Section FN 7 — Income Tax Act 2007: Forming imputation groups

FN 7 Forming imputation groups Election (1) Two or more companies may choose to form an imputation group of companies if the companies are, at the time,— (a) a wholly-owned group of companies; and (b) eligible under section FN 4 . Notifying Commissioner (2) The Commissioner must be notified of an election under subsection (1). Nominated company (3) A notice under subsection (2) must nominate 1 of the companies in the imputation group as its agent for the purposes of the imputation rules. In this subpart, the company is called the nominated company . Consolidated group companies (4) A nominated company of a consolidated group may notify the Commissioner that, having met the eligibility criteria in section FN 4 , all the group companies have chosen— (a) to form an imputation group with eligible companies that are not part of the consolidated group; or (b) to join an existing imputation group. Effective date (5) A notice under subsection (1) or (4) has effect from the start of the tax year in which the Commissioner receives the notice. Defined in this Act: agent , Commissioner , company , consolidated group , imputation group , imputation rules , nominated company , notice , notify , tax year , wholly-owned group , Compare: 2004 No 35 s FDA 2