Section OP 5 — Income Tax Act 2007: When credits and debits arise only in consolidated imputation group accounts

OP 5 When credits and debits arise only in consolidated imputation group accounts Credits only in group account (1) A credit listed in subsection (2) arises only in the imputation credit account of a consolidated imputation group and not in the imputation credit account of a group company. Particular credits (2) The credit referred to in subsection (1) is a credit under the following sections and described in the following rows of table O19: imputation credits of consolidated imputation groups: (a) section OP 7 , row 2 (payment of tax): (b) section OP 8 , row 3 (deposit in tax pooling account): (bb) section OP 11B , row 6B (tax credit for research and development expenditure): (c) section OP 12 , row 7 (dividend derived with imputation credit): (d) section OP 13 , row 8 (dividend derived with FDP credit). (e) [Repealed] Debits only in the group account (3) A debit listed in subsection (4) arises only in the imputation credit account of a consolidated imputation group and not in the imputation credit account of a group company. Particular debits (4) The debit referred to in subsection (3) is a debit under the following sections and described in the following rows of table O20: imputation debits of consolidated imputation groups: (a) section OP 28 , row 2 (payment of dividend): (b) section OP 30 , row 4 (refund of income tax): (c) section OP 32 , row 6 (refund from tax pooling account): (d) section OP 33 , row 7 (transfer within tax pooling account): (db) section OP 33B , row 7B (debit for transfer from tax pooling account for policyholder base liability): (e) section OP 34 , row 8 (refund of FDP): (f) section OP 35 , row 9 (refund of tax credit): (g) section OP 37 , row 11 (group company’s debit): (h) section OP 39 , row 13 (replacement payment under share-lending arrangement): (i) section OP 40 , row 14 (returning share transfer): (j) section OP 41 , row 15 (credit transfer): (k) section OP 43 , row 17 (breach of imputation ratio): (l) section OP 44 , row 18 (debit for policyholder base imputation credits). Defined in this Act: company , consolidated imputation group , imputation credit , imputation credit account , imputation debit , Compare: 2004 No 35 s ME 12(1) Section OP 5(2)(bb): inserted, on 1 April 2008, by section 513 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section OP 5(2)(d): amended (with effect on 1 April 2009), on 6 October 2009, by section 445(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 5(2)(e): repealed (with effect on 1 April 2009), on 6 October 2009, by section 445(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 5(4)(d): amended (with effect on 1 April 2008), on 7 September 2010, by section 105 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section OP 5(4)(db): inserted, on 1 July 2010, by section 445(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 5(4)(k): amended, on 1 July 2010, by section 445(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 5(4)(l): added, on 1 July 2010, by section 445(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).