Section OZ 15 — Income Tax Act 2007: Attaching imputation credits and notional distributions: modifying amounts

OZ 15 Attaching imputation credits and notional distributions: modifying amounts When this section applies (1) This section applies when— (a) a statutory producer board or a co-operative company determines to pay a cash distribution or make a notional distribution in the transitional period; and (b) the board or company has a credit balance in its imputation credit account from income, expenditure, memorandum account debits, credits, and balances, refunds, tax, tax credits, transfers, amounts withheld, or other items dealt with, arising, or calculated using an old company tax rate. Statutory producer boards' imputation credits (2) In the calculation under section OB 73(4) (Statutory producer boards attaching imputation credits to cash distributions), the board may choose to treat item tax rate in the formula as 30%. Statutory producer boards' notional distributions (3) In the calculation under section OB 75(2) (Statutory producer boards' notional distributions that are dividends), the board may choose to treat item tax rate in the formula as 30%. Co-operative companies' imputation credits (4) In the calculation under section OB 78(3) (Co-operative companies attaching imputation credits to cash distributions), the company may choose to treat item tax rate in the formula as 30%. This subsection does not apply to a Maori authority. Co-operative companies' notional distributions (5) In the calculation under section OB 80(2) (Co-operative companies' notional distributions that are dividends), the company may choose to treat item tax rate in the formula as 30%. This subsection does not apply to a Maori authority. Defined in this Act: amount , co-operative company , imputation credit account , income , Maori authority , statutory producer board , tax credit , transitional period Section OZ 15: added, on 1 April 2008, by section 520 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section OZ 15(2): amended, on 1 October 2010, by section 22(a) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 15(3): amended, on 1 October 2010, by section 22(b) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 15(4): amended, on 1 October 2010, by section 22(c) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 15(5): amended, on 1 October 2010, by section 22(d) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section OZ 15 compare note: repealed (with effect on 1 April 2008), on 21 December 2010, by section 119 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).