Section OF 1 — Income Tax Act 2007: General rules for companies with ASC accounts

OF 1 General rules for companies with ASC accounts ASC account company (1) A public unit trust or a group investment fund that derives category A income may choose to become an available subscribed capital (ASC) account company. This section does not apply to a multi-rate PIE. ASC account (2) An ASC account company must maintain an ASC account for a tax year. The account is a record of ASC credits and ASC debits that arise in the account during the tax year. Credits (3) Credits to the account include redemption proceeds that are less than the ASC company’s available subscribed capital calculated under the slice rule. Debits (4) Debits to the account include a transfer of a credit balance to the company’s imputation credit account. Defined in this Act: ASC account , ASC account company , ASC credit , ASC debit , available subscribed capital , category A income , group investment fund , imputation credit account , multi-rate PIE , public unit trust , slice rule , tax year Compare: 2004 No 35 ss MJ 1(1) , MJ 5(1) , MJ 6(1) Section OF 1(1): amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 438(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OF 1 list of defined terms multi-rate PIE : inserted, on 1 April 2010, by section 438(2)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OF 1 list of defined terms portfolio tax rate entity : repealed, on 1 April 2010, by section 438(2)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).