Section OP 7 — Income Tax Act 2007: Consolidated ICA payment of tax

OP 7 Consolidated ICA payment of tax Credit (1) A consolidated imputation group has an imputation credit for a payment of income tax. Subsection (3) overrides this subsection. Table reference (2) The imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 2 (payment of tax). No credit (3) A consolidated imputation group does not have an imputation credit for an amount of— (a) income tax paid as a trustee, unless paid on category A income; or (b) a transfer from a tax pooling account to a tax account with the Commissioner; or (c) income tax paid on income derived by a company that is not an imputation credit account (ICA) company; or (d) income tax paid by a life insurer to satisfy its schedular income tax liability for schedular policyholder base income; or (e) income tax paid under section LE 1 (Tax credits for imputation credits) by crediting an imputation credit; or (f) income tax paid under section LF 1 (Tax credits for FDP credits) by crediting a foreign dividend payment (FDP) credit; or (fb) income tax paid by a tax credit under subpart LA (Tax credits and other credits) and section LH 2 (Tax credits relating to expenditure on research and development); or (g) income tax paid by crediting an amount under subpart LP (Tax credits for supplementary dividends); or (h) further income tax applied under section OB 65 or OB 66 (which relate to further income tax) to pay income tax or provisional tax; or (i) income tax paid by crediting further income tax under section OB 69(3) (Further income tax paid satisfying liability for income tax). Credit date (4) The credit date is the day the tax is paid. Defined in this Act: amount , category A income , Commissioner , company , consolidated imputation group , FDP credit , further income tax , ICA company , imputation credit , imputation credit account , income , income tax , life insurer , pay , provisional tax , schedular income tax liability , schedular policyholder base income , tax account with the Commissioner , tax pooling account , tax year , trustee , Compare: 2004 No 35 s ME 11(1)(a), (2)(a) Section OP 7(3)(d): substituted, on 1 July 2010, by section 447(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 7(3)(fb): substituted (with effect on 1 April 2008), on 6 October 2009, by section 447(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 7 list of defined terms policyholder base income tax liability : repealed, on 1 July 2010, by section 447(3)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 7 list of defined terms schedular income tax liability : inserted, on 1 July 2010, by section 447(3)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section OP 7 list of defined terms schedular policyholder base income : inserted, on 1 July 2010, by section 447(3)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).