Section IP 2 — Income Tax Act 2007: Group companies’ common span

IP 2 Group companies’ common span Common span (1) In this subpart, the corresponding parts of company A’s income year and company B’s income year when the requirements for commonality of ownership under section IC 5(1)(a) (Company B using company A’s tax loss) are met is called the common span . Common span when balance dates differ (2) If the income years of company A and company B do not end on the same date, the common span is that part of company B’s income year or income years in which the requirements for commonality are met. Section IC 10(2)(b) (When companies have different balance dates) may apply to extend the period. Calculating group companies’ tax losses (3) For the purposes of this subpart and the grouping of tax losses, the amount of a tax loss component is found after taking into account any amount of the tax loss component subtracted from the net income of any group company. Defined in this Act: amount , common span , company , income year , net income , tax loss , tax loss component , Compare: 2004 No 35 s IG 2(2)(e), (4)(c), (d), (5)(b), (c)