Section OA 10 — Income Tax Act 2007: When credits or debits due to amalgamating company but not recorded

OA 10 When credits or debits due to amalgamating company but not recorded When this section applies (1) This section applies on a resident’s restricted amalgamation if, at the time of the amalgamation, an amalgamating company maintains— (a) an imputation credit account: (b) an FDP account: (c) [Repealed] (d) [Repealed] (e) a policyholder credit account. Credits and debits due (2) A credit or a debit due to the amalgamating company but not recorded in its memorandum account before the date of amalgamation is recorded in the same type of memorandum account of the amalgamated company. Subsections (3) and (4) override this subsection. Exclusion: shareholder continuity rules (3) Subsection (2) does not apply to a debit for loss of shareholder continuity in an imputation credit account arising under section OB 41 (ICA debit for loss of shareholder continuity) and described in table O2: imputation debits, row 14 (debit for loss of shareholder continuity). Recording in imputation credit account (4) If the amalgamated company does not maintain a memorandum account referred to in subsection (1)(b) and (e), the credit or debit is recorded in the imputation credit account of the amalgamated company. See sections OA 11 to OA 13 . Defined in this Act: amalgamated company , amalgamating company , FDP account , imputation credit , imputation credit account , imputation debit , memorandum account , policyholder credit account , resident’s restricted amalgamation , Compare: 2004 No 35 ss ME 29(1) , MF 16(1) , MG 17(1) , MI 13 Section OA 10(1)(c): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 87(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 10(1)(d): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 87(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 10(3): replaced, on 1 July 2012 (applying for income years beginning on or after that date), by section 87(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 10(4): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 87(5) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 10 list of defined terms branch equivalent tax account : repealed, on 1 July 2012, by section 87(7) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 10 list of defined terms CTR account : repealed (with effect on 1 July 2011), on 7 May 2012, by section 87(6) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).