Section OP 42 — Income Tax Act 2007: Consolidated ICA debit for loss of shareholder continuity

OP 42 Consolidated ICA debit for loss of shareholder continuity Debit (1) A consolidated imputation group has an imputation debit for the amount of an imputation credit retained in the group’s imputation credit account and unused at the time at which shareholder continuity is lost. Table reference (2) The imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 16 (debit for loss of shareholder continuity). When debit arises (3) The debit arises at the time shareholder continuity is lost. Defined in this Act: amount , consolidated imputation group , imputation credit , imputation credit account , imputation debit , shareholder , Compare: 2004 No 35 ss ME 12(1)(h), (2)(g) , ME 13(2) Section OP 42(1): amended (with effect on 1 April 2008), on 7 December 2009, by section 95(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section OP 42(3) heading: substituted (with effect on 1 April 2008), on 7 December 2009, by section 95(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section OP 42(3): substituted (with effect on 1 April 2008), on 7 December 2009, by section 95(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).