Section HA 19 — Income Tax Act 2007: Credit accounts and dividend statements

HA 19 Credit accounts and dividend statements When this section applies (1) This section applies when a qualifying company pays a dividend that is treated either as a fully imputed distribution under section HA 15 or as exempt income under sections HA 14 and HA 16 . Credit accounts (2) For the purposes of sections OB 30 to OB 59 (which relate to imputation debits) and OC 13 to OC 26 (which relate to FDP debits), if an imputation credit or an FDP credit is attached to the dividend, the amount of the credit is debited to the company’s imputation credit account or FDP account, as applicable. The debit arises on the day the company pays the dividend. Dividend statements (3) For all dividends, whether or not credits have been attached, the company must complete the following statements detailing the extent to which the dividends are assessable income or exempt income: (a) a company dividend statement under section 67(1) of the Tax Administration Act 1994; and (b) a shareholder dividend statement under section 29 of that Act. Date for completing statements (4) The company must complete the statements in subsection (3) by 31 May after the end of the tax year in which the dividends were paid. Non-cash dividends (5) In addition to the information required in a shareholder dividend statement, if a shareholder asks the company to include in the statement the amount of a non-cash dividend that the company has paid them in the tax year, the company must provide the information. Defined in this Act: amount , assessable income , company dividend statement , dividend , exempt income , FDP account , FDP credit , fully imputed , imputation credit , imputation credit account , non-cash dividend , pay , qualifying company , shareholder , shareholder dividend statement , tax year , Compare: 2004 No 35 s HG 13(5) Section HA 19(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 258(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HA 19 list of defined terms fully imputed : inserted (with effect on 1 April 2008), on 6 October 2009, by section 258(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).