Part m-memorandum accounts
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MP 26 Consolidated ICA payment of dividend Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 2 (payment of dividend) for an amount that equals the amount of an imputation credit attached to a dividend paid by a group company. Debit date(2) The debit date is the day the dividend is paid. Defined in this Act: amount, company, consolidated imputation group, dividend, imputation credit, imputation debit Origin: 2004 No 35 s ME 12(1)(a), (2)(a)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 3 (allocation of provisional tax) for an amount of provisional tax allocated by the group under section MB 9 (Payments to be set off within wholly-owned group) of the Income Tax Act 2004 to an underpaid company. Debit date(2) The debit date is the day the Commissioner is notified of the allocation. Defined in this Act: amount, company, consolidated imputation group, imputation debit, notify, provisional tax Origin: 2004 No 35 s ME 12(1)(c), (2)(c)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 4 (refund of income tax) for the amount of a refund of income tax or provisional tax paid to the group. Subsection (2) overrides this subsection. No debit(2) The debit does not include a refund of income tax paid before a debit described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity) arises to the extent to which the amount of the refund is less than the amount of the debit. Debit date(3) The debit date is the day the refund is made. Defined in this Act: amount, consolidated imputation group, imputation debit, income tax, pay, provisional tax, shareholder Origin: 2004 No 35 s ME 12(1)(d), (2)(d)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 5 (amount applied to pay other taxes) for an amount of overpaid income tax that is applied to satisfy an amount a group company owes under the Inland Revenue Acts. Subsection (2) overrides this subsection. No debit(2) The debit referred to in subsection (1) does not include overpaid income tax to the extent to which it is— (a) applied to satisfy a liability for income tax; or (b) for an amount paid before an imputation debit described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity) arises, not more than the debit for loss of shareholder continuity.
Debit date(3) The debit date is the day the amount is applied. Defined in this Act: amount, company, consolidated imputation group, imputation debit, income tax, Inland Revenue Acts, pay, shareholder Origin: 2004 No 35 s ME 12(1)(l), (2)(k)
When this section applies(1) This section applies in a tax year when a consolidated imputation group pays an intermediary an amount that gives rise to an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account) or row 4 (transfer from tax pooling account), and the amount is later refunded by the intermediary from the tax pooling account. Debit(2) The group has an imputation debit for the tax year as described in table M20: imputation debits of consolidated imputation groups, row 6 (refund from tax pooling account) for the amount of the refund. Debit date(3) The debit date for the debit is— (a) the last day of the previous tax year to the extent of the amount of the debit that is not more than the credit balance in the imputation credit account on that date: (b) the day the refund is made to the extent of the remaining amount of the debit that is not more than the credit balance in the imputation credit account on the day of refund: (c) the last day of the previous tax year for the remainder of the imputation debit. Defined in this Act: amount, consolidated imputation group, deposit, imputation credit, imputation credit account, imputation debit, intermediary, pay, tax year Origin: 2004 No 35 s ME 12(1)(da), (2)(da) MP 31 Consolidated ICA transfer to tax pooling account When this section applies(1) This section applies in a tax year when a consolidated imputation group transfers to another person an entitlement to funds in a tax pooling account that gives rise to an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account) or row 4 (transfer from tax pooling account). Debit(2) The group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 7 (transfer to tax pooling account) for the amount of the a transfer. Debit date(3) The debit date for the debit is— (a) the last day of the previous tax year to the extent of the amount of the debit that is not more than the credit balance in the imputation credit account on that date: (b) the day the refund is made to the extent of the remaining amount of the debit that is not more than the credit balance in the imputation credit account on the day of refund: (c) the last day of the previous tax year for the remainder of the imputation debit. Defined in this Act: amount, consolidated imputation group, imputation credit, imputation credit account, imputation debit, tax year Origin: 2004 No 35 s ME 12(1)(db), (2)(da) MP 32 Consolidated ICA refund of FDWP Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 8 (refund of FDWP) for the amount of a refund of FDWP that relates to a dividend derived by a group company at a time when— (a) the group company is part of a consolidated group without an FDWP account; or (b) the group company does not have an FDWP account and is not part of a consolidated group.
