Section OB 25 — Income Tax Act 2007: ICA reversal of tax advantage arrangement

OB 25 ICA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an imputation credit in an ICA company’s imputation credit account was incorrectly determined to be the subject of an arrangement to obtain a tax advantage. Credit (2) The company has an imputation credit for an amount equal to the amount of a debit in the company’s imputation credit account under section OB 54 . Table references (3) The imputation credit in subsection (2) is referred to in table O1: imputation credits, row 23 (reversal of tax advantage arrangement). The imputation debit in subsection (2) is referred to in table O2: imputation debits, row 27 (tax advantage arrangement). Credit date (4) The credit date is the same as the debit date of the debit under section OB 54 . Defined in this Act: amount , arrangement , ICA company , imputation credit , imputation credit account , imputation debit , tax advantage , Compare: 2004 No 35 s ME 4(1)(h), (2)(f)