Part m-memorandum accounts

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Part M–Memorandum accounts

Subpart MP–Memorandum accounts of consolidated groups

Contents

General provisions

MP 1 Memorandum accounts of consolidated groups

MP 2 When credits and debits arise only in group accounts

Consolidated groups and imputation credit accounts

Introductory provisions

MP 3 Changes in consolidated imputation groups

MP 4 Resident imputation subgroups

MP 5 When credits and debits arise only in consolidated imputation group accounts

MP 6 Provisions applying to consolidated imputation groups

Imputation credits of consolidated imputation groups

Table M19: imputation credits of consolidated imputation groups

MP 7 Consolidated ICA payment of tax

MP 8 Consolidated ICA deposit in tax pooling account

MP 9 Consolidated ICA transfer from tax pooling account

MP 10 Consolidated ICA allocation from excess company

MP 11 Consolidated ICA payment of further income tax

MP 12 Consolidated ICA derivation of dividend with imputation credit

MP 13 Consolidated ICA derivation of dividend with FDWP credit

MP 14 Consolidated ICA payment of FDWP

MP 15 Consolidated ICA deduction of resident withholding tax

MP 16 Consolidated ICA transfer from group company’s FDWP account

MP 17 Consolidated ICA transfer from group’s FDWP account

MP 18 Consolidated ICA transfer from group company’s policyholder credit account

MP 19 Consolidated ICA transfer from group’s policyholder credit account

MP 20 Consolidated ICA group company’s credit

MP 21 Consolidated ICA elimination of double debit

MP 22 Consolidated ICA reversal of tax advantage arrangement

MP 23 Consolidated ICA deduction of non-resident withholding tax

MP 24 Consolidated ICA deduction from withholding payment

MP 25 Consolidated ICA payment of schedular income tax

Imputation debits of consolidated imputation groups

Table M20: imputation debits of consolidated imputation groups

MP 26 Consolidated ICA payment of dividend

MP 27 Consolidated ICA allocation of provisional tax

MP 28 Consolidated ICA refund of income tax

MP 29 Consolidated ICA amount applied to pay other taxes

MP 30 Consolidated ICA refund from tax pooling account

MP 31 Consolidated ICA transfer to tax pooling account

MP 32 Consolidated ICA refund of FDWP

MP 33 Consolidated ICA refund of tax credit

MP 34 Consolidated ICA overpayment of FDWP

MP 35 Consolidated ICA group company’s debit

MP 36 Consolidated ICA transfer for net foreign attributed income

MP 37 Consolidated ICA debit for loss of shareholder continuity

MP 38 Consolidated ICA breach of imputation ratio

MP 39 Consolidated ICA transfer to policyholder credit account

MP 40 Consolidated ICA redemption debit

MP 41 Consolidated ICA tax advantage arrangement

MP 42 Consolidated ICA final balance

MP 43 Consolidated ICA refund of non-resident withholding tax

MP 44 Consolidated ICA refund of withholding payment

MP 45 Consolidated ICA refund of schedular income tax

Consolidated groups and FDWP accounts

Introductory provisions

MP 46 FDWP accounts of consolidated FDWP groups

MP 47 Choosing to stop being consolidated FDWP group

MP 48 When credits and debits arise only in consolidated FDWP group accounts

MP 49 Provisions applying to consolidated FDWP groups

FDWP credits of consolidated FDWP groups

Table M21: FDWP credits of consolidated FDWP groups

MP 50 Consolidated FDWPA payment of FDWP

MP 51 Consolidated FDWPA payment of further FDWP

MP 52 Consolidated FDWPA derivation of dividend with FDWP credit

MP 53 Consolidated FDWPA group company’s credit

MP 54 Consolidated FDWPA transfer from group’s conduit tax relief account

MP 55 Consolidated FDWPA transfer for net foreign attributed income

MP 56 Consolidated FDWPA reversal of tax advantage arrangement

FDWP debits of consolidated FDWP groups

Table M22: FDWP debits of consolidated FDWP groups

MP 57 Consolidated FDWPA payment of dividend

MP 58 Consolidated FDWPA refund of FDWP

MP 59 Consolidated FDWPA overpayment of FDWP

MP 60 Consolidated FDWPA refund of tax credit

MP 61 Consolidated FDWPA transfer to imputation credit account

MP 62 Consolidated FDWPA transfer to group’s conduit tax relief account

MP 63 Consolidated FDWPA group company’s debit

MP 64 Consolidated FDWPA breach of FDWP ratio

MP 65 Consolidated FDWPA debit for loss of shareholder continuity

MP 66 Consolidated FDWPA transfer to policyholder credit account

MP 67 Consolidated FDWPA breach of FDWP ratio by PCA company

MP 68 Consolidated FDWPA tax advantage arrangement

MP 69 Consolidated FDWPA final balance

Consolidated companies and conduit tax relief accounts

Introductory provisions

MP 70 Conduit tax relief accounts of consolidated groups

MP 71 When credits and debits arise only in conduit tax relief group accounts

MP 72 Provisions applying to consolidated groups with conduit tax relief accounts

