Income Tax Act 2007

OZ 18 Credit-back of PCA balance

• When this section applies

  (1) This section applies for a life insurer immediately before a day (the application day) that is—

  • (a) 1 July 2010, if the life insurer does not have an early life regime application day, or

  • (b) their early life regime application day, if the life insurer does have an early life regime application day.

  Credit-back

  (2) Immediately before the application day,—

  • (a) the credit balance of a life insurer's policyholder credit account is credited as an imputation credit to the life insurer's imputation credit account, and the policyholder credit account is debited accordingly:

  • (b) the credit balance of a consolidated group's policyholder credit account is credited as an imputation credit to the consolidated group's imputation credit account, and the consolidated group's policyholder credit account is debited accordingly.

  Defined in this Act: early life regime application day consolidated group, imputation credit, imputation credit amount, life insurer, policyholder credit account

  Section OZ 18: added, on 30 June 2010, by section 487 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).