Section Sch50-“ 104B — Income Tax Act 2007: Determination of credits and debits in memorandum accounts

“ 104B Determination of credits and debits in memorandum accounts “ (1) In this section,— “ credit date means the credit date recorded when a memorandum credit arises in a memorandum account “ debit date means the debit date recorded when a memorandum debit arises in a memorandum account “ memorandum account person means a company, person, consolidated imputation group, or consolidated group (including the nominated company for a consolidated group) that maintains a memorandum account. “ (2) The Commissioner may determine that a memorandum account is corrected by— “ (a) adjusting the amount of a credit or debit recorded in the account; or “ (b) changing a credit date or a debit date recorded in the account. “ (3) Notice of the determination must be given to the memorandum account person affected by the determination as soon as is convenient after the determination has been made. “ (4) Notice of the determination may be included in a notice of assessment. “ (5) Failure to give the notice of determination does not invalidate the determination. “ (6) Particulars of the determination are treated as correctly reflecting what should have been recorded in the memorandum account. “ (7) The memorandum account person must record those changes that are necessary or appropriate to ensure that all memorandum accounts of the person correctly reflect the determination. “ (8) Subsections (6) and (7) do not apply to the extent to which it is established in proceedings under a challenge that the determination is not correct. “ Compare: 2004 No 35 ss ME 20, ME 40, MF 6, MG 12, MI 12, MJ 8, MK 9 ” .