Section OB 53 — Income Tax Act 2007: ICA debit on resident’s restricted amalgamation

OB 53 ICA debit on resident’s restricted amalgamation Debit (1) An ICA company has an imputation debit for the amount of a debit described in subsection (3) that arises on or after a resident’s restricted amalgamation in the account of the amalgamated company under 1 of the sections listed in subsection (3). Table reference (2) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 26 (debit on resident’s restricted amalgamation). Sections (3) The sections are— (a) section OA 10 (When credits or debits due to amalgamating company but not recorded) for imputation debits in the imputation credit account of an amalgamating company: (b) section OA 11 (FDP account on resident’s restricted amalgamation) for FDP debits in the FDP account of an amalgamating company because the amalgamated company does not maintain an FDP account: (c) [Repealed] (d) section OA 13 (Policyholder credit account on resident’s restricted amalgamation) for the policyholder debits in the policyholder credit account of an amalgamating company because the amalgamated company does not maintain a policyholder credit account: (e) section OA 14 (Continuity of shareholding when group companies amalgamate) for imputation debits in the imputation credit account of a consolidated imputation group that ends its existence on the amalgamation: (f) section OA 16 (When FDP account ends on resident’s restricted amalgamation) for FDP debits in the FDP account of a consolidated group because the amalgamated company does not maintain an FDP account: (g) section OA 17 (When policyholder credit account ends on resident’s restricted amalgamation) for the policyholder debits on the policyholder credit account of a consolidated group because the amalgamated company does not maintain a policyholder credit account. Defined in this Act: amalgamated company , amalgamating company , amount , consolidated group , consolidated imputation group , FDP account , FDP debit , ICA company , imputation credit account , imputation debit , policyholder credit account , policyholder debit , resident’s restricted amalgamation , Compare: 2004 No 35 ss ME 29 , MG 17 , MI 13 Section OB 53(3)(c): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 94(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OB 53 list of defined terms CTR account : repealed (with effect on 1 July 2011), on 7 May 2012, by section 94(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OB 53 list of defined terms CTR debit : repealed (with effect on 1 July 2011), on 7 May 2012, by section 94(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).