Section OP 63 — Income Tax Act 2007: Consolidated FDPA reversal of tax advantage arrangement

OP 63 Consolidated FDPA reversal of tax advantage arrangement When this section applies (1) This section applies when it is established that an FDP credit in a consolidated FDP group’s FDP account was incorrectly determined to be the subject of an arrangement to obtain a tax advantage. Credit (2) The consolidated FDP group has an FDP credit for an amount equal to a debit in the group’s FDP account under section OP 76 . Table references (3) The FDP credit in subsection (2) is referred to in table O21: FDP credits of consolidated FDP groups, row 9 (reversal of tax advantage arrangement). The FDP debit in subsection (2) is referred to in table O22: FDP debits of consolidated FDP groups, row 14 (tax advantage arrangement). Credit date (4) The credit date is the same as the debit date of the debit. Defined in this Act: amount , consolidated FDP group , FDP account , FDP credit , tax advantage , Compare: 2004 No 35 s MG 14(1)(d), (2)(b)