Section OB 44 — Income Tax Act 2007: ICA debit on leaving wholly-owned group

OB 44 ICA debit on leaving wholly-owned group Debit (1) An ICA company ( company A ) has an imputation debit for an amount equal to the amount of an imputation debit that another company ( company B ) chooses under section OB 13 as a debit to company A’s imputation credit account when company B leaves a wholly-owned group of companies. Table reference (2) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 17 (debit balance on leaving wholly-owned group). Debit date (3) The debit date is the date when the company B stops being part of the wholly-owned group. Defined in this Act: amount , company , ICA company , imputation credit account , imputation debit , wholly-owned group of companies , Compare: 2004 No 35 ss ME 5(1)(fb), (2)(fb) , ME 9B(2)(a)(i)