Section OB 4 — Income Tax Act 2007: ICA payment of tax

OB 4 ICA payment of tax Credit (1) An ICA company has an imputation credit for an amount of income tax or provisional tax paid or an amount treated under section RC 32(5)(b) (Wholly-owned groups of companies) as a payment of provisional tax. Subsection (3) overrides this subsection. Table reference (2) The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 2 (payment of tax). No credit (3) An ICA company does not have an imputation credit for an amount of— (a) a transfer from a tax pooling account to a tax account with the Commissioner; or (b) income tax paid on income derived when the company is not an ICA company; or (c) income tax paid by a life insurer to satisfy its schedular income tax liability for schedular policyholder base income; or (d) income tax paid under sections LA 2 and LE 1 (which relate to tax credits for imputation credits and their use) by crediting an imputation credit; or (e) income tax paid under subpart LA and section LF 1 (which relate to tax credits for FDP credits and their use) by crediting a foreign dividend payment (FDP) credit; or (eb) income tax paid by a tax credit under subpart LA and section LH 2 (which relate to tax credits for research development and their use); or (f) income tax paid by a tax credit under subpart LP (Tax credits for supplementary dividends); or (g) further income tax applied under section OB 69 to pay income tax or provisional tax; or (gb) further income tax applied under section OC 34 (Further income tax paid satisfying liability for income tax) to pay income tax; or (h) [Repealed] (i) income tax paid as a trustee, unless paid on category A income of the type described in paragraph (c) of the definition of company in section YA 1 (Definitions). Credit date (4) The credit date is— (a) for an amount of income tax or provisional tax paid other than an amount referred to in paragraph (b), the day the tax is paid: (b) for an amount treated under section RC 32(5)(b) as a payment of provisional tax, the day on which notice of the allocation of the tax is given to the Commissioner. Limitation on credits (5) No amount may give rise to more than 1 imputation credit. Defined in this Act: amount , category A income , Commissioner , company , FDP credit , further income tax , ICA company , imputation credit , imputation credit account , income , income tax , life insurer , pay , provisional tax , schedular income tax liability , schedular policyholder base income , tax account with the Commissioner , tax credit , tax pooling account , tax year , trustee , Compare: 2004 No 35 s ME 4(1)(a), (1C), (2)(a) Section OB 4(1): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 112(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section OB 4(3)(c): substituted, on 1 July 2010, by section 381(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 4(3)(e): substituted (with effect on 1 April 2008), on 6 October 2009, by section 381(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 4(3)(eb): substituted (with effect on 1 April 2008), on 6 October 2009, by section 381(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 4(3)(gb): inserted (with effect on 30 June 2009), on 2 November 2012 (applying for income years beginning on or after 1 July 2009), by section 129(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section OB 4(3)(h): repealed, on 1 July 2012 (applying for income years beginning on or after that date), by section 92(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OB 4(4): substituted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 112(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section OB 4 list of defined terms branch equivalent tax account : repealed, on 1 July 2012, by section 92(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OB 4 list of defined terms policyholder base income tax liability : repealed, on 1 July 2010, by section 381(3)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 4 list of defined terms schedular income tax liability : inserted, on 1 July 2010, by section 381(3)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OB 4 list of defined terms schedular policyholder base income : inserted, on 1 July 2010, by section 381(3)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).