Section OB 52 — Income Tax Act 2007: ICA imputation credit of consolidated imputation group

OB 52 ICA imputation credit of consolidated imputation group When this section applies (1) This section applies when— (a) an ICA company that is part of a consolidated imputation group has a credit in its imputation credit account; and (b) a debit arises in the imputation credit account of the consolidated imputation group that is not cancelled by a credit in the imputation credit account arising before or on the same date as the company’s credit. Debit (2) The ICA company has an imputation debit for the amount of the imputation credit that is transferred to the imputation credit account of the consolidated imputation group. Table reference (3) The imputation debit in subsection (2) is referred to in table O2: imputation debits, row 25 (credit of consolidated imputation group). Debit date (4) The debit date is the day on which the imputation credit is recorded in the imputation credit account of the consolidated imputation group. Defined in this Act: amount , consolidated imputation group , ICA company , imputation credit , imputation credit account , imputation debit , Compare: 2004 No 35 s ME 13(3)