Income Tax Act 2007

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Tables of credits and debits in memorandum accounts

How to use these tables

Each row of a table describes—

(a)

the credits or debits that may arise in a memorandum account during a tax year; and

(b)

the credit date or debit date when the credit or debit arises.

A more detailed description of the credits or debits is contained in the section noted in the last column.

Table O1: imputation credits

Row	Imputation credit	Credit date	Further defined
1	[Repealed]
2	Provisional tax or income tax paid	day of payment	section OB 4(4)(a)
2B	Transfer to ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of request for transfer	section OB 4(4)(c)(i)
2C	Transfer to ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of request for transfer	section OB 4(4)(c)(ii)
2D	Transfer to ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of transfer under section 173L, 173M, or RC 32(5)(b)	section OB 4(4)(c)(iii)
3	Deposit into tax pooling account	day of payment	section OB 5
4	Transfer from tax pooling account	day of credit	section OB 6
5	Payment of further income tax	day of payment	section OB 7
5B	Payment of qualifying company election tax	day of payment	section OB 7B
5C	[Repealed]
6	Amount of tax withheld for resident passive income	day on which amount is withheld	section OB 8
7	Imputation credit attached to dividend derived	day on which dividend is paid	section OB 9
7B	Attributed PIE income with imputation credit	day of attribution	section OB 9B
7C	Research and development tax credits	day on which return of income for income year is filed	section OB 9C
8	[Repealed]
9	[Repealed]
10	[Repealed]
11	Transfer of debt balance when company leaves wholly-owned group	day on which company leaves group	section OB 13
12	Additional income tax payable when company leaves wholly-owned group	day of payment	section OB 14
13	Additional income tax when company joins wholly-owned group	day of payment	section OB 15
14	Attribution for personal services if company is not qualifying company	31 March	section OB 16
15	[Repealed]
16	Transfer from ASC account	day of transfer	section OB 18
17	Transfer to master fund by company	day of transfer	section OB 19
17B	Transfer of credit to loss-using group company	day of transfer	section OB 19B
18	Maori authority credit attached to distribution	day of distribution	section OB 20
19	Transfer of balance of Maori authority credit account	day of transfer	section OB 21
20	Replacement payment paid under share-lending arrangement	day of payment	section OB 22
21	Imputation credit shown in credit transfer notice	day on which notice is given	section OB 23
22	Imputation credit on resident’s restricted amalgamation	credit date in account of amalgamating company	section OB 24
23	Reversal of debt for tax advantage arrangement	debit date of debit	section OB 25
24	Eliminating debit for loss of shareholder continuity cancelling tax pooling account deposit that is refunded or credited	day of refund or credit	section OB 26
25	Amount of tax withheld by Australian ICA company for non-resident passive income	day on which amount is withheld	section OB 27
26	Amount of tax withheld from schedular payment to Australian ICA company	day on which amount is withheld	section OB 28
27	Schedular income tax paid by Australian ICA company	day of payment	section OB 29

Table O1 row 1: repealed, on 29 March 2018 (with effect on 1 April 2008), by section 177 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).

Table O1 row 2: replaced, on 30 March 2022, by section 139 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O1 row 2B: inserted, on 30 March 2022, by section 139 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O1 row 2C: inserted, on 30 March 2022, by section 139 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O1 row 2D: inserted, on 30 March 2022, by section 139 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O1 row 5B: inserted, on 1 April 2008, by section 497 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).

Table O1 row 5C: repealed (with effect on 1 April 2009), on 30 March 2017, by section 214(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O1 row 7B: substituted (with effect on 1 April 2009), on 6 October 2009, by section 399(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O1 row 7C: inserted, on 1 April 2019, by section 13 (and see section 3 for application) of the Taxation (Research and Development Tax Credits) Act 2019 (2019 No 15).

