Section OB 66 — Income Tax Act 2007: Further income tax when company stops being ICA company

OB 66 Further income tax when company stops being ICA company Liability (1) An ICA company is liable to pay further income tax for a debit balance in the company’s imputation credit account when the company stops being an ICA company. Due date (2) The company must pay the further income tax to the Commissioner— (a) by the day the company stops being an ICA company; or (b) for a company that is no longer an ICA company because it becomes a portfolio investment entity, by the end of the tax year in which it stops being an ICA company. Paramount section (3) A company that stops being an ICA company on the last day of a tax year is liable to pay further income tax under this section and not under section OB 65 . Defined in this Act: Commissioner , company , further income tax , ICA company , imputation credit account , pay , portfolio investment entity , tax year , Compare: 2004 No 35 s ME 9(3) Section OB 66(2): substituted, on 1 April 2008, by section 499(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section OB 66 list of defined terms portfolio investment entity : inserted, on 1 April 2008, by section 499(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).