Section OA 7 — Income Tax Act 2007: Opening balances of memorandum accounts

OA 7 Opening balances of memorandum accounts Balances carried forward (1) The opening balance of a memorandum account at the start of a tax year or income year, as applicable, is the closing balance of the account in the previous tax year or income year, as applicable. Credit date (2) The credit date or debit date for an opening balance is,— (a) for an imputation credit account, the first day of the tax year: (b) for an FDP account, the first day of the tax year: (c) [Repealed] (d) for a branch equivalent tax account of a BETA person, the first day of the income year: (e) for an ASC account, the first day of the tax year: (f) [Repealed] (g) for a Maori authority credit account, the first day of the tax year. First year (3) If a consolidated group, company, or person starts a memorandum account during a tax year, no credit for an opening balance arises in the account. But this subsection does not apply— (a) when the companies of 2 or more consolidated imputation groups choose to combine to form, or to join, an imputation group, for which see section OP 3(2) (Changes in consolidated imputation groups): (b) when the companies that are part of an imputation group choose to convert their status to that of a consolidated group that is a consolidated imputation group, for which see section OP 3(3) : (c) to a resident imputation subgroup associated with a trans-Tasman imputation group, for which see section OP 4 (Resident imputation subgroups). Defined in this Act: ASC account , BETA person , branch equivalent tax account , company , consolidated group , consolidated imputation group , FDP account , imputation credit account , imputation group , income year , Maori authority credit account , memorandum account , PCA company , PCA person , resident imputation subgroup , tax year , trans-Tasman imputation group , Compare: 2004 No 35 ss ME 3(2) , ME 10(1A)–(1C), (2) , ME 17(2) , ME 22(2) , ME 26(1) , MF 3(2) , MF 8(1) , MF 12(2) , MG 3(2) , MG 13(3) , MI 3(2) , MI 15 , MJ 3(2) , MK 3(2) Section OA 7(2)(c): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 84(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 7(2)(d): replaced, on 1 July 2012 (applying for income years beginning on or after that date), by section 84(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 7(2)(f): repealed, on 1 July 2010, by section 375(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OA 7 list of defined terms BETA company : repealed, on 1 July 2012, by section 84(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 7 list of defined terms consolidated BETA account : repealed, on 1 July 2012, by section 84(4) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 7 list of defined terms CTR account : repealed (with effect on 1 July 2011), on 7 May 2012, by section 84(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OA 7 list of defined terms policyholder credit account : repealed, on 1 July 2010, by section 375(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).