Section OP 30 — Income Tax Act 2007: Consolidated ICA refund of income tax

OP 30 Consolidated ICA refund of income tax Debit (1) A consolidated imputation group has an imputation debit for the amount of a refund of income tax or provisional tax paid to the group. Subsection (2) overrides this subsection. No debit (2) The debit in subsection (1) does not include–– (a) a refund of income tax paid by a life insurer to satisfy its schedular income tax liability for schedular policyholder base income; or (b) a refund of income tax paid before a debit arises under section OP 42 to the extent to which the amount of the refund is less than the amount of the debit. Table references (3) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 4 (refund of income tax). The imputation debit in subsection (2)(b) is referred to in table O20: imputation debits of consolidated imputation groups, row 16 (debit for loss of shareholder continuity). Debit date (4) The debit date is the day the refund is made. Relationship with section OP 35 (5) This section does not apply to an amount that gives rise to a debit under section OP 35 . Defined in this Act: amount , consolidated imputation group , imputation debit , income tax , life insurer , pay , provisional tax , schedular income tax liability , schedular policyholder base income Compare: 2004 No 35 s ME 12(1)(d), (2)(d) Section OP 30(2) heading: substituted, on 1 July 2010, by section 452(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30(2): substituted, on 1 July 2010, by section 452(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30(3): amended, on 1 July 2010, by section 452(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30(5) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 452(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30(5): added (with effect on 1 April 2008), on 6 October 2009, by section 452(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30 list of defined terms life insurer : inserted, on 1 July 2010, by section 452(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30 list of defined terms schedular income tax liability : added, on 1 July 2010, by section 452(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 30 list of defined terms schedular policyholder base income : added, on 1 July 2010, by section 452(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).