Debit date(2) The debit date is the day the refund is made. Defined in this Act: amount, company, consolidated group, consolidated imputation group, FDWP, FDWP account, imputation debit Origin: 2004 No 35 s ME 12(1)(f), (2)(d)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 9 (refund of tax credit) for the amount of a refund under section LD 8(1)(c) (Credit of tax for dividend withholding payment credit in hands of shareholder) that relates to a dividend derived by a group company at a time when— (a) the group company is part of a consolidated group without an FDWP account; or (b) the group company does not have an FDWP account and is not part of a consolidated group.
Debit date(2) The debit date is the day the refund is made. Defined in this Act: amount, company, consolidated group, consolidated imputation group, dividend, FDWP account, imputation debit Origin: 2004 No 35 s ME 12(1)(f), (2)(d)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 10 (overpayment of FDWP) for the amount of an overpayment of FDWP relating to a dividend derived by a group company in the following circumstances: (a) the dividend is derived by the company at a time when— (i) the company is part of a consolidated group without an FDWP account; or (ii) the company does not have an FDWP account and is not part of a consolidated group; and (b) the overpayment is applied to satisfy a liability owed by a group company under the Inland Revenue Acts other than a liability for income tax or FDWP; and (c) the group does not have an FDWP account when the amount is applied. Debit date(2) The debit date is the day the amount is applied. Defined in this Act: amount, company, consolidated group, consolidated imputation group, dividend, FDWP, FDWP account, imputation debit, income tax, Inland Revenue Act, pay Origin: 2004 No 35 s ME 12(1)(m), (2)(k)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 11 (group company’s debit) for an amount to the extent to which the amount would, if subsection (2) did not exist, give rise to— (a) an imputation debit described in a row of table M2: imputation debits, in the imputation credit account of a group company; and (b) an imputation debit that would create or increase a debit balance in the group company’s imputation credit account.
No debit for group company(2) The amount referred to in subsection (1) does not give rise to an imputation debit in the group company’s account although otherwise eligible to be one. Debit date(3) The debit date is the day that the amount would have been debited to the imputation credit account of the group company if subsection (2) did not exist. Defined in this Act: amount, company, consolidated imputation group, imputation credit account, imputation debit Origin: 2004 No 35 s ME 12(1)(k), (2)(j)
Election(1) A consolidated imputation group may choose to transfer an amount that relates to net foreign attributed income from the group’s imputation credit account to the FDWP account of— (a) a group company that is not also part of a consolidated group; or (b) a consolidated group with the same membership as the consolidated imputation group.
Debit and credit(2) The amount transferred is— (a) an imputation debit described in table M20: imputation debits of consolidated imputation groups, row 12 (transfer for net foreign attributed income) in the group’s imputation credit account; and (b) an FDWP credit described in table M21: FDWP credits of consolidated FDWP groups, row 7 (transfer for net foreign attributed income) in the FDWP account of the group company or consolidated group, as appropriate.
Two methods(3) The amount transferred must be calculated for an income year under method 1 or method 2 as described in this section. When methods apply(4) The group must apply— (a) method 1 set out in subsection (5) if the group or a company that is not the group company referred to in subsection (1)(a) maintains an FDWP account and a conduit tax relief account for all of the tax year; or (b) method 2 set out in subsection (6) if the group or a company that is not the group company referred to in subsection (1)(a) maintains only an FDWP account for all of the tax year.
