Section IC 10 — Income Tax Act 2007: When companies have different balance dates

IC 10 When companies have different balance dates When this section applies (1) This section applies in a tax year when company A and company B do not have the same balance date. Extensions for continuity and common ownership (2) If company B’s income year ends after the last day of company A’s income year, for section IC 5 to apply to a tax loss in a corresponding tax year,— (a) continuity of ownership in company A under section IC 2(1) must extend to the end of company B’s income year; and (b) common ownership of company A and company B under section IC 3 or IC 4 must extend to the end of company B’s income year. Part-year tax losses (3) This section applies for part-year calculations through section IP 2(2) (Group companies’ common span). Defined in this Act: company , income year , tax loss , tax year , Compare: 2004 No 35 s IG 2(2)(c), (e)