Section OB 35B — Income Tax Act 2007: ICA debit for transfer from tax pooling account for policyholder base liability

OB 35B ICA debit for transfer from tax pooling account for policyholder base liability Debit (1) An ICA company has an imputation debit for the amount transferred from a tax pooling account to their tax account with the Commissioner, to the extent to which the company is a life insurer, and the amount satisfies its schedular income tax liability for schedular policyholder base income or its income tax liability for a life fund PIE that is a multi-rate PIE. Table reference (2) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 7B (debit for transfer from tax pooling account for policyholder base liability). Debit date (3) The debit date is the last day of the tax year. Defined in this Act: ICA company , imputation credit , imputation debit , life insurer , schedular income tax liability , schedular policyholder base income , tax year Section OB 35B: inserted, on 1 July 2010, by section 392(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).