Section OC 18 — Income Tax Act 2007: FDPA transfer to imputation credit account

OC 18 FDPA transfer to imputation credit account Election (1) An FDPA company may choose for a tax year to transfer some or all of a closing credit balance in the company’s FDP account to the imputation credit account of— (a) the company; or (b) an imputation group of which the company is part. Debit and credit (2) The amount transferred is— (a) an FDP debit in the company’s FDP account; and (b) an imputation credit under, as applicable,— (i) section OB 12 (ICA transfer from FDP account) in the company’s imputation credit account; or (ii) section OP 18 (Consolidated ICA transfer from group company’s FDP account) in the imputation credit account of the consolidated imputation group. Table references (3) The table references are as follows: (a) the FDP debit in subsection (2)(a) is referred to in table O4: FDP debits, row 7 (transfer to imputation credit account): (b) the imputation credit in subsection (2)(b)(i) is referred to in table O1: imputation credits, row 10 (transfer from FDP account): (c) the imputation credit in subsection (2)(b)(ii) is referred to in table O19: imputation credits of consolidated imputation groups, row 13 (transfer from group company’s FDP account). Method of election (4) The company makes the election by recording the credit balance transferred as— (a) a debit in the company’s FDP account; and (b) a credit in the imputation credit account of— (i) the company; or (ii) the imputation group. CTR companies [Repealed] (5) [Repealed] Debit date (6) The debit date is the last day of the tax year. Defined in this Act: amount , consolidated imputation group , FDP , FDP account , FDP debit , FDPA company , imputation credit , imputation credit account , imputation group , tax year , Compare: 2004 No 35 ss MG 5(1)(c), (2)(c) , MG 11 Section OC 18(5) heading: repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, pursuant to section 96(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OC 18(5): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 96(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section OC 18 list of defined terms CTR company : repealed (with effect on 1 July 2011), on 7 May 2012, by section 96(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).