Section OA 2 — Income Tax Act 2007: Memorandum accounts

OA 2 Memorandum accounts Types of account in this Part (1) The following accounts are dealt with in this Part: (a) an imputation credit account, see subparts OB and OP : (b) a foreign dividend payment (FDP) account, see subparts OC and OP : (c) [Repealed] (d) a branch equivalent tax account, see subpart OE : (e) an available subscribed capital (ASC) account, see subpart OF : (f) [Repealed] (g) a Maori authority credit account, see subpart OK . Role of accounts (2) A memorandum account is an account listed in subsection (1) that provides a record of the credits and debits arising in the account. Tax year (3) A memorandum account is maintained for a tax year unless a provision in this Part expressly states otherwise. Tables (4) The credits and debits that arise in a memorandum account are listed in tables in each of the subparts. The tables— (a) state the credits and the debits; and (b) provide the credit dates and the debit dates; and (c) refer to the section that fully defines the credits and debits, and their credit dates and debit dates. Determination (5) The Commissioner may issue a determination under section 104B of the Tax Administration Act 1994 adjusting the amount of a credit or debit, or a credit date or debit date recorded in a memorandum account if the Commissioner considers the amount or date is not correct. The determination may be reviewed in challenge proceedings under Part 8A of that Act. Defined in this Act: ASC account , branch equivalent tax account , Commissioner , CTR account, FDP account , imputation credit account , Maori authority credit account , memorandum account , policyholder credit account , tax year Compare: 2004 No 35 ss ME 1(1) , ME 3(1) , ME 10(1), (1A)–(1C) , ME 15 , ME 17(1) , ME 20 , ME 21(1) , ME 22(1) , ME 25 , ME 26(2) , ME 40 , MF 1(1) , MF 3(1) , MF 6 , MF 7(1) , MF 11(1) , MF 12(1) , MG 2(1) , MG 3(1) , MG 12 , MG 13(1) , MG 14(1) , MG 15(1) , MI 2(1), (4) , MI 3(1) , MI 14 , MI 17(1) , MI 18(1) , MJ 1(1) , MJ 3(1) , MJ 8 , MK 1(1) , MK 3(1) , MK 9 Section OA 2(1)(c): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 81(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 2(1)(d): amended, on 1 July 2012 (applying for income years beginning on or after that date), by section 81(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 2(1)(f): repealed, on 1 July 2010, by section 372(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).