Section OP 33B — Income Tax Act 2007: Consolidated ICA debit for transfer from tax pooling account for policyholder base liability

OP 33B Consolidated ICA debit for transfer from tax pooling account for policyholder base liability Debit (1) A consolidated imputation group has an imputation debit for the amount transferred from a tax pooling account to their tax account with the Commissioner, to the extent to which the amount satisfies its schedular income tax liability for schedular policyholder base income or its income tax liability for a life fund PIE that is a multi-rate PIE. Table reference (2) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 7B (debit for transfer from tax pooling account for policyholder base liability). Debit date (3) The debit date is the last day of the tax year. Defined in this Act: ICA company , imputation credit , imputation debit , life insurer , schedular income tax liability , schedular policyholder base income , tax year Section OP 33B: inserted, on 1 July 2010, by section 454(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).