Section OB 65 — Income Tax Act 2007: Further income tax for ICA closing debit balance

OB 65 Further income tax for ICA closing debit balance Liability (1) An ICA company is liable to pay further income tax for a debit balance in the company’s imputation credit account at the end of a tax year. Exclusion (2) An imputation debit arising under section OB 46 (table O2: imputation debits, row 19 (transfer from member fund)) is disregarded when determining under subsection (1) if the company has a debit balance at the end of a tax year. Due date (3) The company must pay the further income tax to the Commissioner no later than 20 June following the end of the tax year. Defined in this Act: Commissioner , company , further income tax , ICA company , imputation credit account , imputation debit , pay , tax year , Compare: 2004 No 35 s ME 9(1), (1A), (2)