Section OZ 3 — Income Tax Act 2007: Overpaid income tax or foreign dividend payment for pre-imputation income year

OZ 3 Overpaid income tax or foreign dividend payment for pre-imputation income year Debit (1) An ICA company has an imputation debit for an amount of overpaid income tax and foreign dividend payment (FDP) that is applied, when the company is not a foreign dividend payment account (FDPA) company, to satisfy the company’s income tax liability under section BB 1 (Imposition of income tax) for a pre-imputation income year. Subsection (2) overrides this subsection. No debit (2) The debit does not include an amount of overpaid income tax and FDP that is— (a) paid before an imputation debit under section OB 41 (ICA debit for loss of shareholder continuity); and (b) no more than the debit for loss of shareholder continuity. Table references (3) The imputation debit in subsection (1) is referred to in table O2: imputation debits, row 11 (overpayment of income tax or FDP). The imputation debit in subsection (2)(a) is referred to in table O2: imputation debits, row 14 (debit for loss of shareholder continuity). Debit date (4) The debit date is the day the amount is applied. Defined in this Act: amount , company , FDP , FDPA company , ICA company , imputation credit account , imputation debit , income tax , income tax liability , pay , pre-imputation income year , shareholder , Compare: 2004 No 35 s ME 5(1)(n)