Section HE 3 — Income Tax Act 2007: Association rebates

HE 3 Association rebates Meaning (1) In this subpart, and in sections CB 34 and DV 19 (which relate to income and deductions relating to mutual transactions), an association rebate means a payment by an association to a member that is made— (a) through a distribution of profits of the association: (b) not later than 6 months after the end of the accounting year of the association in relation to which the payment is made. Exclusion (2) An association rebate does not include— (a) a cash distribution in relation to which the association has made an election under section OB 73(1) or OB 78(1) (which relate to imputation credits of statutory producer boards or co-operative companies); or (b) a distribution described in section CD 26 (Capital distributions on liquidation or emigration) or CD 33 (Payments corresponding to notional distributions of producer boards and co-operative companies). Defined in this Act: accounting year , association , association rebate , member , pay , Compare: 2004 No 35 s HF 1(9) “ rebate ”