Section HA 11B — Income Tax Act 2007: When requirements no longer met: LAQCs

HA 11B When requirements no longer met: LAQCs When status lost (1) If a company is an LAQC in an income year, but does not meet the requirements of sections HA 1(3) and HA 5 to HA 10 for the next income year, its status as a qualifying company is treated as ended from the start of that next income year. Regaining status (2) The company may become a qualifying company again if it subsequently meets the requirements set out in sections HA 5 to HA 9 . Defined in this Act: company , income year , LAQC, qualifying company Section HA 11B: inserted (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 60(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).