Section OA 3 — Income Tax Act 2007: General rules for maintaining memorandum accounts

OA 3 General rules for maintaining memorandum accounts What this section does (1) This section sets out the rules that apply in relation to a memorandum account to a person who— (a) is required to maintain a memorandum account; or (b) may choose to maintain an account. Record (2) A person who maintains a memorandum account must record all credits and all debits that arise in the account as at their credit date or debit date. The credits and debits are listed in provisions in the relevant subpart for each type of memorandum account. Credit balances (3) The credit balance recorded in a memorandum account during a tax year or income year, as applicable, is the excess of credits over debits. Debit balances (4) The debit balance recorded in a memorandum account during a tax year or income year, as applicable, is the excess of debits over credits. Defined in this Act: amount , income year , memorandum account , tax year , Compare: 2004 No 35 ss ME 2 , ME 3(1) , ME 16 , ME 17(1) , ME 22(1) , ME 26 , MF 2 , MF 3(1) , MF 8 , MF 12(1) , MG 1 , MG 3(1) , MG 14(1) , MG 15(1) , MI 1 , MI 3(1) , MI 17(1) , MI 18(1) , MJ 2 , MJ 3(1) , MK 2 , MK 3(1)