Section OK 1 — Income Tax Act 2007: General rules for Maori authorities with Maori authority credit accounts

OK 1 General rules for Maori authorities with Maori authority credit accounts Accounts (1) A Maori authority must maintain a Maori authority credit account for a tax year. The account is a record of Maori authority credits and Maori authority debits that arise in the account during the tax year. Subsection (2) overrides this subsection. Exclusion (2) Subsection (1) does not apply for a period in which— (a) the constitution or rules of the Maori authority prohibit a distribution of any kind to a member; or (b) the Maori authority derives only exempt income, disregarding exempt income under section CW 10 (Dividend within New Zealand wholly-owned group). Credits (3) Credits include an amount of income tax paid during a tax year, an imputation credit attached to a dividend derived by the Maori authority and, if the Maori authority is not also a foreign dividend payment account (FDPA) company, a foreign dividend payment (FDP) credit attached to a dividend derived. Debits (4) Debits may include a refund of income tax and a Maori authority credit attached to a taxable Maori authority distribution paid by the Maori authority. General rules (5) The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to Maori authority credit accounts. Defined in this Act: amount , dividend , exempt income , FDP credit , FDPA company , imputation credit , income tax , Maori authority , Maori authority credit , Maori authority credit account , Maori authority debit , member , memorandum account , pay , tax year , taxable Maori authority distribution , Compare: 2004 No 35 ss MK 1 , MK 3