Method 1(5) Under method 1, the group or company must apply sections KH 1 and KH 2 (which relate to credits for conduit tax relief) as if— (a) the amount transferred were conduit tax relief for the tax year corresponding to the income year; and (b) the percentage of resident shareholders were substituted for the item NRS in section KH 1(2) and (3); and (c) the percentage of resident shareholders were calculated by deducting the item NRS from 100%. Method 2(6) Under method 2, the group or company must make the calculation under section KH 1 as if the group or company were a conduit tax relief company and the item NRS were 100%. No transfer(7) Despite subsection (3), if neither method can be applied, no transfer arises under this section. Debit date(8) The debit date for the debit is— (a) the last day of the tax year corresponding to the income year referred to in subsection (3) for so much of the amount transferred that is no more than the amount of provisional tax paid before that date for the income year; or (b) the day on which the company files the return of income for the tax year corresponding to the income year referred to in subsection (3) for the balance of the transfer. Defined in this Act: amount, company, conduit tax relief account, conduit tax relief company, consolidated group, consolidated imputation group, FDWP account, FDWP credit, foreign attributed income, imputation credit account, imputation debit, income year, provisional tax, resident, return of income, shareholder, tax year Origin: 2004 No 35 s ME 12(1)(n), (2)(l)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity) for the amount of an imputation credit retained in the group’s imputation credit account and unused before the date of breach in shareholder continuity. Debit date(2) The debit date is the day of loss of shareholder continuity. Defined in this Act: amount, consolidated imputation group, imputation credit, imputation credit account, imputation debit, shareholder Origin: 2004 No 35 ss ME 12(1)(h), (2)(g), ME 13(2)
Debit(1) A consolidated imputation group has an imputation debit for a tax year as described in table M20: imputation debits of consolidated imputation groups, row 14 (breach of imputation ratio) for the amount of a debit described in table M2: imputation debits, row 16 (breach of imputation ratio) that would arise in the imputation credit account of a group company, if section MP 5(3) did not exist. Debit date(2) The debit date is the last day of the tax year. Defined in this Act: amount, company, consolidated imputation group, imputation credit account, imputation debit, imputation ratio, tax year Origin: 2004 No 35 s ME 12(1)(e), (2)(e)
Election(1) The nominated company of a consolidated imputation group may choose to transfer some or all of a credit balance in the group’s imputation credit account to the policyholder credit account of a group company. Subsection (2) overrides this subsection. Restriction(2) Subsection (1) does not apply to a consolidation imputation group that is also a resident imputation subgroup. Method of election(3) The company makes the election by recording the credit balance transferred as— (a) a debit in the group’s imputation credit account; and (b) a credit in the group’s policyholder credit account.
Result of election(4) When the election is made,— (a) a debit arises as described in table M20: imputation debits of consolidated imputation groups, row 15 (transfer to policyholder credit account); and (b) a credit arises as described in table M27: policyholder credits of consolidated groups, row 2 (transfer from imputation credit account).
Debit date(5) The debit date is the day the election is made. Defined in this Act: company, consolidated group, consolidated imputation group, imputation credit account, imputation debit, nominated company, policyholder credit, policyholder credit account, resident imputation subgroup Origin: 2004 No 35 ss ME 12(1)(b), (2)(b), ME 14(1)
Debit(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 16 (redemption debit) for the amount of a redemption debit. When redemption debit arises(2) A redemption debit arises when— (a) a group company that is not an Australian ICA company is— (i) the manager of a unit trust; or (ii) the trustee or manager of a group investment fund; and (b) the group company derives a dividend from the redemption or cancellation of— (i) a unit issued by the unit trust; or (ii) an interest of an investor in the group investment fund; and (c) the company has acquired the unit or interest in the ordinary course of its management activities; and (d) the unit or interest had been offered to investors upon terms contemplating repurchase and redemption or cancellation by the group company.
Calculating amount(3) The debit is for the greater of the amounts described in subsections (4) and (6) calculated for the income year referred to in subsection (8) in which the group company derives the dividend referred to in subsection (2)(b). First amount(4) The first amount is calculated using the formula—
Definition of items in formula(5) In the formula in subsection (4),— (a) total credits is the total amount of all imputation credits and FDWP credits attached to dividends derived by the group company in the income year in the circumstances described in subsection (2): (b) imputation debits is the amount of imputation debits in the income year as described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity) in the group’s imputation credit account account.
Second amount(6) The second amount is calculated using the formula—
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