Section OA 15 — Income Tax Act 2007: When credits or debits due to consolidated group but not recorded

OA 15 When credits or debits due to consolidated group but not recorded When this section applies (1) This section applies on a resident’s restricted amalgamation referred to in section OA 14 when, at the time of the amalgamation, a consolidated group maintains— (a) an imputation credit account: (b) an FDP account: (c) [Repealed] (d) a policyholder credit account. Credits and debits due (2) A credit or a debit due to the consolidated group but not recorded in its 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 OP 42 (Consolidated ICA debit for loss of shareholder continuity) and described in table O20: imputation debits of consolidated imputation groups, row 16 (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) or (d), the credit or debit is recorded in the imputation credit account of the amalgamated company. See sections OA 16 and OA 17 . Defined in this Act: amalgamated company , consolidated group , FDP account , imputation credit account , policyholder credit account , resident’s restricted amalgamation , shareholder , voting interest , Compare: 2004 No 35 ss ME 29(2)(b) , MF 16(2)(b) , MG 17(2)(b) Section OA 15(1)(c): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 89(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 15(3): replaced, on 1 July 2012 (applying for income years beginning on or after that date), by section 89(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 15 list of defined terms branch equivalent tax account : repealed, on 1 July 2012, by section 89(5) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 15 list of defined terms CTR account : repealed (with effect on 1 July 2011), on 7 May 2012, by section 89(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).