Section OB 3 — Income Tax Act 2007: Imputation credit accounts

OB 3 Imputation credit accounts General rules (1) The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to an imputation credit account of an ICA company. Consolidated imputation groups (2) Under section OP 2 (When credits and debits arise only in group accounts), certain credits and debits do not arise in an ICA company’s memorandum account if the company is part of a consolidated imputation group. Defined in this Act: consolidated imputation group , ICA company , imputation credit account , memorandum account , Compare: 2004 No 35 s ME 13(1)