Section OP 24 — Income Tax Act 2007: Consolidated ICA reversal of tax advantage arrangement

OP 24 Consolidated ICA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an imputation credit in a consolidated imputation group’s imputation credit account was incorrectly determined to be the subject of an arrangement to obtain a tax advantage. Credit (2) The consolidated imputation group has an imputation credit for an amount equal to the amount of a debit in the group’s account under section OP 46 . Table references (3) The imputation credit in subsection (2) is referred to in table O19: imputation credits of consolidated imputation groups, row 19 (reversal of tax advantage arrangement). The imputation debit in subsection (2) is referred to in table O20: imputation debits of consolidated imputation groups, row 20 (tax advantage arrangement). Credit date (4) The credit date is the same as the debit date for the debit. Defined in this Act: amount , consolidated imputation group , imputation credit , imputation debit , tax advantage , Compare: 2004 No 35 s ME 11(1)(i), (2)(e)