Section OC 34 — Income Tax Act 2007: Further income tax paid satisfying liability for income tax

OC 34 Further income tax paid satisfying liability for income tax Election (1) A company that pays further income tax may choose to treat the payment as satisfying a liability of the company to pay income tax. FDPA company status (2) The liability referred to in subsection (1) must be for an income year that corresponds with a tax year in which the company is an FDPA company. Alternative for consolidated group (3) A company that is part of a consolidated FDP group may choose that the payment under subsection (1) satisfies a group liability for income tax owed by another group company when or after the payment is made. Defined in this Act: company , consolidated FDP group , FDPA company , further income tax , income tax , income year , pay , tax year Section OC 34: substituted (with effect on 30 June 2009), on 6 October 2009, by section 417(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).