Section RM 15 — Income Tax Act 2007: Changes in credit balances

RM 15 Changes in credit balances Credit balance reduced (1) A credit balance is treated as reduced by the amount of a refund or transfer as described in sections RM 13 and RM 14 that is made earlier in the same tax year. Credit balance increased (2) A credit balance is treated as increased by an amount equal to a debit to the company’s imputation credit account under section OB 41 (ICA debit for loss of shareholder continuity) arising after a credit is made to the company’s imputation credit account for an amount that has satisfied the company’s income tax liability for the tax year and before the date on which the credit balance is to be determined under sections RM 13 and RM 14 . Defined in this Act: amount , company , imputation credit account , income tax liability , tax year , Compare: 2004 No 35 s MD 2(3), (4)