Variation to section FN 7(5) of the Income Tax Act 2007
This COVID-19 variation changes the time from which a notice of election to imputation group has effect so that companies with debit balances in their imputation credit account as at 31 March 2020 can use credits in the imputation credit account of a company in the same wholly-owned group to reduce the debit balance.
Tax Administration Act 1994: ss 6H and 6I