Māori authority credit account (MACA): MACA debit entries

Māori authority credit account (MACA) debit entries

The following entries reduce the amount of credit available for distribution to members. They are recorded in dollar amounts.

1. Māori authority credits attached to the distributions paid by the Māori authority to its members.
   
   
2. The amount of any overpaid provisional tax allocated by the Māori authority to satisfy any provisional tax liability of another wholly owned Māori authority.
   
   
3. Income tax refunds received during the income year except where:
   
   
   
   • the refund is for income tax paid for the 2003 -04 income year or earlier year, or
     
     
   • the refund is for income tax related to an income year where the Māori authority did not maintain a MACA, or
     
     
   • where it relates to a part of a year in which the Māori authority did not operate such an account.
     
     
4. An allocation debit entry when the base ratio of any subsequent Māori authority taxable distribution differs from that of the benchmark distribution and a ratio change declaration has not been made.
   
   
5. Refund of foreign dividend payment (FDP), formerly dividend withholding payments, paid to the Māori authority where the Māori authority is not a FDP account company.
   
   
6. Adjustments when a change of shareholding of more than 34% has taken place.
   
   
7. Any overpaid income tax applied by us for tax liabilities other than income tax or provisional tax instalments.
   
   
8. An apportionment of income tax for the number of days the organisation was a recognised Māori authority.
   
   
9. An amount equal to the credit balance immediately before a Māori authority ceases to be a Māori authority.
   
   
10. Adjustments made when we consider that an arrangement has been made to obtain a tax advantage.
    

In most cases, the date that a debit entry arises in the MACA is the date that the transaction causing the entry takes place.

Date published: 04 Jul 2008

Back to top