(7) In the formula in subsection (6),—
(a) total dividends is the total amount of all dividends derived in the circumstances described in subsection (2), including imputation credits and FDWP credits attached to the dividends:
(b) group company’s taxable income is the taxable income of the group company for the tax year corresponding to the income year in which the dividends are derived:
(c) group company’s tax liability is the group company’s income tax liability for the tax year corresponding to the income year in which the dividends are derived:
(d) continuity debits is the amount of imputation credits attached to the dividends that have been cancelled by an imputation debit described in table M20: imputation debits of consolidated imputation groups, row 13 (debit for loss of shareholder continuity).
Debit date
(8) The debit date is the day the company or the group’s nominated company files the return of income for the tax year corresponding to the income year in which the dividend is derived.
Defined in this Act: amount, Australian ICA company, company, consolidated imputation group, dividend, FDWP credit, group investment fund, imputation credit, imputation credit account, imputation debit, income tax liability, income year, investor, return of income, shareholder, tax year, taxable income, trustee, unit trust
Origin: 2004 No 35 s ME 41
MP 41 Consolidated ICA tax advantage arrangement
Debit
(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 17 (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, consolidated imputation group, imputation debit, tax advantage, tax year
Origin: 2004 No 35 s ME 12(1)(i), (2)(h)
MP 42 Consolidated ICA final balance
Debit
(1) A consolidated imputation group has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 18 (final balance) for a credit balance in the imputation credit account when the group stops being a consolidated imputation group.
Debit date
(2) The debit date is the day just before the group stops being a consolidated imputation group.
Defined in this Act: consolidated imputation group, imputation credit account, imputation debit
Origin: 2004 No 35 s ME 12(1)(j), (2)(h)
MP 43 Consolidated ICA refund of non-resident withholding tax
Debit
(1) A consolidated imputation group that includes an Australian ICA company has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 19 (refund of non-resident withholding tax) for the amount of a refund of non-resident withholding tax that gave rise to an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 18 (deduction of non-resident withholding tax).
Debit date
(2) The debit date is the day the refund is made.
Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation debit, non-resident withholding tax
Origin: 2004 No 35 s ME 12(1A)(a), (2A)
MP 44 Consolidated ICA refund of withholding payment
Debit
(1) A consolidated imputation group that includes an Australian ICA company has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 20 (refund of withholding payment) for the amount of a refund of withholding payment that gave rise to an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 19 (deduction from withholding payment).
Debit date
(2) The debit date is the day the refund is made.
Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation debit, withholding payment
Origin: 2004 No 35 s ME 12(1A)(b), (2A)
MP 45 Consolidated ICA refund of schedular income tax
Debit
(1) A consolidated imputation group that includes an Australian ICA company has an imputation debit as described in table M20: imputation debits of consolidated imputation groups, row 21 (refund of schedular income tax) for the amount of a refund of a payment of schedular income tax that gave rise to an imputation credit described in table M19: imputation credits of consolidated imputation groups, row 20 (payment of schedular income tax).
Debit date
(2) The debit date is the day the refund is made.
Defined in this Act: amount, Australian ICA company, consolidated imputation group, imputation credit, imputation debit, income tax, pay, schedular income tax
Origin: 2004 No 35 s ME 12(1A)(c), (2A)
Consolidated groups and FDWP accounts
Introductory provisions
MP 46 FDWP accounts of consolidated FDWP groups
Consolidated group account
(1) A consolidated group is a foreign dividend withholding payment group (consolidated FDWP group) for a tax year if—
(a) a group company is an FDWP company at a time during the tax year; or
(b) the group chooses to maintain an FDWP account.
Effect of election
(2) If a consolidated FDWP group makes an election under subsection (1)(b), it must maintain the FDWP account referred to in section MC 2 (FDWP accounts) from the date of election.
Notifying Commissioner
(3) The nominated company of a consolidated FDWP 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: Commissioner, consolidated FDWP group, consolidated group, FDWP account, FDWP company, FDWP credit, nominated company, notify, tax year
Origin: 2004 No 35 s MG 13(1)
MP 47 Choosing to stop being consolidated FDWP group
Election
(1) The nominated company of a consolidated FDWP group may choose that the group’s status as a consolidated FDWP group is to end.
When election made
(2) The election referred to in subsection (1) may be made during a tax year that is later than the tax year in which the group chooses under section MP 46 to become a consolidated FDWP group.
