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Māori authority credit account (MACA): MACA credit entries
The following entries increase the credits available for distribution to members. They are recorded in dollar amounts.
- New Zealand income tax paid during the 2004 - 05 and subsequent income years to meet a provisional tax obligation or to satisfy an income tax liability. There are exceptions for income tax that is paid in the following circumstances:
- income tax paid for income tax payable for the 2003 - 04 income year or an earlier income year
- any income tax that would have been payable had the MACA year ended on the day immediately preceding the day on which the Māori authority became a Māori authority
- income tax paid using credits that the Māori authority already holds in its MACA that the Māori authority has received by way of income from another Māori authority
- a payment of further income tax that is credited against any income tax or provisional tax liability that arises after the payment of the further income tax
- an allocation of any overpayment of provisional tax by a Māori authority
- Further income tax the Māori authority paid to reduce the previous year's closing debit balance.
- Māori authority credits attached to distributions received from other Māori authorities.
- Imputation credits attached to a dividend that is paid to the Māori authority.
- An adjustment to offset a previous debit that has arisen from a determination that the credits are subject to an arrangement to obtain a tax advantage, which has subsequently been overturned.
- RWT deducted from income the Māori authority receives.
In most cases, credit entries arise in the MACA on the date that the transaction that caused them takes place, the date of payment. This happens regardless of the period to which it relates.