Section OB 35 — Income Tax Act 2007: ICA transfer within tax pooling account

OB 35 ICA transfer within tax pooling account When this section applies (1) This section applies for an ICA company when— (a) the company has an entitlement to an amount in a tax pooling account and has an imputation credit for the entitlement under— (i) section OB 5 (table O1: imputation credits, row 3 (deposit in tax pooling account)); or (ii) section OB 6 (table O1: imputation credits, row 4 (transfer from tax pooling account)); and (b) the intermediary transfers the entitlement from the company to another person. Debit (2) The company has an imputation debit for a tax year for the amount of the transfer of the entitlement to funds in the tax pooling account. Table reference (3) The imputation debit in subsection (2) is referred to in table O2: imputation debits, row 7 (transfer within tax pooling account). Debit date for companies other than qualifying companies (4) The debit date for a company that is not a qualifying company is— (a) the last day of the previous tax year to the extent of the amount of the debit that is no more than the credit balance in the account on that date; or (b) the day the transfer is made to the extent of the remaining amount of the debit that is no more than the credit balance in the imputation credit account on the day of the transfer; or (c) the last day of the previous tax year for the remainder of the debit. Debit date for qualifying companies (5) The debit date for a qualifying company is the day the transfer is made. Defined in this Act: amount , ICA company , imputation credit , imputation credit account , imputation debit , intermediary , pay , qualifying company , tax pooling account , tax year , Compare: 2004 No 35 s ME 5(1)(eb), (2)(ea), (eb) Section OB 35(1): substituted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 99(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section OB 35(4)(b): substituted (with effect on 1 April 2008), on 6 October 2009, by section 391 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 35(5): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 99(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).