When company’s status ends
(3) The election referred to in subsection (1) takes effect from the start of the later tax year referred to in subsection (2), but only if,—
(a) before the election, the group—
(i) files an annual FDWP return for the year of election in the time allowed by section 71 of the Tax Administration Act 1994; and
(ii) pays further FDWP under section MC 27 (Payment of further FDWP for closing credit balance) for the year of election; and
(b) no group company is an FDWP company in the tax year after the year of election.
Defined in this Act: company, consolidated FDWP group, FDWP, FDWP account, FDWP company, further FDWP, nominated company, tax year
Origin: 2004 No 35 s MG 2(4), (5)
MP 48 When credits and debits arise only in consolidated FDWP group accounts
(1) A credit listed in subsection (2) arises only in the FDWP account of a consolidated FDWP group and not in the FDWP account of a group company.
Particular credits
(2) The credit referred to in subsection (1) is a credit described in the following rows of table M21: FDWP credits of consolidated FDWP groups:
(a) row 2 (payment of FDWP):
(b) row 4 (derivation of dividend with FDWP credit).
Debits only in group accounts
(3) A debit listed in subsection (4) arises only in the FDWP account of a consolidated FDWP group and not in the FDWP 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 M22: FDWP debits of consolidated FDWP groups:
(a) row 2 (payment of dividend):
(b) row 3 (refund of FDWP):
(c) row 5 (refund of tax credit):
(d) row 9 (breach of FDWP ratio).
Defined in this Act: company, consolidated FDWP group, dividend, FDWP, FDWP account, FDWP credit, FDWP ratio, pay
Origin: 2004 No 35 s MG 16(1)
MP 49 Provisions applying to consolidated FDWP groups
Single company, tax liabilities
(1) The provisions set out in subsection (2) apply, modified as necessary, to a consolidated FDWP group and to the FDWP account of the group as if—
(a) the group were a single company; and
(b) a reference to a section of this Act were to an equivalent provision applicable to a consolidated group; and
(c) a reference to a company’s liability for further FDWP, late payment penalty, or FDWP penalty tax were a reference to a joint and several liability owed by group companies when the tax or penalty becomes payable.
Other provisions
(2) The provisions are—
(a) sections MC 27 and MC 28 (which relate to further FDWP); and
(b) sections 103, 104, 139B, 140C, 140D, and 181 of the Tax Administration Act 1994.
Consolidation provisions
(3) Section HB 1(2) to (5) (Returns, assessments, and liability of consolidated group) overrides subsection (1)(c).
Defined in this Act: company, consolidated FDWP group, consolidated group, FDWP account, FDWP penalty tax, further FDWP, pay
Origin: 2004 No 35 s MG 16A(2)
FDWP credits of consolidated FDWP groups
Table M21: FDWP credits of consolidated FDWP groups
Row
|
FDWP credit
|
Credit date
|
Further defined
|
1
|
Opening credit balance
|
|
|
Opening credit balance
|
1 April
|
section MA 7
|
2
|
Payment of FDWP
|
|
|
|
FDWP paid by a group company
|
day of payment
|
section MP 50
|
3
|
Payment of further FDWP
|
|
|
|
Further FDWP paid
|
day of payment
|
section MP 51
|
4
|
Derivation of dividend with FDWP credit
|
|
|
|
An FDWP credit attached to a dividend derived
|
day the dividend is paid
|
section MP 52
|
5
|
Group company’s credit
|
|
|
|
A credit of a group company
|
set out in section MP 53
|
section MP 53
| 6 |
Transfer from group’s conduit tax relief account
|
|
|
|
A transfer of a closing credit balance from a group’s conduit tax relief account
|
31 March
|
section MP 54
| 7 |
Transfer for net foreign attributed income
|
|
|
|
A transfer from a group’s imputation credit account for net foreign attributed income
|
debit date in the imputation credit account
|
section MP 55
| 8 |
Reversal of tax advantage arrangement
|
|
|
|
The reversal of the debit for a tax advantage arrangement
|
debit date for the debit
|
section MP 56
|
How to use this table
Each row in the table describes—
(a) the FDWP credits that may arise in the FDWP account of a consolidated FDWP group during a tax year; and
(b) the credit date when the credit arises.
A more detailed description of the FDWP credits and, as necessary, credit dates is contained in the section noted in the last column.
| | 
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