Section IA 9 — Income Tax Act 2007: Ordering rules

IA 9 Ordering rules Tax loss components (1) Tax loss components that are included in a tax loss must be used in the order in which they arose. Ring-fenced tax losses (2) Ring-fenced tax losses must be used in the order in which they arose. Losses in same tax year: consolidated groups and amalgamated companies (3) For a consolidated group or on the amalgamation of companies, tax loss components that the consolidated group or the companies have for the same tax year must be used in the order decided, as applicable, by the consolidated group or the amalgamated company, who must also notify the Commissioner of the decision. Without notification, the amounts must be used on a pro rata basis. Defined in this Act: amalgamated company , amalgamation , amount , Commissioner , company , consolidated group , notify , ring-fenced tax loss , tax loss , tax loss component , tax year , Compare: 2004 No 35 ss IE 1(3)(b) , IF 5 , IG 6(5)