Section OZ 6 — Income Tax Act 2007: ASCA redemption of unused investments

OZ 6 ASCA redemption of unused investments When this section applies (1) The section applies when a public unit trust or a group investment fund that derives category A income— (a) redeems a share within the meaning in paragraphs (c) and (d) of the definition of share in section YA 1 (Definitions); and (b) has never established an ASC account. Election (2) The company may choose to establish an ASC account, and the only ASC credit arising in the account is an ASC credit for an opening balance calculated under section OZ 5(5) . Closing balance (3) An opening balance under subsection (2) is treated as the closing balance of the account. Defined in this Act: ASC account , ASC credit , category A income , complying trust , group investment fund , public unit trust , share , Compare: 2004 No 35 s MJ 7