Section OP 33 — Income Tax Act 2007: Consolidated ICA transfer within tax pooling account

OP 33 Consolidated ICA transfer within 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 transfers the entitlement from the group to another person. Debit (2) The consolidated imputation group has an imputation debit for the amount of the transfer. Table reference (3) The imputation debit in subsection (2) is referred to in table O20: imputation debits of consolidated imputation groups, row 7 (transfer to 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 transfer 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 transfer: (c) the last day of the previous tax year for the remainder of the imputation debit. Defined in this Act: amount , consolidated imputation group , imputation credit , imputation credit account , imputation debit , tax pooling account , tax year , Compare: 2004 No 35 s ME 12(1)(db), (2)(da) Section OP 33 heading: substituted (with effect on 1 April 2008), on 7 September 2010, by section 108(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section OP 33(1): substituted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 108(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section OP 33(4)(b): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 108(3) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).