Section FN 9 — Income Tax Act 2007: Joining existing imputation group

FN 9 Joining existing imputation group Generally (1) A company that is eligible under section FN 4(1) may join an imputation group by notifying the Commissioner. Consolidated groups (2) If the companies that are part of a consolidated group are eligible under section FN 4(2) , the nominated company of the consolidated group may notify the Commissioner that all the companies in the consolidated group are to join an imputation group. Joint and several liability (3) The companies referred to in subsections (1) and (2) must agree in the notice to be jointly and severally liable under section FN 3 for any further income tax, civil penalties, and interest under Part 7 of the Tax Administration Act 1994 arising from the operation of the imputation credit account of the imputation group. Effective date (4) A notice under subsection (1) has effect from the start of the tax year in which the Commissioner receives the notice. Defined in this Act: Commissioner , company , consolidated group , further income tax , imputation credit account , imputation group , nominated company , notice , notify , tax year , Compare: 2004 No 35 ss FDA 2(1)–(3), (5) , FDA 4 Section FN 9(2): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).