Section HF 3 — Income Tax Act 2007: Applying provisions to Maori authorities

HF 3 Applying provisions to Maori authorities Relationship with provisions generally (1) A provision in the Maori authority rules overrides any other provision in this Act that may apply to a Maori authority unless a provision specifically provides otherwise. Relationship with company rules (2) A Maori authority must not— (a) amalgamate with a company that is not a Maori authority; or (b) be part of a consolidated group that includes a company that is not a Maori authority; or (c) be a co-operative company if a shareholder is not a Maori authority. Treatment of tax losses (3) Under section IA 6 (Restrictions on companies grouping tax losses) and subpart IC (Grouping tax losses),— (a) a Maori authority may subtract from its net income some or all of a tax loss component or loss balance only of another Maori authority: (b) a Maori authority may use some or all of its tax loss component or loss balance in relation to the net income only of another person who is a Maori authority. Defined in this Act: amalgamation , company , consolidated group , co-operative company , loss balance , Maori authority , Maori authority rules , net income , shareholder , tax loss component , Compare: 2004 No 35 s HI 1