Section IC 6 — Income Tax Act 2007: Common ownership for period

IC 6 Common ownership for period Commonality period (1) For the purposes of section IC 2(2) , common ownership under section IC 3 must exist from the start of the income year in which company A has a tax loss component that is included in the tax loss to the end of the income year in which company B subtracts the amount of the tax loss component from its net income. In this Part, this length of time is called the commonality period . Multiple net losses (2) The requirement set out in subsection (1) applies to net losses as they arise in an income year on an individual basis. When companies have different balance dates (3) If the balance dates of company A and company B are different, section IC 10(2)(b) applies to extend the commonality period. Relationship with section IZ 7 (4) Section IZ 7(1) and (2) (Grouping tax losses for tax years before 1981–82 and between 1981–82 and 1991–92) overrides subsections (1) and (2). Defined in this Act: commonality period , company , income year , net income , tax loss , tax loss component , Compare: 2004 No 35 ss IG 1(1), (2) , IG 2(2)(c), (4)(d)(ii), (5)(c)(ii)