Imputation Credit Account workpaper (ICA)

The Imputation Credit Account (ICA) workpaper reconciles a company's imputation credits for the year. It applies only to companies, and not to Look Through Companies (LTCs), a status that can be checked against IRD records.

Opening balance

Downloaded from the company's IRD account: Income Tax, More, View Account Registration Details, Download Report, for the opening balance, and Income Tax, Return & Transactions, the prior balance date, View Return, Imputation, Print Return, for the ICA account detail.

Terminal tax payment

Downloaded as the Income Tax Account Transaction detail from IRD (Income Tax, More, Transaction Summary Report, select year, Download Report). This report can only be downloaded two years at a time, so multiple downloads may be needed to cover prior years.

●       Find the relevant year in the Period column.

●       Filter the Transaction column for "Payment/Transfer from."

●       Check that the transaction date falls within the current accounting period.

●       Sum the matching amounts and enter as the Terminal Tax Payment figure. The same process applies to the following few years' payment rows.

Use of money interest, refunds, and penalties

Using the same IRD transaction detail:

●       Use of Money Interest: filter the Transaction column for entries described as Use of Money Interest, dated within the current financial year. A prompt checks whether this was settled within the balance date.

●       Refunds: filter for "Refund/Transfer to," check the date falls within the current accounting period, and record the year and amount as an Income Tax Refund line.

●       Penalty: filter for entries containing "Penalty," using the same date-range check as above.

All amounts are shown as positive, regardless of how the sign appears in the IRD document.

Imputation credit attached to dividends paid

Downloaded from the company's IRD Dividend Withholding Tax return (Dividend Withholding Tax, Return and Transactions, Period, View Return, Print Return). There can be multiple periods within a single financial year, each of which needs to be checked. The figure needed is the amount shown as "Imputation credit attached to dividends."

Balance per GL

Balance of account codes mapped to Imputation Credit Account in CoA Mapping.

Note: The rollover-based logic for the Imputation Credit Available and Reconciliation of Calculated ICA Balance to Actual sections (carrying forward prior-year figures automatically from year two onward) is existing, established behaviour. The guideline document supplied for this rebuild marks that section as struck through, meaning it should not be treated as new or changed logic here, it is retained as is pending confirmation.

How to access

●       Go to Jobs and open the relevant job.

●       Click the Workpapers icon or navigate to Job Results then Workpapers.

●       Select ICA on the Workpapers Dashboard.