Conduit tax relief credits of consolidated groups

Table M23: conduit tax relief accounts of consolidated groups

MP 73 Consolidated CTRA rebate for conduit tax relief

MP 74 Consolidated CTRA reduction of FDWP

MP 75 Consolidated CTRA derivation of dividend with conduit tax relief credit

MP 76 Consolidated CTRA group company’s credit

MP 77 Consolidated CTRA transfer from group’s FDWP account

MP 78 Consolidated CTRA reversal of tax advantage arrangement

Conduit tax relief debits of consolidated groups

Table M24: conduit tax relief debits of consolidated groups

MP 79 Consolidated CTRA payment of dividend

MP 80 Consolidated CTRA transfer to group’s FDWP account

MP 81 Consolidated CTRA adjustment for conduit tax relief

MP 82 Consolidated CTRA group company’s debit

MP 83 Consolidated CTRA increase in resident shareholding

MP 84 Consolidated CTRA breach of conduit tax relief ratio

MP 85 Consolidated CTRA tax advantage arrangement

MP 86 Consolidated CTRA final balance

Consolidated groups’ FDWP payments and refunds

MP 87 FDWP payable for credits and debits in group’s conduit tax relief account

MP 88 Refund on transfer from group’s FDWP account

Consolidated groups and branch equivalent tax accounts

Introductory provisions

MP 89 Branch equivalent tax accounts of consolidated BETA groups

MP 90 Choosing to stop being consolidated BETA group

MP 91 When credits and debits arise only in branch equivalent tax group accounts

Branch equivalent tax credits of consolidated BETA groups

Table M25: branch equivalent tax credits of consolidated BETA groups

MP 92 Consolidated BETA payment of income tax on foreign income

MP 93 Consolidated BETA payment of income tax

MP 94 Consolidated BETA remaining debit balances

MP 95 Consolidated BETA refund of FDWP

MP 96 Consolidated BETA credit for loss of shareholder continuity

Branch equivalent tax debits of consolidated BETA groups

Table M26: branch equivalent tax debits of consolidated BETA groups

MP 97 Consolidated BETA payment of FDWP

MP 98 Consolidated BETA reduction of FDWP

MP 99 Consolidated BETA refund of income tax

MP 100 Consolidated BETA debit for loss of shareholder continuity

Consolidated groups and policyholder credit accounts

Introductory provision

MP 101 Policyholder credit accounts of consolidated groups

Policyholder credits of consolidated groups

Table M27: policyholder credits of consolidated groups

MP 102 Consolidated PCA transfer from imputation credit account

MP 103 Consolidated PCA transfer from FDWP account

MP 104 Consolidated PCA group company’s credit

MP 105 Consolidated PCA maximum deficit debit in FDWP account

MP 106 Consolidated PCA reduced deficit debit in FDWP account

Policyholder debits of consolidated groups

Table M28: policyholder debits of consolidated groups

MP 107 Consolidated PCA payment of tax relating to policyholder base

MP 108 Consolidated PCA transfer to imputation credit account

General provisions

MP 1 Memorandum accounts of consolidated groups

Single company

(1) For the purposes of this Part, a consolidated group is treated as if it were a single company, and sections HB 1 and HB 2 (which relate to the treatment of consolidated groups) apply to the group.

Consolidated group accounts

(2) A consolidated group may—

(a) be required to maintain a memorandum account for a tax year; or

(b) be entitled to maintain a memorandum account for a tax year.

Separate accounts

(3) A consolidated group’s memorandum account is separate from the memorandum account of each company in the group.

General rules

(4) The general rules on memorandum accounts set out in sections MA 2 and MA 3 (which relate to the treatment of memorandum accounts) apply to a memorandum account of a consolidated group.

Tables

(5) The credits and debits that arise in a memorandum account are listed in tables in this subpart. The tables—

(a) state the credits and the debits; and

(b) state the credit dates and debit dates when the credits and debits arise; and

(c) refer to the section that fully defines them, and provides the credit dates and debit dates for each credit and debit.

Defined in this Act: company, consolidated group, memorandum account, tax year

Origin: 2004 No 35 ss ME 10, ME 25, MF 7, MG 13, MI 14

MP 2 When credits and debits arise only in group accounts

Credits only in group account

(1) A credit may arise only in the memorandum account of a consolidated group and not in the memorandum account of a group company, unless another provision expressly states otherwise.

Debits only in group account

(2) A debit may arise only in the memorandum account of a consolidated group and not in the memorandum account of a group company, unless another provision expressly states otherwise.

Particular credits and debits

(3) The credit referred to in subsection (1) and the debit referred to in subsection (2) are listed in provisions in this subpart.

Company’s obligation overridden

(4) This section applies despite—

(a) the obligation that a group company may have under this Part to record a credit or debit; and

(b) the fact that the credit and debit referred to in this section may otherwise be eligible to give rise to a credit or debit in the group company’s account.

Defined in this Act: company, consolidated group, memorandum account

Origin: 2004 No 35 ss ME 13, ME 27, MF 9, MG 16, MI 19

Consolidated groups and imputation credit accounts
Introductory provisions

MP 3 Changes in consolidated imputation groups

New group company

(1) A consolidated imputation group continues to have the same imputation credit account if the group starts an imputation group with a company that is not part of another consolidated group.

