Section RM 24 — Income Tax Act 2007: Increase in credit balances

RM 24 Increase in credit balances A credit balance is treated as increased by an amount equal to a debit to the Maori authority credit account under section OK 15 (MACA debit for loss of shareholder continuity) arising after the date of payment of instalment B set out in schedule 3, part A (Payment of provisional tax and terminal tax) for the authority’s income year that corresponds to the tax year and before the date on which the credit balance is to be determined under sections RM 22 and RM 23 . Defined in this Act: amount , corresponding income year , Maori authority credit account , pay , tax year , Compare: 2004 No 35 s MD 2B(3)