The Issues Log

Tax Management New Zealand Limited

Section / Provision Income Tax Act 2007

OB 6

Section / Provision Income Tax Act 2004

Date Received

A transfer of an amount in a tax pooling account of a company taxpayer no longer results in credit to the company’s imputation credit account at the time of then transfer.

The Panel concludes an unintended legislative change arises in respect of section OB 6(1) of the Income Tax Act 2007.

Section OB 6(1) of the Income Tax Act 2007 be amended retrospectively and Policy Advice to review the underlying policy.