Section OP 37 — Income Tax Act 2007: Consolidated ICA group company’s debit

OP 37 Consolidated ICA group company’s debit Debit (1) A consolidated imputation group has an imputation debit for an amount to the extent to which the amount would, in the absence of subsection (3), give rise to— (a) an imputation debit described in a row of table O2: imputation debits, in the imputation credit account of a group company; and (b) an imputation debit that would create or increase a debit balance in the group company’s imputation credit account. Table reference (2) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 11 (group company’s debit). No debit for group company (3) The amount referred to in subsection (1) does not give rise to an imputation debit in the group company’s account although otherwise eligible to be one. Debit date (4) The debit date is the day that the amount would have been debited to the imputation credit account of the group company in the absence of subsection (3). Defined in this Act: amount , company , consolidated imputation group , imputation credit account , imputation debit , Compare: 2004 No 35 s ME 12(1)(k), (2)(j)