Section OP 3 — Income Tax Act 2007: Changes in consolidated imputation groups

OP 3 Changes in consolidated imputation groups New group company (1) A consolidated group that is a consolidated imputation group continues to have the same imputation credit account if the group starts an imputation group with a company that is not part of another consolidated group. Combining consolidated imputation groups (2) The companies that are part of 2 or more consolidated imputation groups that choose to combine to form 1 imputation group must record in the imputation credit account of the new group— (a) all credits and debits in the imputation credit accounts of the 2 groups immediately before the election takes effect; and (b) all credits and debits that arise for a group company that is part of the new group on and after the election takes effect. Imputation group becoming consolidated group (3) An imputation group continues to use its imputation credit account if the companies that are part of the imputation group choose to convert their status to that of a consolidated group that is a consolidated imputation group. Opening balances (4) The opening balances for the imputation credit account of the consolidated imputation group referred to in subsection (3) are set out in section OA 7 (Opening balances of memorandum accounts). Defined in this Act: company , consolidated group , consolidated imputation group , imputation credit account , imputation group , Compare: 2004 No 35 s ME 10(1A), (1B), (1D)