Table O1 row 8: repealed, on 1 April 2017, by section 214(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O1 row 9: repealed (with effect on 30 June 2009), on 6 October 2009, by section 399(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O1 row 10: repealed, on 1 April 2017, by section 214(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O1 row 14: amended (with effect on 1 April 2008), on 6 October 2009, by section 399(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O1 row 15: repealed, on 1 July 2010, by section 399(5) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O1 row 17B: inserted (with effect on 1 October 2016 and applying for the 2017–18 and later income years), on 30 March 2017, by section 214(4) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O1 row 22: amended, on 1 April 2017, by section 214(6) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O1 row 22: amended, on 30 March 2017, by section 214(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O2: imputation debits

Row	Imputation debit	Debit date	Further defined
1	[Repealed]
2	Imputation credit attached to dividend paid	day of payment	section OB 30
3	Allocation of provisional tax	day of notice of allocation	section OB 31
4	Refund of income tax	day of refund	section OB 32(6)(a)
4B	Transfer from ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of request for transfer	section OB 32(6)(b)(i)
4C	Transfer from ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of request for transfer	section OB 32(6)(b)(ii)
4D	Transfer from ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)	date of transfer under section 173L, 173M, or RC 32(5)(b)	section OB 32(6)(b)(iii)
5	Overpaid income tax applied to meet another tax liability	day of application	section OB 33
6	Refund from tax pooling account	day of refund	section OB 34
7	Transfer of entitlement to another person in tax pooling account	set out in section OB 35	section OB 35
7B	Debit for transfer from tax pooling account for policyholder base liability	31 March	section OB 35B
8	[Repealed]
9	Transfer, refund, or use of tax credit	day of transfer, refund, or use	section OB 37
10	[Repealed]
11	Overpaid income tax applied to satisfy pre-imputation income tax	day of application	section OZ 3
12	[Repealed]
13	Attribution for personal services	31 March	section OB 40
14	Debit for loss of shareholder continuity	time of loss of continuity	section OB 41
15	Debit for on-market cancellation	day of acquisition	section OB 42
16	Debit for breach of imputation ratio	31 March	section OB 43
17	Transfer for debit balance when company leaves wholly-owned group	day on which company leaves group	section OB 44
18	Redemption debit for unit trust or group investment fund for income year	day on which return of income for income year is filed	section OB 45
19	Transfer from member fund to master fund	31 March	section OB 46
19B	Transfer of credit to loss-using group company	day of transfer	section OB 46B
20	Debit for policyholder base imputation credits	31 March	section OB 47
20B	Recipient of R&D loss tax credits	31 March	section OB 47B
21	Credit balance when Maori authority credit account starts	day of becoming Maori authority	section OB 48
22	Credit attached to replacement payment paid by company under share-lending arrangement	day of payment	section OB 49
23	Credit attached to dividend paid to company shown in returning share transfer	day of payment	section OB 50
24	Credit attached to dividend paid to company shown in credit transfer notice	day of payment	section OB 51
25	Amount of credit balance transferred to consolidated imputation group’s ICA	credit date for group’s imputation credit	section OB 52
26	Imputation debit or policyholder debit in account of amalgamating company	debit date in account of amalgamating company	section OB 53
27	Debit for tax advantage arrangement	last day of tax year in which arrangement began	section OB 54
28	Retrospective attachment of imputation credit to non-cash dividend	day of payment of dividend	section OB 55
29	Final balance when ICA company status ends	day of cessation	section OB 56
30	Refund of amount of tax for non-resident passive income to Australian ICA company	day of refund	section OB 57
31	Refund of amount of tax for schedular payment to Australian ICA company	day of refund	section OB 58
32	Refund of schedular income tax to Australian ICA company	day of refund	section OB 59

Table O2 row 1: repealed, on 29 March 2018 (with effect on 1 April 2008), by section 177 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).

Table O2 row 4: replaced, on 30 March 2022, by section 140 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O2 row 4B: inserted, on 30 March 2022, by section 140 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O2 row 4C: inserted, on 30 March 2022, by section 140 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O2 row 4D: inserted, on 30 March 2022, by section 140 of the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 (2022 No 10).

