (transfer from consolidated group’s FDWP account) for an amount equal to the amount transferred under section NH 6(6) (Application of specific dividend withholding payment provisions to consolidated groups) from the FDWP account of a consolidated group. Credit date(2) The credit date is the same as the debit date for the transfer. Defined in this Act: amount, consolidated group, consolidated imputation group, FDWP account, imputation credit, imputation credit account Origin: 2004 No 35 s ME 11(1)(g)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 13 (transfer from company’s policyholder credit account) for an amount equal to the amount of a debit described in table M14: policyholder debits, row 3 (transfer to imputation credit account) for the transfer of a credit balance from a group company’s policyholder credit account. Credit date(2) The credit date is the same as the debit date for the transfer. Defined in this Act: amount, company, consolidated imputation group, imputation credit, imputation credit account, policyholder credit account, policyholder debit Origin: 2004 No 35 s ME 11(1)(jb), (2(eb)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 14 (transfer from group’s policyholder credit account) for an amount equal to the amount of a debit described in table M28: policyholder debits of consolidated groups, row 3 (transfer to imputation credit account) for a transfer from the policyholder credit account of a consolidated group. Credit date(2) The credit date is the same as the debit date for the transfer. Defined in this Act: amount, consolidated group, consolidated imputation group, imputation credit, imputation credit account, policyholder credit account Origin: 2004 No 35 s ME 11(1)(k), (2)(d)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 15 (group company’s credit) for the amount of a credit that arises when— (a) an imputation credit described in table M1: imputation credits, arises in the imputation credit account of a group company; and (b) an imputation debit described in table M20: imputation debits of consolidated imputation groups, arises in the imputation credit account of the group; and (c) the debit is not offset by a credit arising in the group account before or after the credit arose in the group company’s account. Offsetting debits(2) For the purposes of subsection (1)(c), to determine whether a debit has been offset by a credit in the group account,— (a) credits are treated as reducing debits in the order in which the credits arise; and (b) a credit, whether some or all, is counted only once in determining whether a debit has been offset; and (c) credits in the accounts of more than 1 group company become a credit to the group account— (i) in the order of their credit date; and (ii) as chosen by the group, if credits arise on the same credit date; and (iii) on a pro rata basis, if no election is made under subparagraph (ii).
Credit date(3) The credit date is same as the debit date for the debit to the group account. Defined in this Act: amount, company, consolidated imputation group, imputation credit, imputation credit account, imputation debit Origin: 2004 No 35 s ME 13(2), (3)
When this section applies(1) This section applies when an imputation debit in a consolidated imputation group’s imputation credit account described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity) has the effect of cancelling an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account). Credit(2) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 16 (elimination of double debit) for an amount that equals the amount of the debit referred to in subsection (1), and either— (a) another debit as described in table M20: imputation debits of consolidated imputation groups, row 6 (refund from tax pooling account) arises for a refund or transfer of the deposit on a debit date that is after the debit date for the debit for loss of shareholder continuity; or (b) the deposit is taken into account under section MBA 6 (Transfers from tax pooling account) of the Income Tax Act 2004 in determining the balance of the company’s tax account with the Commissioner after the debit date for the debit for loss of shareholder continuity.
Credit date(3) The credit date is the day— (a) the deposit is refunded; or (b) a credit arises in the company’s tax account with the Commissioner. Defined in this Act: amount, Commissioner, company, consolidated imputation group, deposit, imputation credit, imputation credit account, imputation debit, shareholder Origin: 2004 No 35 s ME 11(1A), (2A)
Credit(1) A consolidated imputation group has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 17 (reversal of tax advantage arrangement) for an amount equal to the amount of a debit in the group’s account described in table M20: imputation debits of consolidated imputation groups, row 17 (tax advantage arrangement). Credit date(2) The credit date is the same as the debit date for the debit. Defined in this Act: amount, arrangement, consolidated imputation group, imputation credit, imputation credit account, tax advantage Origin: 2004 No 35 s ME 11(1)(i), (2)(e)
Credit(1) A consolidated imputation group that includes an Australian ICA company has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 18 (deduction of non-resident withholding tax) for the amount of a payment of non-resident withholding tax on non-resident withholding income derived by the company. Credit date(2) The credit date is the day the non-resident withholding tax is deducted. Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation credit account, non-resident withholding income, non-resident withholding tax, pay Origin: 2004 No 35 s ME 11(1B)(a), (2B)(a)
Credit(1) A consolidated imputation group that includes an Australian ICA company has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 19 (deduction from withholding payment) for the amount of a deduction from a withholding payment paid to the company as a non-resident contractor. Credit date(2) The credit date is the day the deduction is withheld. Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation credit account, non-resident, withholding payment Origin: 2004 No 35 s ME 11(1B)(b), (2B)(b)
Credit(1) A consolidated imputation group that includes an Australian ICA company has an imputation credit as described in table M19: imputation credits of consolidated imputation groups, row 20 (payment of schedular income tax) for the amount of a payment by the company of schedular income tax for income derived under section FC 13, FC 14, FC 18, or FC 21 (which relate to non-resident insurers, shippers, and film renters). Credit date(2) The credit date is the day the schedular income tax is paid. Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation credit account, income, pay, schedular income tax Origin: 2004 No 35 s ME 11(1B)(c), (2B)(c) Imputation debits of consolidated imputation groups Table M20: imputation debits of consolidated imputation groups
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