Section OZ 7B — Income Tax Act 2007: Maori authority credit ratios for transitional period

OZ 7B Maori authority credit ratios for transitional period When this section applies (1) This section applies when a Maori authority makes a taxable Maori authority distribution in the transitional period referred to in section OZ 7 . Application of modified sections OZ 8 to OZ 15 (2) Sections OZ 8 to OZ 11 and OZ 13 apply for the transitional period to the Maori authority and the taxable Maori authority distribution as if,— (a) for each section,— (i) a reference to a company had been replaced by a reference to a Maori authority: (ii) a reference to a dividend had been replaced by a reference to a taxable Maori authority distribution: (iii) a reference to an imputation credit account had been replaced by a reference to a Maori authority credit account: (iv) a reference to an imputation credit had been replaced by a reference to a Maori authority credit: (v) a reference to a benchmark dividend had been replaced by a reference to a benchmark distribution: (vi) a reference to an imputation ratio had been replaced by a reference to a Maori authority credit ratio: (vii) a reference to an FDP account or FDP credit or FDP ratio had been omitted: (b) in section OZ 8(2) , the reference to 30% had been replaced by a reference to 19.5%: (c) in section OZ 9 ,— (i) in subsection (1)(b), the reference to sections OB 61(4) and OC 28(4) had been replaced by a reference to section OK 20(3) : (ii) in subsection (1)(c)(ii), the reference to a ratio of 30/70 had been replaced by a reference to a ratio of 19.5/80.5: (iii) in subsection (3)(b), the reference to a ratio of 28/72 had been replaced by a reference to a ratio of 17.5/82.5: (d) in section OZ 10 ,— (i) in subsection (1)(b), a reference to a ratio of 28/72 had been replaced by a reference to a ratio of 17.5/82.5 and a reference to a ratio of 30/70 had been replaced by a reference to a ratio of 19.5/80.5: (ii) subsection (1)(b)(ii) and (iii) were omitted: (iii) in subsection (2), the reference to sections LE 8 , LE 9 , LF 6 , and LF 7 had been replaced by a reference to section LO 3 : (iv) in subsection (2), the reference to a ratio of 30/70 had been replaced by a reference to a ratio of 19.5/80.5: (e) in section OZ 11 ,— (i) in subsection (1)(b)(i), the reference to a ratio of 28/72 had been replaced by a reference to a ratio of 17.5/82.5 and the reference to a ratio of 30/70 had been replaced by a reference to a ratio of 19.5/80.5: (ii) subsection (1)(b)(ii) and (iii) had been omitted: (iii) in subsection (1)(c), a reference to a new company tax rate person had been replaced by a reference to a Maori authority that uses a 17.5% basic tax rate for the 2011–12 income year or later income years: (iv) in subsection (2), in the formula, the figure 0.28 had been replaced by the figure 17.5: (v) in subsection (3), the reference to section LE 1(1) or LF 1(1) had been replaced by a reference to section LO 1(1) : (vi) subsections (4) and (5) had been omitted: (f) in section OZ 13 ,— (i) in subsection (1), the reference to the ratio of 28/72 had been replaced by a reference to a ratio of 17.5/82.5 and the reference to a ratio of 30/70 had been replaced by a reference to a ratio of 19.5/80.5: (ii) in subsection (2), the reference to the ratio of 28/72 had been replaced by a reference to a ratio of 17.5/82.5. Defined in this Act: benchmark distribution , income year , Maori authority , Maori authority credit , Maori authority credit account , Maori authority credit ratio , taxable Maori authority distribution Section OZ 7B: inserted (with effect on 1 October 2010), on 21 December 2010, by section 120 of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).