Section OP 32 — Income Tax Act 2007: Consolidated ICA refund from tax pooling account

OP 32 Consolidated ICA refund from tax pooling account When this section applies (1) This section applies for a consolidated imputation group when— (a) the group has an entitlement to an amount in a tax pooling account and has an imputation credit for the entitlement under sections OP 8 and OP 9 ; and (b) the intermediary refunds the amount from the tax pooling account to the group. Debit (2) The consolidated imputation group has an imputation debit for the tax year for the amount of the refund. Table references (3) The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account) or row 4 (transfer from tax pooling account). The imputation debit in subsection (2) is referred to in table O20: imputation debits of consolidated imputation groups, row 6 (refund from tax pooling account). Debit date (4) The debit date for the debit is— (a) the last day of the previous tax year to the extent of the amount of the debit that is no more than the credit balance in the imputation credit account on that date: (b) the day the refund is made to the extent of the remaining amount of the debit that is no more than the credit balance in the imputation credit account on the day of refund: (c) the last day of the previous tax year for the remainder of the imputation debit. Defined in this Act: amount , consolidated imputation group , deposit , imputation credit , imputation credit account , imputation debit , intermediary , pay , tax pooling account , tax year , Compare: 2004 No 35 s ME 12(1)(da), (2)(da) Section OP 32(1): substituted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 107(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).