Section OK 19 — Income Tax Act 2007: Maori authority credits attached to distributions

OK 19 Maori authority credits attached to distributions Attaching Maori authority credits (1) When a Maori authority makes a taxable Maori authority distribution, it may attach a Maori authority credit to the distribution. Maori authority credit ratio (2) A distribution referred to in subsection (1) must have a Maori authority credit ratio calculated using the formula— credit attached net distribution. Definition of items in formula (3) In the formula,— (a) credit attached is the amount of Maori authority credit attached to the distribution: (b) net distribution is the amount of distribution made, excluding the amount of Maori authority credit. Maximum permitted ratio (4) A Maori authority credit attached to a distribution must not be more than the maximum permitted ratio calculated under section OA 18(2) (Calculation of maximum permitted ratios). Co-operative companies (5) A Maori authority that is also a co-operative company may attach a Maori authority credit to a notional distribution. The provisions of section OB 79 (Co-operative companies attaching imputation credits to notional distributions) apply to the notional distribution as if references in that section to— (a) an imputation credit were a reference to a Maori authority credit; and (b) an imputation credit account were a reference to a Maori authority credit account. Retrospective attachment (6) A Maori authority may retrospectively attach a Maori authority credit to a taxable Maori authority distribution. Application of other provisions (7) The provisions of section OB 62 (Retrospective attachment of imputation credits) apply to a distribution under this section as if a reference in that section to— (a) an imputation credit were a reference to a Maori authority credit; and (b) an imputation credit account were a reference to a Maori authority credit account. Defined in this Act: amount , co-operative company , imputation credit , imputation credit account , Maori authority , Maori authority credit , Maori authority credit account , Maori authority credit ratio , maximum permitted ratio , taxable Maori authority distribution , Compare: 2004 No 35 ss MK 6 , MK 7(1)