Section HB 3 — Income Tax Act 2007: Loss balances extinguished

HB 3 Loss balances extinguished Despite sections HB 1 and HB 2 , a loss balance under Part I (Treatment of tax losses) is cancelled if the loss balance arose in relation to an income year when a company was not a look-through company, or when a company that amalgamates with a look-through company was not a look-through company. Defined in this Act: amalgamation , company , income year , look-through company , loss balance Section HB 3: inserted, on 1 April 2011 (applying for income years beginning on or after 1 April 2011, and for the purposes of the Commissioner receiving LTC elections, on and after 21 December 2010), by section 78(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010, No 130).