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

RowImputation creditCredit dateFurther defined
1[Repealed]
2Provisional tax or income tax paidday of paymentsection OB 4(4)(a)
2BTransfer to ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)date of request for transfersection OB 4(4)(c)(i)
2CTransfer to ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)date of request for transfersection OB 4(4)(c)(ii)
2DTransfer 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)
3Deposit into tax pooling accountday of paymentsection OB 5
4Transfer from tax pooling accountday of creditsection OB 6
5Payment of further income taxday of paymentsection OB 7
5BPayment of qualifying company election taxday of paymentsection OB 7B
5C[Repealed]
6Amount of tax withheld for resident passive incomeday on which amount is withheldsection OB 8
7Imputation credit attached to dividend derivedday on which dividend is paidsection OB 9
7BAttributed PIE income with imputation creditday of attributionsection OB 9B
7CResearch and development tax creditsday on which return of income for income year is filedsection OB 9C
8[Repealed]
9[Repealed]
10[Repealed]
11Transfer of debt balance when company leaves wholly-owned groupday on which company leaves groupsection OB 13
12Additional income tax payable when company leaves wholly-owned groupday of paymentsection OB 14
13Additional income tax when company joins wholly-owned groupday of paymentsection OB 15
14Attribution for personal services if company is not qualifying company31 Marchsection OB 16
15[Repealed]
16Transfer from ASC accountday of transfersection OB 18
17Transfer to master fund by companyday of transfersection OB 19
17BTransfer of credit to loss-using group companyday of transfersection OB 19B
18Maori authority credit attached to distributionday of distributionsection OB 20
19Transfer of balance of Maori authority credit accountday of transfersection OB 21
20Replacement payment paid under share-lending arrangementday of paymentsection OB 22
21Imputation credit shown in credit transfer noticeday on which notice is givensection OB 23
22Imputation credit on resident’s restricted amalgamationcredit date in account of amalgamating companysection OB 24
23Reversal of debt for tax advantage arrangementdebit date of debitsection OB 25
24Eliminating debit for loss of shareholder continuity cancelling tax pooling account deposit that is refunded or creditedday of refund or creditsection OB 26
25Amount of tax withheld by Australian ICA company for non-resident passive incomeday on which amount is withheldsection OB 27
26Amount of tax withheld from schedular payment to Australian ICA companyday on which amount is withheldsection OB 28
27Schedular income tax paid by Australian ICA companyday of paymentsection 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

RowImputation debitDebit dateFurther defined
1[Repealed]
2Imputation credit attached to dividend paidday of paymentsection OB 30
3Allocation of provisional taxday of notice of allocationsection OB 31
4Refund of income taxday of refundsection OB 32(6)(a)
4BTransfer from ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)date of request for transfersection OB 32(6)(b)(i)
4CTransfer from ICA under section 173L or 173M of the Tax Administration Act 1994 or section RC 32(5)(b)date of request for transfersection OB 32(6)(b)(ii)
4DTransfer 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)
5Overpaid income tax applied to meet another tax liabilityday of applicationsection OB 33
6Refund from tax pooling accountday of refundsection OB 34
7Transfer of entitlement to another person in tax pooling accountset out in section OB 35section OB 35
7BDebit for transfer from tax pooling account for policyholder base liability31 Marchsection OB 35B
8[Repealed]
9Transfer, refund, or use of tax creditday of transfer, refund, or usesection OB 37
10[Repealed]
11Overpaid income tax applied to satisfy pre-imputation income taxday of applicationsection OZ 3
12[Repealed]
13Attribution for personal services31 Marchsection OB 40
14Debit for loss of shareholder continuitytime of loss of continuitysection OB 41
15Debit for on-market cancellationday of acquisitionsection OB 42
16Debit for breach of imputation ratio31 Marchsection OB 43
17Transfer for debit balance when company leaves wholly-owned groupday on which company leaves groupsection OB 44
18Redemption debit for unit trust or group investment fund for income yearday on which return of income for income year is filedsection OB 45
19Transfer from member fund to master fund31 Marchsection OB 46
19BTransfer of credit to loss-using group companyday of transfersection OB 46B
20Debit for policyholder base imputation credits31 Marchsection OB 47
20BRecipient of R&D loss tax credits31 Marchsection OB 47B
21Credit balance when Maori authority credit account startsday of becoming Maori authoritysection OB 48
22Credit attached to replacement payment paid by company under share-lending arrangementday of paymentsection OB 49
23Credit attached to dividend paid to company shown in returning share transferday of paymentsection OB 50
24Credit attached to dividend paid to company shown in credit transfer noticeday of paymentsection OB 51
25Amount of credit balance transferred to consolidated imputation group’s ICAcredit date for group’s imputation creditsection OB 52
26Imputation debit or policyholder debit in account of amalgamating companydebit date in account of amalgamating companysection OB 53
27Debit for tax advantage arrangementlast day of tax year in which arrangement begansection OB 54
28Retrospective attachment of imputation credit to non-cash dividendday of payment of dividendsection OB 55
29Final balance when ICA company status endsday of cessationsection OB 56
30Refund of amount of tax for non-resident passive income to Australian ICA companyday of refundsection OB 57
31Refund of amount of tax for schedular payment to Australian ICA companyday of refundsection OB 58
32Refund of schedular income tax to Australian ICA companyday of refundsection 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).

Contents

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