Combining consolidated groups

(2) Two consolidated imputation groups that choose to combine to form 1 imputation group must record in the imputation credit account of the new group—

(a) all credits and debits in the imputation credit accounts of the 2 groups just before the election takes effect; and

(b) all credits and debits that arise for a group company that is part of the new group on and after the election takes effect.

Imputation group becoming consolidated imputation group

(3) A consolidated imputation group continues to use the imputation credit account of an imputation group if the companies that are part of the imputation group choose to convert their status to that of a consolidated imputation group.

Opening balances

(4) The opening balances for the imputation credit account of the consolidated imputation group referred to in subsection (3) are described in section MA 7 (Opening balances of memorandum accounts).

Defined in this Act: company, consolidated group, consolidated imputation group, imputation credit account, imputation group

Origin: 2004 No 35 s ME 10(1A), (1B), (1D)

MP 4 Resident imputation subgroups

Subgroup of trans-Tasman imputation group

(1) The resident imputation subgroup of a trans-Tasman imputation group must record in its imputation credit account the credits and debits described in subsection (2).

Eligible credits and debits

(2) The credits and debits referred to in subsection (1) are those that arise in the imputation credit account of the subgroup’s trans-Tasman imputation group in relation to a company that—

(a) will be part of the subgroup if the credit or debit arises before the subgroup is formed; or

(b) is part of the subgroup if the credit or debit arises when or after the subgroup is formed.

Defined in this Act: company, imputation credit account, imputation group, resident imputation subgroup, trans-Tasman imputation group

Origin: 2004 No 35 s ME 10(1C)
MP 5 When credits and debits arise only in consolidated imputation group accounts

Credits only in group account

(1) A credit listed in subsection (2) arises only in the imputation credit account of a consolidated imputation group and not in the imputation credit 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 M19: imputation credits of consolidated imputation groups:

(a) row 2 (payment of tax):

(b) row 3 (deposit in tax pooling account):

(d) row 8 (derivation of dividend with FDWP credit):

(e) row 9 (payment of FDWP).

Debits only in the group account

(3) A debit listed in subsection (4) arises only in the imputation credit account of a consolidated imputation group and not in the imputation credit 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 M20: imputation debits of consolidated imputation groups:

(a) row 2 (payment of dividend):

(b) row 4 (refund of income tax):

(d) row 7 (transfer to tax pooling account):

(e) row 8 (refund of FDWP):

(f) row 9 (refund of tax credit):

(g) row 11 (group company’s debit):

(h) row 14 (breach of imputation ratio).

Defined in this Act: company, consolidated imputation group, dividend, FDWP, FDWP credit, imputation credit, imputation credit account, imputation ratio, income tax, pay, tax

Origin: 2004 No 35 s ME 12(1)

MP 6 Provisions applying to consolidated imputation groups

Single company, tax liabilities

(1) The provisions listed in subsection (2) apply, modified as necessary, to a consolidated imputation group and to the imputation credit account of the group as if—

(a) the group were a single company; and

(b) a reference to a company’s liability for further income tax, late payment penalty, or imputation 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 MB 58 and MB 59 (which relate to further income tax); and

(b) sections 97, 101, 139B, 140B, 140D, and 180 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)(b).

Defined in this Act: company, consolidated imputation group, further income tax, imputation credit account, imputation penalty tax, pay

Origin: 2004 No 35 s ME 14(3)
Imputation credits of consolidated imputation groups

Table M19: imputation credits of consolidated imputation groups

Row	Imputation credit	Credit date	Further defined
1	Opening credit balance
	Opening credit balance	1 April or when the group starts	section MA 7
2	Payment of tax
	Income tax paid for a group tax liability	day of payment	section MP 7
3	Deposit in tax pooling account
	Group funds paid into a tax pooling account	day of payment	section MP 8
4	Transfer from tax pooling account
	A transfer from a tax pooling account	day of credit or refund	section MP 9
5	Allocation from excess company
	An allocation from an excess company	day of notice of the allocation	section MP 10
6	Payment of further income tax
	Further income tax paid	day of payment	section MP 11
7	Derivation of dividend with imputation credit
	An imputation credit attached to a dividend derived	day the dividend is paid	section MP 12
8	Derivation of dividend with FDWP credit
	An FDWP credit attached to a dividend derived	day the dividend is paid	section MP 13
9	Payment of FDWP
	FDWP paid by a group company	day of payment	section MP 14
10	Deduction of resident withholding tax
	A deduction of resident withholding tax	day the interest is paid	section MP 15
11	Transfer from group company’s FDWP account
	A transfer from a group company’s FDWP account	debit date for the transfer	section MP 16
12	Transfer from consolidated group’s FDWP account
	A transfer from a consolidated group’s FDWP account	debit date for the transfer	section MP 17
13	Transfer from company’s policyholder credit account
	A transfer from a company’s policyholder credit account	debit date for the transfer	section MP 18

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