Section ID 1 — Income Tax Act 2007: Treatment of tax losses by consolidated groups

ID 1 Treatment of tax losses by consolidated groups Consolidated group’s net losses (1) A tax loss of a consolidated group of companies is treated as the consolidated group’s tax loss, not the tax loss of a company that is part of the consolidated group. Subparts IA and IC (which relate to the general use and grouping of tax losses), as modified by this subpart, apply as if the consolidated group were 1 company. Ring-fenced tax losses (2) Nothing in this subpart applies to a consolidated group whose companies are mining companies. Defined in this Act: company , consolidated group , mining company , tax loss , Compare: 2004 No 35 s IG 6(1A)–(3)