Section FN 11 — Income Tax Act 2007: Company choosing to leave imputation group

FN 11 Company choosing to leave imputation group When this section applies (1) This section applies when a company chooses to leave an imputation group and notifies the Commissioner of its election. Effective date (2) When the company notifies the Commissioner of its election, it may set out in the notice a date from which it is no longer to be treated as part of the imputation group. However, unless subsection (3) applies, if the company does not set out a date in the notice, it is treated as no longer part of the imputation group from the start of the tax year in which the Commissioner receives the notice. First tax year (3) Despite subsection (2), if a company leaves an imputation group in the same tax year in which it joined the imputation group, it is treated as leaving the imputation group on the date when it became part of the imputation group, and not from the start of the tax year. Defined in this Act: Commissioner , company , imputation group , notice , notify , tax year , Compare: 2004 No 35 s FDA 6(2)