Section HA 21 — Income Tax Act 2007: Loss balances not carried forward

HA 21 Loss balances not carried forward In an income year in which a company that is not a qualifying company becomes a qualifying company, subparts IA (General rules for tax losses) and IQ (Attributed controlled foreign company net losses and foreign investment fund net losses) do not apply to carry forward a loss balance of the company to the income year or to later income years. Defined in this Act: company , income year , loss balance , qualifying company , Compare: 2004 No 35 s HG 11(3) Section HA 21: amended (with effect on 1 April 2008), on 7 December 2009, by section 42 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).