Table O2 row 7B: inserted, on 1 July 2010, by section 400(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O2 row 8: repealed, on 1 April 2017, by section 215(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O2 row 9: substituted (with effect on 1 April 2008), on 6 October 2009, by section 400(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O2 row 10: repealed, on 1 April 2017, by section 215(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O2 row 11: amended, on 1 April 2017, by section 215(3) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O2 row 12: repealed (with effect on 30 June 2009), on 6 October 2009, by section 400(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O2 row 14: amended (with effect on 1 April 2008), on 7 December 2009, by section 88 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).

Table O2 row 19B: inserted (with effect on 1 October 2016 and applying for the 2017–18 and later income years), on 30 March 2017, by section 215(4) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Table O2 row 20: substituted, on 1 July 2010, by section 400(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Table O2 row 20B: inserted (with effect on 1 April 2015 and applying for income years beginning on or after that date), on 24 February 2016, by section 216(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).

Table O2 row 25: replaced (with effect on 1 April 2008), on 30 March 2021, by section 125(1) (and see section 125(2) for application) of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).

Table O2 row 26: amended, on 1 April 2017, by section 215(5) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Subpart OC—Foreign dividend payment accounts (FDPA)

[Repealed]

Subpart OC: repealed, on 1 April 2017, by section 216 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

	Introductory provisions [Repealed]
OC 1	General rules for companies with FDP accounts [Repealed]
OC 2	FDP accounts [Repealed]
OC 2B	General rule for life insurer’s policyholder base [Repealed]
OC 3	Choosing to become FDPA company [Repealed]
OC 4	When company chooses to stop being FDPA company [Repealed]
OC 5	When company emigrates [Repealed]
	FDP credits [Repealed]
OC 6	FDPA payment of FDP [Repealed]
OC 7	FDPA dividend derived with FDP credit [Repealed]
OC 8	FDPA payment of FDP for transfer from CTR account [Repealed]
OC 9	FDPA transfer for net foreign attributed income [Repealed]
OC 10	FDPA payment of FDP for conduit debit balance [Repealed]
OC 11	FDPA credit transfer to company [Repealed]
OC 12	FDPA reversal of tax advantage arrangement [Repealed]
	FDP debits [Repealed]
OC 13	FDPA payment of dividend [Repealed]
OC 14	FDPA refund of FDP [Repealed]
OC 15	FDPA overpayment of FDP [Repealed]
OC 16	FDPA refund of tax credit [Repealed]
OC 17	FDPA credit transfer by company [Repealed]
OC 18	FDPA transfer to imputation credit account [Repealed]
OC 19	FDPA transfer to CTR account [Repealed]
OC 20	Debit for policyholder base FDP credits [Repealed]
OC 21	FDPA transfer to group account [Repealed]
OC 22	FDPA breach of FDP ratio [Repealed]
OC 23	FDPA breach of FDP ratio by PCA company [Repealed]
OC 24	FDPA debit for loss of shareholder continuity [Repealed]
OC 25	FDPA tax advantage arrangement [Repealed]
OC 26	FDPA final balance [Repealed]
	FDP credits attached to dividends [Repealed]
OC 27	FDP credits attached to dividends [Repealed]
OC 28	FDPA benchmark dividend rules [Repealed]
OC 29	FDP credits and imputation credits attached to dividends [Repealed]
	Further income tax [Repealed]
OC 30	Payment of further income tax for closing debit balance [Repealed]
OC 31	Payment of further income tax when company no longer New Zealand resident [Repealed]
OC 32	Reduction of further income tax [Repealed]
OC 33	Income tax paid satisfying liability for further income tax [Repealed]
OC 34	Further income tax paid satisfying liability for income tax [Repealed]
	Some definitions [Repealed]
OC 35	Meaning of FDP reference period [Repealed]
OC 36	Meaning of maximum deficit debit [Repealed]
OC 37	Meaning of policyholder FDP ratio [Repealed]
OC 38	Meaning of reduced deficit debit [Repealed]
OC 39	Meaning of shareholder FDP ratio [Repealed]
	Table O3: FDP credits [Repealed]
	Table O4: FDP debits [Repealed]

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Income Tax Act 2007

Tables of credits and debits in memorandum accounts

(a)

(b)

Table O1: imputation credits

Table O2: imputation debits

Subpart OC—Foreign dividend payment accounts (FDPA)

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